The subscription opens on October 5, 2026, and closes on October 16, 2026*. Allotments are on a First-Come, First-Served (FCFS) basis, subject to the issue terms. The NCDs are proposed to be listed on BSE Limited, which has granted in-principle approval.
SMC Global Securities NCD: Issue Overview
- Credit Rating: [ICRA]A (Stable) by ICRA Limited
- Effective Yield Range: 9.50% to 10.00% p.a.
- Tenures: 24, 36 and 60 months
- Nature: Secured, Rated, Listed, Redeemable, Non-Convertible Debentures
- Minimum Investment: ₹10,000 (10 NCDs)
- Issue Opening Date: October 5, 2026
- Issue Closing Date: October 16, 2026*
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SMC Global Securities NCD – Key Issue Details
Secured, Rated, Listed, Redeemable Non-Convertible Debentures
| Issuer | SMC Global Securities Limited |
| Type of Instrument | Secured, Rated, Listed, Redeemable Non-Convertible Debentures |
| Listing | BSE Limited |
| Base Issue Size | ₹75 crore (₹7,500 lakh) |
| Option to Retain Oversubscription | ₹75 crore (₹7,500 lakh) |
| Total Issue Size | ₹150 crore (₹15,000 lakh) |
| Issue Price | ₹1,000 per NCD |
| Minimum Investment | ₹10,000 (10 NCDs) and in multiples of ₹1,000 thereafter |
| Credit Rating | |
| Debenture Trustee | IDBI Trusteeship Services Limited |
| Registrar to the Issue | MUFG Intime India Private Limited |
| Issue Opening Date | Monday, October 5, 2026 |
| Issue Closing Date | Friday, October 16, 2026* |
| Mode of Application | ASBA / UPI mechanism, as applicable |
| Mode of Allotment | Dematerialized form only |
| Depositories | NSDL and CDSL |
SMC Global Securities NCD Coupon Rates and Effective Yield
The NCDs are offered across six series with monthly, annual and cumulative interest-payment options.
NCD Coupon Rates, Yields & Redemption Details
Detailed breakdown across series options for tenor, payout frequencies, coupon rates, and effective yields.
| Series | Interest Frequency |
Tenor (Months) |
Coupon (% p.a.) |
Effective Yield (% p.a.) |
Redemption Amount (per NCD) |
|---|---|---|---|---|---|
| Series I | Annual | 24 | 9.50% | 9.50% | ₹1,000 |
| Series II | Cumulative | 24 | N/A | 9.50% | ₹1,199.03 |
| Series III | Annual | 36 | 9.75% | 9.75% | ₹1,000 |
| Series IV | Cumulative | 36 | N/A | 9.75% | ₹1,321.95 |
| Series V | Monthly | 60 | 9.57% | 10.00% | ₹1,000 |
| Series VI | Annual | 60 | 10.00% | 10.00% | ₹1,000 |
The coupon is fixed for the applicable series. For the cumulative series, no periodic coupon is paid; the return is reflected in the redemption amount at maturity.
Allocation Ratio
The NCDs are proposed to be allocated across investor categories as follows, subject to the terms and conditions of the final Prospectus:
Investor Category Allocation
Breakdown of allocation percentages across investor classes
| Category | Investor Category | Allocation (%) |
|---|---|---|
| Category I | Institutional Investors | 10% |
| Category II | Non-Institutional Investors | 10% |
| Category III | High Net-worth Individual Investors | 40% |
| Category IV | Retail Individual Investors | 40% |
The final allocation will be subject to the applicable provisions of the Prospectus and the basis of allotment determined after the issue closes.
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How to Invest in SMC Global Securities NCD IPO via GoldenPi
- Log in to your GoldenPi account.
- Search for the SMC Global Securities NCD issue.
- Select your preferred series based on the available tenure and interest-payment option.
- Enter the investment amount, with a minimum application of ₹10,000, and complete the application using the applicable payment/application mechanism.
