{"id":16341,"date":"2026-09-25T17:13:01","date_gmt":"2026-09-25T11:43:01","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16341"},"modified":"2026-09-24T17:18:07","modified_gmt":"2026-09-24T11:48:07","slug":"puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/","title":{"rendered":"Puttable NCDs in India: Can Put Options Solve Bond Liquidity Risks?"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"Most_NCDs_in_India_have_historically_traded_thinly_enough_that_selling_before_maturity_could_mean_accepting_a_steep_discount_This_piece_explains_how_the_put_option_embedded_in_puttable_NCDs_works_how_SEBIs_Liquidity_Window_facility_now_regulates_it_and_why_this_feature_is_becoming_a_practical_regulator-backed_workaround_for_illiquidity\"><\/span><strong>Most NCDs in India have historically traded thinly enough that selling before maturity could mean accepting a steep discount. This piece explains how the put option embedded in puttable NCDs works, how SEBI&#8217;s Liquidity Window facility now regulates it, and why this feature is becoming a practical, regulator-backed workaround for illiquidity.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>If you&#8217;ve ever tried to sell a Non-Convertible Debenture on the exchange before it matures,\u00a0 you\u2019ve probably hit this wall: not enough buyers. India&#8217;s corporate bond market is huge, with outstanding bonds worth around \u20b958 lakh crore (according to the latest SEBI data), but the secondary market has historically been thin relative to that size, with institutional buy-and-hold behavior keeping trading volumes low.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Most_NCDs_in_India_have_historically_traded_thinly_enough_that_selling_before_maturity_could_mean_accepting_a_steep_discount_This_piece_explains_how_the_put_option_embedded_in_puttable_NCDs_works_how_SEBIs_Liquidity_Window_facility_now_regulates_it_and_why_this_feature_is_becoming_a_practical_regulator-backed_workaround_for_illiquidity\" >Most NCDs in India have historically traded thinly enough that selling before maturity could mean accepting a steep discount. This piece explains how the put option embedded in puttable NCDs works, how SEBI&#8217;s Liquidity Window facility now regulates it, and why this feature is becoming a practical, regulator-backed workaround for illiquidity.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#What_Exactly_Is_a_Puttable_NCD\" >What Exactly Is a Puttable NCD?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Why_Illiquidity_Made_SEBI_Formalize_the_Put_Option\" >Why Illiquidity Made SEBI Formalize the Put Option<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#A_Real-World_Example_How_the_Exit_Actually_Plays_Out\" >A Real-World Example: How the Exit Actually Plays Out<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Puttable_vs_Non-Puttable_NCDs_A_Quick_Comparison\" >Puttable vs Non-Puttable NCDs: A Quick Comparison<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#What_to_Check_Before_Investing_in_a_Puttable_NCD\" >What to Check Before Investing in a Puttable NCD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#In_Short\" >In Short<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Puttable_NCDs_Frequently_Asked_Questions\" >Puttable NCDs Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>That disconnect between being &#8220;listed&#8221; and actually being &#8220;liquid&#8221; is where puttable NCDs come in; they&#8217;re designed to bridge that gap. Instead of crossing your fingers and hoping someone will buy your bond at a reasonable price, a puttable NCD gives you the power to make the issuer redeem it early, on specific dates, at a price that&#8217;s already been agreed on. Think of it as a built-in exit button that doesn&#8217;t depend on the secondary market cooperating, and it&#8217;s an idea SEBI itself has now formalized into a regulated framework.<\/p>\n\n\n\n<p>This article unpacks how the put option in these NCDs actually works and how SEBI&#8217;s Liquidity Window facility fits into the picture and takes a look at a real-life example, while also covering what you should check before you invest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Exactly_Is_a_Puttable_NCD\"><\/span><strong>What Exactly Is a Puttable NCD?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An NCD is, at its core, a fixed-income IOU: a company borrows cash from you, pays out a coupon, and then returns the principal at maturity. But here&#8217;s the twist: a puttable NCD throws in an extra clause, giving you (the debenture holder) a put option, allowing you to ask the issuer to redeem the bond before it hits maturity, on specific dates outlined in the offer document.&nbsp;<\/p>\n\n\n\n<p>This is different from a call option, which works the other way around: it lets the issuer redeem the bond early, usually when interest rates take a dive and refinancing gets cheaper for them. A put option protects the investor, whereas a call option shields the issuer. Some NCDs come with both, some with neither, and some, like certain tranches of L&amp;T Finance and Muthoot Fincorp public issues, explicitly state &#8220;Put and Call: Not Applicable&#8221; for specific series, even when other series in the same issue might actually have the feature.