Updated: G-Secs available for Pledging from 17 May 2023

Hello, traders!
We are pleased to announce an expansion of the current list of Government Securities eligible for pledging, starting from Wednesday, 17 May 2023. Dhan users will have the opportunity to obtain 90% of the collateral value as margin, which can be utilized as a Cash Equivalent margin. Kindly refer to the updated list provided below.

Symbol ISIN Security Name
610GS2031 IN0020210095 GOI Loan 6.1% 2031
618GS2024 IN0020190396 GOI Loan 6.18% 2024
667GS2050 IN0020200252 GOI Loan 6.67% 2050
676GS2061 IN0020200401 GOI Loan 6.76% 2061
68GS2060 IN0020200187 GOI Loan 6.8% 2060
695GS2061 IN0020210202 GOI Loan 6.95% 2061
699GS2051 IN0020210194 GOI Loan 6.99% 2051
710GS2029 IN0020220011 GOI Loan 7.1% 2029
726GS2032 IN0020220060 GOI Loan 7.26% 2032
736GS2052 IN0020220086 GOI Loan 7.36% 2052
738GS2027 IN0020220037 GOI Loan 7.38% 2027
74GS2062 IN0020220094 GOI Loan 7.4% 2062
754GS2036 IN0020220029 GOI Loan 7.54% 2036
757GS2033 IN0020190065 GOI Loan 7.57% 2033
759GS2026 IN0020150093 GOI Loan 7.59% 2026
826GS2027 IN0020070036 GOI Loan 8.26% 2027
828GS2027 IN0020070069 GOI Loan 8.28% 2027
86GS2028 IN0020140011 GOI Loan 8.6% 2028
92GS2030 IN0020130053 GOI Loan 9.2% 2030
732GS2024 IN0020180488 GOI Loan 7.32% 2024
669GS2024 IN0020220052 GOI Loan 6.69% 2024
915GS2024 IN0020110048 GOI Loan 9.15% 2024
522GS2025 IN0020200112 GOI Loan 5.22% 2025
515GS2025 IN0020200278 GOI Loan 5.15% 2025
699GS2026 IN0020230028 GOI Loan 6.99% 2026
1018GS2026 IN0020010081 GOI Loan 1.01% 2026
574GS2026 IN0020210186 GOI Loan 5.74% 2026
679GS2027 IN0020170026 GOI Loan 6.79% 2027
717GS2028 IN0020170174 GOI Loan 7.17% 2028
706GS2028 IN0020230010 GOI Loan 7.06% 2028
717GS2030 IN0020230036 GOI Loan 7.17% 2030
654GS2032 IN0020210244 GOI Loan 6.54% 2032
726GS2033 IN0020220151 GOI Loan 7.26% 2033
824GS2033 IN0020140052 GOI Loan 8.24% 2033
667GS2035 IN0020210152 GOI Loan 6.67% 2035
883GS2041 IN0020110063 GOI Loan 8.83% 2041
716GS2050 IN0020200054 GOI Loan 7.16% 2050
741GS2036 IN0020220102 GOI Loan 7.41% 2036

– Shrimohan
Product Operations @ Dhan


Thank you, :pray: one more request. Please do not remove any GSEC from list after publishing it unless exchange removes it which they do nearer its maturity.

Your customers would have pledged them . By first including in the list and then removing it you would make the GSECs purchased by your client useless for cash margin purpose. Retail customers mostly buy GSECs for getting cash margin.

@Beena We understand your concern. You can be rest assured.

This is right assurance by Dhan. I appreciate the effort taken by Dhan to listen to user’s concerns and working towards them.

Thank you. :pray:


For many GSECs exchange gives less than 10 % haircut, hence same haircut should be passed to customers . If that is not done then what happens to extra margin ? For example for 738GS2027 exchange only apply 5 % haircut , however Dhan imposes 10 % haircut. When this security is repledged to NSE-Clearing they will give margin equal to 95% of GSEC value. So the question is why DHAN should keep the 5% margin with them and do not pass to customer who’s security has been pledged & repledged.

Why STT is being charged for buying GSecs?? Other brokers don’t charge it

Hi @Hiya

We also do not charge STT in Gsec, and we have noted your feedback that it should not reflect in Transaction Estimator as well.

@Beena The sole purpose of the NCL file (which gets updated around 20th of every month) is to notify the securities which are approved for re-pledging. However, for margin calculation and reporting, we use the EOD VaR file. Operationally the NCL file is just taken as a reference for minimum haircut that we apply. Just to cite an example, for liquid bees, we apply a haircut of 8% on the contrary to 10% which is as per the NCL file.

You are right w.r.t. liquidbees.
Liquidbees is the poster boy of other brokers as well where they apply haircut slightly less than what exchange provides them. This is mostly compensated for brokers by surplus cash which customers have/leave with brokers at any given time.

This one script can not be used as an excuse to inflate the haircut approved by the exchange.
I am giving you the list of extra haircut applied by DHAN in case of 22 GSECs. You are applying extra haircut ranging from 5 to 8 % more than exchange.

If you are applying less haircut in one script than exchange then it should not be used as excuse to apply extra haircut on other scripts. This should not be done.

Thanks for the reply.
Both STT & Stamp duty are not to be charged while buying GSecs. Only exchange transaction charges & GST on that can be charged as per regulations.
So, kindly ensure that stamp duty is also not applicable

Thanks again for the reply :blush:

@Beena Yes, we are aware of this. However, as I previously mentioned, we utilize the EOD VaR file for margin calculation and reporting. In fact, it is common for the majority, if not all, brokers to employ the same EOD VaR for this specific purpose. It should be noted that brokers may also implement additional haircuts based on their Risk Management policy. Nevertheless, we do not apply any additional haircut for the CASH component.

Hi @Hiya

Yes, we do confirm STT & Stamp duty is not being charged for Gsecs.

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I am confused, you are applying 5 to 8 % extra haircut for GSECs then the haircut applied by NSE and this security is considered as cash component yet you are saying we are not applying any additional haircut for the cash component.

@Beena Its the NSE EOD VaR which is additional 5% to 8% over the NCL haircut. When I say brokers may also implement additional haircuts based on their Risk Management policy, it means over and above the haircut levied by NSE EOD VaR which we do not apply.

Looking at your list I bought IN0020070069 through IDBI and its available in my demat also. But when I am trying to pledge , your application shows that it’s no eligible . This does not give enough confidence if I go for enough buying in coming days. Please help

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@jacharjya1978 Do let me know your UCC over DM, I’ll get it checked.

I chatted over Dhanlaxmi , Now I can see it for pledging. Appreciated for a quick resolution.

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