Financial Overview of SMC Global Securities Limited
Consolidated Financial Highlights (in ₹ Crore)
| Particulars | FY 2023-24 | FY 2024-25 | FY 2025-26 | Q1 FY 2026-27 |
| Revenue from Operations | ₹1,638.41 Cr | ₹1,775.74 Cr | ₹1,876.92 Cr | ₹515.08 Cr |
| Total Income | ₹1,644.59 Cr | ₹1,785.72 Cr | ₹1,884.49 Cr | ₹515.60 Cr |
| Total Expenses | ₹1,400.06 Cr | ₹1,593.69 Cr | ₹1,749.96 Cr | ₹469.02 Cr |
| Profit After Tax (PAT) | ₹188.28 Cr | ₹146.81 Cr | ₹103.25 Cr | ₹36.74 Cr |
| Net Worth (Equity) | ₹1,095.73 Cr | ₹1,217.17 Cr | ₹1,303.98 Cr | ₹1,340.74 Cr |
Standalone Financial Highlights (in ₹ Crore)
| Particulars | FY 2023-24 | FY 2024-25 | FY 2025-26 | Q1 FY 2026-27 |
| Total Income | ₹883.46 Cr | ₹955.38 Cr | ₹998.54 Cr | ₹280.07 Cr |
| Expenses | ₹703.51 Cr | ₹824.21 Cr | ₹897.64 Cr | ₹248.45 Cr |
| Profit After Tax (PAT) | ₹141.03 Cr | ₹105.26 Cr | ₹81.32 Cr | ₹25.12 Cr |
| Net Worth | ₹883.80 Cr | ₹962.57 Cr | ₹1,018.17 Cr | ₹1,043.15 Cr |
Cash Flow Summary (in ₹ Crore)
Cash Flow Summary (in ₹ Crore)
Consolidated Cash Flow
| FY 2023-24 | FY 2024-25 | FY 2025-26 | |
|---|---|---|---|
| Cash Flow from Operating Activities |
-₹192.79 Cr | ₹23.54 Cr | -₹72.91 Cr |
| Cash Flow from Investing Activities |
-₹28.66 Cr | -₹26.81 Cr | -₹42.71 Cr |
| Cash Flow from Financing Activities |
₹316.08 Cr | ₹24.45 Cr | ₹110.39 Cr |
Standalone Cash Flow
| FY 2023-24 | FY 2024-25 | FY 2025-26 | |
|---|---|---|---|
| Cash Flow from Operating Activities |
-₹133.91 Cr | -₹111.36 Cr | -₹162.17 Cr |
| Cash Flow from Investing Activities |
₹0.54 Cr | ₹1.51 Cr | -₹82.36 Cr |
| Cash Flow from Financing Activities |
₹165.91 Cr | ₹72.18 Cr | ₹282.08 Cr |
SMC Global Securities NCD: Key Points
Security Cover
The NCDs are secured by a pari passu charge over the company’s Trade Receivables and Margin Trading Facility (MTF), created in favour of the debenture trustee. A minimum security cover of 110% of the outstanding principal amount of the NCDs and interest due and payable is required to be maintained.
The security is subject to the exclusions and arrangements specified in the prospectus, including charges in favour of existing secured charge holders.
Credit Rating
The NCDs have been assigned a rating of [ICRA]A (Stable) by ICRA Limited. ICRA’s September 14, 2026 rating action confirms the rating for the non-convertible debentures.
An ICRA A rating indicates an adequate degree of safety regarding timely servicing of financial obligations, with a moderate level of credit risk within ICRA’s rating scale.
Payout Options
Investors can choose among monthly, annual and cumulative interest-payment options, depending on the series selected. The available tenures are 24, 36 and 60 months.
BSE Listing
The NCDs are proposed to be listed on BSE Limited. BSE has granted in-principle approval for the listing, and BSE is the designated stock exchange for the issue.
SMC Global Securities NCD: Risks to Consider
Capital-Market Sensitivity
A significant part of SMC’s business is linked to securities broking, distribution and other capital-market activities. Revenue from these activities can therefore be sensitive to market activity and trading volumes.
Negative Operating Cash Flow
Consolidated operating cash flow was negative in FY 2023-24 and FY 2025-26, while standalone operating cash flow was negative in each of FY 2023-24, FY 2024-25 and FY 2025-26.
Legal and Regulatory Proceedings
SMC Global Securities has disclosed various legal and regulatory matters. Separately, the company was named in a 2026 CBI supplementary chargesheet related to the NSE co-location matter. This should be considered separately from an earlier CBI case involving SMC’s system-audit arrangements, for which a closure report was accepted in 2025.
Investors should refer to the prospectus for the company’s complete disclosure of legal and regulatory proceedings and associated risks.
Shared Security
The security for the NCDs is subject to the pari passu arrangements and exclusions described in the prospectus, including existing secured charge holders. Investors should review the security-creation and charge-related disclosures before investing.
About SMC Global Securities Limited
Established in 1994, SMC Global Securities Limited is a diversified financial-services company with businesses spanning securities broking, distribution, wealth management, investment banking, financing and other financial services.
The SMC Group has operations and memberships across major Indian exchanges, including BSE, NSE, MCX, NCDEX and MSEI, through the relevant group entities.
The group also operates in lending through Moneywise Financial Services and insurance broking through SMC Insurance Brokers, alongside its securities-market businesses.
Conclusion
SMC Global Securities’ October 2026 NCD issue offers six series across 24-, 36- and 60-month tenures, with effective yields ranging from 9.50% to 10.00% p.a. The issue has a base size of ₹75 crore and can be increased to ₹150 crore through the oversubscription option.
The NCDs carry an [ICRA]A (Stable) rating and are secured by a pari passu charge over specified Trade Receivables and MTF, with a minimum 110% security cover. Investors should also consider the company’s cash-flow profile, capital-market sensitivity and disclosed legal and regulatory matters before making an investment decision.
*The issue may close earlier or be extended, subject to the terms specified in the prospectus.
Disclaimer
Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and/or default in payment. Read all the offer-related documents carefully. This blog/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products/services of/on GoldenPi or any product/services of its third-party client(s). For a detailed calculation of YTM, visit our website. T&C’s Apply.