<\/p>\n\n\n\n<p>Under Regulation 15 of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 <sup>[1]<\/sup>, an issuer can offer a put option to all investors or only to retail investors. The option\u2019s exercise period and redemption amount must be disclosed in the offer document. When exercised, the issuer must notify eligible holders and the debenture trustee and simultaneously provide the notice to the stock exchange. The relevant record-date requirement is covered separately under the SEBI LODR Regulations.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_Illiquidity_Made_SEBI_Formalize_the_Put_Option\"><\/span><strong>Why Illiquidity Made SEBI Formalize the Put Option<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here&#8217;s the backdrop that made this feature necessary in the first place:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historically, turnover has trailed behind issuance. The RBI&#8217;s June 2025 Financial Stability Report noted that average monthly secondary-market turnover was just 3.8% <sup>[2]<\/sup> of outstanding corporate bond value. At the same time, average daily turnover rose to \u20b97,645 <sup>[3]<\/sup> crore in FY2024\u201325, up from \u20b95,722 crore a year earlier.\u00a0<\/li>\n\n\n\n<li>Trading is concentrated in top-rated names. The bulk of secondary trading happens in AAA and AA paper; lower-rated NCDs can go for ages without a single trade happening.<\/li>\n\n\n\n<li>&#8220;Buy and hold&#8221; institutions dominate. Insurance companies, pension funds, and EPFO (the largest holders of corporate bonds) typically hold to maturity, starving the market of two-way flow.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/\" aria-label=\"Puttable NCDs in India: Can Put Options Solve Bond Liquidity Risks?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Puttable NCDs in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24171233\/Puttable-NCDs-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/puttable-ncds-in-india-can-put-options-solve-bond-liquidity-risks\/\">Puttable NCDs in India: Can Put Options Solve Bond Liquidity Risks?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/5-passive-income-sources-in-india-ranking-cash-flow-predictability\/\" aria-label=\"Top 5 Passive Income Sources in India 2026: Comparing Cash-Flow Predictability\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"5 Passive Income Source in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24164251\/5-Passive-Income-Source-in-India.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/5-passive-income-sources-in-india-ranking-cash-flow-predictability\/\">Top 5 Passive Income Sources in India 2026: Comparing Cash-Flow Predictability<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/upi-mdr-on-bond-investment-why-you-wont-pay-extra-for-buying-bonds-via-upi\/\" aria-label=\"UPI MDR on Bond Investment: Why You Won&#8217;t Pay Extra for Buying Bonds via UPI\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"UPI MDR on Bond Investment\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/09\/24181312\/UPI-MDR-on-Bond-Investment.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/upi-mdr-on-bond-investment-why-you-wont-pay-extra-for-buying-bonds-via-upi\/\">UPI MDR on Bond Investment: Why You Won&#8217;t Pay Extra for Buying Bonds via UPI<\/a><\/li>\n<\/ul>\n\n\n<p>SEBI responded directly to this: in October 2024, it introduced a Liquidity Window facility, a uniform framework letting issuers offer put options exercisable on pre-specified dates specifically to address the illiquidity perception for retail investors. The results are showing up in the data: FY26 secondary market trading volumes shot up around 30% to about \u20b922.07 lakh crore <sup>[4]<\/sup>, compared to \u20b917.1 lakh crore in FY25. <\/p>\n\n\n\n<p>SEBI also reduced the minimum investment\/ticket size for privately placed <a href=\"https:\/\/goldenpi.com\/corporate-bonds\">corporate bonds<\/a> from \u20b91 lakh to \u20b910,000. Meanwhile, fresh issuances actually dropped 8.4% to \u20b99.1 lakh crore in FY26 <sup>[5]<\/sup> (the first time that&#8217;s happened since FY22), which just goes to show that primary market activity and secondary market liquidity move in two different directions.<\/p>\n\n\n\n<p>A put option, whether it&#8217;s part of a formal Liquidity Window or just built into an older NCD structure, sidesteps the buyer problem altogether. You&#8217;re not trying to sell to the market; you&#8217;re just exercising a contractual right against the issuer at a price that was fixed upfront. And the best part? You don&#8217;t need some other party to show up and make it happen.