Contribution by Issuers to Core SGF of AMC Repo Clearing Limited

The Bombay Stock Exchange (BSE) has issued a notice regarding issuer contributions to the Core Settlement Guarantee Fund (Core SGF) of AMC Repo Clearing Limited (ARCL), referencing SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/CIR/P/2023/56 dated April 13, 2023. This circular updates the eligible issuers list and modifies previous notices, including AMC Repo/Risk/2024-25/68 dated September 19, 2024. The updated list of eligible issuers, available on the ARCL website, is reviewed biannually. The notice also outlines the types of debt securities accepted as collateral for tri-party repo transactions. Non-eligible securities include Tier-I bonds, perpetual debt, unsecured bonds below AAA rating, and structured bonds. Subordinate bonds (excluding Tier-I) from public sector undertakings, banks, insurance companies, and public financial institutions with a minimum AAA credit rating are eligible. Additionally, only AAA-rated listed commercial papers (CPs) and certificates of deposit (CDs) from scheduled commercial banks and public financial institutions qualify. New issuer eligibility rules apply to offer documents filed on or after April 1, 2025, under SEBI’s regulations for non-convertible securities. Issuers of listed debt securities must comply with these requirements.

Bombay Stock Exchange

Notice No. 20250327-36
Notice: Date 27 Mar 2025
Category: Circulars Listed Companies
Segment: Debt

Subject: Contribution by Issuers to Core Settlement Guarantee Fund (Core SGF) of AMC Repo Clearing Limited

Attachments

To

All Issuers of listed Debt Securities

Dear Sir/Madam,

In reference to Securities and Exchange Board of India (SEBI) Circular No.: SEBI/HO/DDHS/DDHS-RACPOD1/CIR/P/2023/56 dated April 13, 2023, this is in continuation and partial modification of Circular reference number AMC Repo/Risk/2024- 25/68 dated 19th September 2024 regarding Contribution by Issuers to Core Settlement Guarantee Fund (Core SGF) of AMC Repo Clearing Limited.

The Updated list of eligible issuers will be available on AMC Repo Clearing Limited website on below mentioned link:

https://www.arclindia.com/collateral Under “Eligible Issuer” tab.

The aforesaid circular is attached for reference along with the annexures.

All Listed companies are requested to take note and comply accordingly.

Manu Thomas 
Addl. General Manager
Listing Compliance

Sonal Sawant
Assistant Manager
Listing Compliance

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Annexure-2

All listed NCDs issued by eligible issuers will be accepted as eligible collateral for Triparty repo product of AMC Repo Clearing Ltd. with exception of instrument given below.

Additionally, Subordinate Bonds (Excluding Tier-I bonds) will be accepted as collateral. The additional issuer eligibility criteria for inclusion of subordinate bonds (Excluding Tier-I bonds) are as given below:

• Public Sector Undertaking, Bank, Insurance Companies & Public Financial Institutions eligible issuers with AAA as Lowest credit rating across all rating agencies.

Issuer eligibility criteria for inclusion of Commercial Papers (CPs) and Certificate of Deposits (CDs) are as given below:

• CDs and CPs issued by eligible issuers.
• Listed CPs of only AAA rated eligible Issuers.
• CDs of all eligible issuers issued by Scheduled Commercial Banks (SCBs) and PFIs.

Bonds with following characteristics will NOT be accepted as eligible collateral:

• Tier-I bonds.
• Perpetual Debt.
• Convertible bonds (Optional or Compulsorily).
• Securities with below AA credit rating.
• Unsecured bond below AAA credit rating.
• Structured Bonds
• Floating Rate Bonds other than market linked benchmarks namely G-Sec, T-Bill, MIBOR and Repo Policy Rate.
• Debt securities having structured obligations (SO rating) and/ or credit enhancements (CE rating) will not be accepted as eligible securities. Except securities where Credit enhancement is provided from Central Government.

Annexure-1

AMC Repo Clearing Limited – List of Eligible Issuers

–

To

All Issuers of listed Debt Securities

Recognized Stock Exchanges

Sub: Contribution by Issuers to Core Settlement Guarantee Fund (Core SGF) of AMC Repo Clearing Limited

This is in continuation and partial modification of AMC Repo Clearing Limited (ARCL) Circular reference number AMC Repo/Risk/2023-24/02 dated 26th April 2023, circular reference number AMC Repo/Risk/2023-24/03 dated June 05, 2023, circular reference number AMC Repo/Risk/2023-24/13 dated September 04, 2023, and Circular reference number ARCL/Risk/Core SGF/2024-25/68 dated 19th September 2024, regarding “Contribution by Eligible Issuers to Core Settlement Guarantee Fund (Core SGF) of AMC Repo Clearing Limited”.

As per the ARCL policy, the eligible issuers list will be reviewed on a half yearly basis. The revised list of eligible issuers is provided as Annexure 1. The updated list of eligible issuers for acceptance of collateral will be available on AMC Repo Clearing Limited website on below mentioned link: https://www.arclindia.com/collateral under “Eligible Issuers” tab. Members/Clients are requested to refer the above link regularly for updated list eligible issuers for tri-party repo.

ARCL shall also specify the types of securities / instruments to be included in the eligible list of collateral. The list of eligible debt instruments and list of debt instruments which are not accepted as collateral are given in Annexure 2.

The updated list of eligible securities as collateral will be available on ARCL website on below mentioned link: https://www.arclindia.com/collateral under “Eligible Securities” tab. Members/Clients are requested to refer the above link regularly for updated list eligible securities as collateral for tri-party repo.

For new eligible issuers the provisions of the above circular shall come into force for the offer documents filed on or after April 01, 2025, for private placement/ public issuances of debt securities under the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021.

For and on behalf AMC Repo Clearing Limited

Authorized Signatory
Amit Bodas