NSE Indices will make changes to the Nifty Fixed Income indices from July 31

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Nifty Fixed Income Changes

Highlights

NSE Indices will make changes to the Nifty Fixed Income indices from July 31, 2026, including the swapping of securities in several G-Sec indices.
In the Nifty 15 Years and Above G-Sec Index, 7.30% GOVT. STOCK 2053 will be removed and 7.71% GOVT. STOCK 2066 will be added, while in the Nifty Composite G-Sec Index, 6.01% GOVT. STOCK 2030 will be removed and 7.43% GOVT. STOCK 2076 will be added.
In the Nifty Ultra Short Duration Debt Index A-I, the weight of the Nifty 3 Month CD Index-A has been reduced from 21.87% to 14.29%, impacting the index's representation and duration profile.

This article was translated from the original. Read the original version by our correspondent here.

Inclusions and Exclusions in G-Sec Indices

According to NSE India, as per the notice issued by NSE, the Index Maintenance Sub-Committee (Debt) of NSE Indices Limited has decided to make changes to the Nifty Fixed Income indices, effective from July 31, 2026, and considered effective after market close on July 30, 2026. This review covers both maturity-based and duration-based government securities indices.

From the Nifty 15 Years and Above G-Sec Index, 7.30% GOVT. STOCK 2053, ISIN IN20,230,051, will be excluded and replaced by 7.71% GOVT. STOCK 2066, ISIN IN20,260,033. From the Nifty Composite G-Sec Index, 6.01% GOVT. STOCK 2030, ISIN IN20,250,067, will be removed, while 7.43% GOVT. STOCK 2076, ISIN IN20,250,117, will be added.

Additionally, there will be no changes to the Nifty 4 - 8 Years G-Sec Index, Nifty 8 - 13 Years G-Sec Index, and Nifty 11 - 15 Years G-Sec Index. In the duration-based review, from the Nifty Ultra Short Duration G-Sec Index, 10.18% GOVT. STOCK 2026, ISIN IN20,010,081, will be removed and 8.15% GOVT. STOCK 2026, ISIN IN20,140,060, will be added. From the Nifty Medium to Long Duration G-Sec Index, 6.33% GOVT. STOCK 2035, ISIN IN20,250,026, will be excluded and 6.68% GOVT. STOCK 2033, ISIN IN20,250,133, will be included.

No revisions are being made to the Nifty Low Duration G-Sec Index, Nifty Short Duration G-Sec Index, Nifty Medium Duration G-Sec Index, and Nifty Long Duration G-Sec Index.

Impact on Debt Market and Index Investing

These changes alter the representation, duration profile, and mix of eligible government securities in the respective indices, which is significant for investors and fund managers tracking the Nifty Fixed Income benchmarks. Adding or removing securities from the index can affect portfolio rebalancing, tracking strategies, and the structure of passive debt investment products.

Separately, under the Nifty Fixed Income PRC indices, the weight of Nifty 3 Month CD Index-A in the Nifty Ultra Short Duration Debt Index A-I is being reduced from 21.87% to 14.29%, effective July 31, 2026. NSE Indices Limited, a subsidiary of NSE, operates various indices and related services under the Nifty brand for capital markets.

Our previous report discussed the changes in the Nifty SDL Jul 2026 Index by NSE Indices Limited, which included the decision to add 91 DTB 30,072,026 (ISIN IN2,026X40) from July 27, 2026. That article also explained that if the last T-Bill in the index matures before the index maturity, the redemption amount will be reinvested in the CCIL TREPS overnight rate to maintain the return profile and ensure better management of pre-maturity cash.

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