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Real-World_Example_How_the_Exit_Actually_Plays_Out\"><\/span><strong>A Real-World Example: How the Exit Actually Plays Out<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Take Hinduja Leyland Finance, which in early 2026 <sup>[6]<\/sup> intimated the BSE of an investor exercising the put option on one of its listed NCD series (ISIN INE146O07508). The process followed the standard mechanism prescribed under the NCS Regulations:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The company sent a notice to all eligible debenture holders as of a fixed record date, informing them of their right to exercise the put option.<\/li>\n\n\n\n<li>Those who wanted to bail had to indicate their intention within a certain window.<\/li>\n\n\n\n<li>The company then redeemed those debentures based on the terms they&#8217;d originally laid out in the offer document, with no need to find a buyer on the exchange.<\/li>\n<\/ol>\n\n\n\n<p>Similar put-option exercises show up regularly in NSE and BSE corporate filings across issuers of different sizes, from NBFCs to banks. The point isn&#8217;t that any one issuer is representative; it&#8217;s that the put option basically takes this whole uncertain, market-dependent exit process and turns it into something scheduled and rule-bound.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Puttable_vs_Non-Puttable_NCDs_A_Quick_Comparison\"><\/span><strong>Puttable vs Non-Puttable NCDs: A Quick Comparison<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Feature<\/strong><\/td><td><strong>Puttable NCD<\/strong><\/td><td><strong>Standard (Non-Puttable) NCD<\/strong><\/td><\/tr><tr><td><strong>Early exit mechanism<\/strong><\/td><td>Contractual right to seek redemption on specified dates or during a specified exercise period<\/td><td>Typically requires selling in the secondary market<\/td><\/tr><tr><td><strong>Exit price<\/strong><\/td><td>As specified in the offer document, it may include a premium or discount, plus applicable interest.<\/td><td>Market price\u2014can trade at a discount or premium<\/td><\/tr><tr><td><strong>Dependent on a buyer?<\/strong><\/td><td>No, if the issuer is obligated to honor a valid put exercise under the issue terms<\/td><td>Yes, for a secondary-market sale<\/td><\/tr><tr><td><strong>Typical structure<\/strong><\/td><td>May include pre-specified put dates or exercise windows; some issuances may use a SEBI-compliant liquidity-window framework.<\/td><td>No contractual put option; exit generally depends on secondary-market trading<\/td><\/tr><tr><td><strong>Investor benefit<\/strong><\/td><td>Provides a defined contractual exit mechanism on specified dates<\/td><td>Allows an investor to seek an exit through the secondary market without waiting for a contractual put date<\/td><\/tr><tr><td><strong>Trade-off<\/strong><\/td><td>Exit is available only according to the specified terms, dates, and eligibility conditions.<\/td><td>No guaranteed buyer, timing, or exit price<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Check_Before_Investing_in_a_Puttable_NCD\"><\/span><strong>What to Check Before Investing in a Puttable NCD<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Before treating the put option as a liquidity safety net, it helps to actually read the fine print:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Exercise window:<\/strong> Put options usually open only on specific anniversary dates (e.g., end of year 3, 5, or 7), not on demand at any point.<\/li>\n\n\n\n<li><strong>Notice period:<\/strong> Issuers typically require holders to intimate their intent within a defined window before the put date; miss it, and you wait for the next window.<\/li>\n\n\n\n<li><strong>Redemption price:<\/strong> Confirm whether it&#8217;s exactly the face value or adjusted for premium\/discount and accrued interest.<\/li>\n\n\n\n<li><strong>Regulatory approval, where relevant:<\/strong> For instruments like Tier-I\/perpetual bonds issued by banks and NBFCs, exercising the option may need RBI sign-off, which can affect timing.<\/li>\n\n\n\n<li><strong>Credit risk still applies:<\/strong> A put option protects you from liquidity risk, not credit risk. If the issuer is in financial distress, the right to demand redemption is only as good as its ability to pay.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_Short\"><\/span><strong>In Short<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>India&#8217;s corporate bond secondary market has long been thinner than its size suggests, largely because institutions tend to buy and hold, while everyone else flocks to top-rated names, and puttable NCDs don&#8217;t fix that market-wide problem on their own. But here&#8217;s the thing: with issuer-specific put clauses and SEBI&#8217;s now-formalized Liquidity Window facility, investors have got a legitimate way out backed by the regulator that doesn&#8217;t need the market&#8217;s cooperation: a guaranteed process for exiting on specific dates, not a guarantee that the issuer will have the cash to honor it.<\/p>\n\n\n\n<p>So, when you&#8217;re looking at bonds, especially the longer-tenor ones where the secondary market is pretty thin, it&#8217;s crucial to dig into the credit rating and fundamentals, not just the put option itself. <strong>This is general information, not investment advice; read the specific offer document for the exact terms attached to any put option before you invest.