Government securities represent the debt obligations of the Government of India and state governments, forming the benchmark for pricing across the domestic debt market.
Dated securities issued by the Government of India across tenors from short to 50-plus years, including fixed-rate bonds, floating-rate bonds (FRBs), and sovereign green bonds. These instruments anchor pricing across the entire domestic debt market and are dealt in dematerialized form through SGL accounts.
Dated securities issued by individual state governments to fund their market borrowing programs. Structurally like Central Government securities, State Government Securities are priced at a spread over comparable-tenor G-Secs to reflect state-level credit and liquidity considerations.
Short-term, zero-coupon instruments issued by the Government of India at a discount to face value, across standard tenors of 91, 182, and 364 days.
Short-tenor instruments, typically under 91 days, are issued by the government on an as-needed basis to manage temporary mismatches in its cash flow. Structurally like T-Bills but issued outside the regular auction calendar.
Created by separating the coupon and principal cash flows of an existing G-Sec into individual zero-coupon instruments. Particularly relevant for insurance companies, pension funds, and provident funds seeking to match specific future liabilities with predictable, single cash-flow instruments.