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Puttable_NCDs_Frequently_Asked_Questions\"><\/span><strong>Puttable NCDs Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1790248898007\"><strong class=\"schema-faq-question\">Q1. <strong>What is a puttable NCD?<\/strong><\/strong> <p class=\"schema-faq-answer\">A puttable NCD is a non-convertible debenture that gives the investor a contractual right to ask the issuer to redeem the NCD before its original maturity, subject to the terms and exercise dates specified in the issue documents.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790248910000\"><strong class=\"schema-faq-question\">Q2. <strong>What is a put option in a bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">A put option gives the bondholder the right to sell the bond back to the issuer at specified terms on eligible exercise dates. It is different from a call option, which gives the issuer the right to redeem the bond early.<br><\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790248925161\"><strong class=\"schema-faq-question\">Q3. How does a put option help with bond liquidity?<\/strong> <p class=\"schema-faq-answer\">Instead of depending entirely on finding another investor in the secondary market, an eligible investor can exercise the put option and seek redemption from the issuer on the specified date and according to the issue terms.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790248937134\"><strong class=\"schema-faq-question\">Q4. <strong>Does every NCD have a put option?<\/strong><\/strong> <p class=\"schema-faq-answer\">No. A put option is an additional feature of an NCD and applies only when it is included in the issue&#8217;s terms. Investors should check the offer document and other applicable disclosures before assuming an NCD has an early-exit facility.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790248947529\"><strong class=\"schema-faq-question\">Q5. <strong>Can I exercise a put option whenever I want?<\/strong><\/strong> <p class=\"schema-faq-answer\">Usually not. The exercise dates, notice period, eligible investors, quantity, and redemption price are determined by the terms of the particular NCD or liquidity-window facility.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790248960488\"><strong class=\"schema-faq-question\">Q6. <strong>Put option vs premature withdrawal: are they the same?<\/strong><\/strong> <p class=\"schema-faq-answer\">Not exactly. A put option is a contractual feature written into the security&#8217;s terms that allows the investor to request early redemption on specified terms and dates. It should not be confused with an ordinary premature-withdrawal facility offered on products such as bank deposits.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.sebi.gov.in\/legal\/regulations\/jan-2026\/securities-and-exchange-board-of-india-issue-and-listing-of-non-convertible-securities-regulations-2021-last-amended-as-on-january-21-2026-_99288.html\">SEBI \u2014 Issue and Listing of Non-Convertible Securities Regulations, 2021<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.rbi.org.in\/Scripts\/PublicationReportDetails.aspx?UrlPage=&amp;ID=1299#C132\">RBI \u2014 Financial Stability Report, June 2025<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/rbidocs.rbi.org.in\/rdocs\/AnnualReport\/PDFs\/0ANNUALREPORT202425DA4AE08189C848C8846718B080F2A0A9.PDF\">RBI \u2014 Annual Report 2024\u201325<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.financialexpress.com\/market\/secondary-corporate-bond-market-surges-30-regulatory-push-retail-participation-drive-momentum-4214272\/lite\/\">Financial Express \u2014 Secondary corporate bond market surges 30%<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/economictimes.indiatimes.com\/markets\/bonds\/corporate-bond-mobilisation-falls-8-4-in-fy26-first-decline-in-four-years-sebi\/articleshow\/133009962.cms\">The Economic Times \u2014 Corporate bond mobilisation falls 8.4% in FY26<\/a><\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.hindujaleylandfinance.com\/assets\/pdf\/stock25\/HLF_Put%20Option%20Intimation%20INE146O07508%20_31.03.2026_signed.pdf\">Hinduja Leyland Finance \u2014 Intimation of Exercise of Put Option, March 31, 2026<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: Most NCDs in India have historically traded thinly enough that selling before maturity could mean accepting a steep discount.&hellip;<\/p>\n","protected":false},"author":15,"featured_media":16344,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1026,25],"tags":[],"class_list":["post-16341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guide","category-bond-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Puttable NCDs in India: Can Put Options Solve Bond Liquidity Risks?<\/title>\n<meta name=\"description\" content=\"What are puttable NCDs? 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