Pledging — see which bonds your broker accepts as collateral, before you buy.
Government bonds and SGBs can be pledged for F&O trading margin, but only the specific securities on your broker's approved list — and that list is decided bond by bond, not category by category. Plenty of government paper isn't on it. Every bond on the platform now carries its pledge status, with the haircut, the margin it would actually fetch, and the date it joined the list. We sync the list from Zerodha every morning.
On the category pages
A pledge tag on every eligible bond. Government and SGB rows now show a green pledgeable pill when the bond is on Zerodha's approved collateral list. Bonds that aren't on the list carry no tag.
"limit reached" when the cap is full. Brokers cap their total exposure per security. When that cap is currently full the pill turns amber and reads limit reached — the bond is still approved, but a fresh pledge request may be rejected until the cap frees up.
A "pledgeable" filter beside the search box narrows the list to bonds you can actually pledge, and composes with search and sort. It remembers its state when you come back.
On the bond page
Pledge status in the identity card, alongside the bond type, so eligibility is visible the moment the page opens.
What it's worth as collateral. A pledge card shows the current haircut, the margin per bond at the last traded price, and a quantity box that works out the total collateral margin your holding would release.
Cash-equivalent, spelled out. Government paper counts as cash collateral, so it can cover the full margin requirement rather than the half that pledged shares are limited to. The card says so where it applies.
On the list since. Because we keep the history, each eligible bond shows when it joined the approved list, and recent additions are flagged.
State development loans get an explanation, not just a blank. SDLs are government securities but are generally absent from the approved list — as of today, not one is on it. The page says this plainly rather than leaving you to guess.
The approved list, synced daily
Refreshed every morning before the market opens, straight from the list Zerodha publishes. Haircuts, caps and eligibility are the broker's own values, not our estimates.
Changes are tracked, not overwritten. We record when a security joins the list, when it leaves, and when its haircut moves — so "is this pledgeable?" has a history behind it rather than just a current answer.
Built for more than one broker. The list is stored per broker, so adding a second broker's approved list later is a data change rather than a rebuild.
A guide to go with it
"Pledging bonds for margin" is a new read on Discover, open to everyone with no login. It covers what pledging is, why government paper is the best collateral you can hold, haircuts with a worked example, the exact steps in Kite, the charges, what the margin can and can't be used for, the risks, and how to unpledge.
It carries the live approved list — every pledgeable G-Sec, SGB and T-bill with its current haircut and margin per ₹100, updated by the same daily sync.
Linked from the category pages, next to the pledgeable filter.
·0.4.0
Portfolio and orders — your holdings, your tradebook, live.
Two new pages sit behind the login. Portfolio brings your bond holdings together with a money-weighted return, a composition breakdown and a forward view of every coupon you're due. Orders shows what you placed today as it fills, with your full tradebook behind it. Both sync automatically from your linked Zerodha Kite account — there's no upload step and no manual refresh.
Portfolio — the headline numbers
Portfolio value, against what you put in. The top tile is your current value at the last traded price, with the amount you invested sitting just beneath it.
Portfolio yield (XIRR). A single money-weighted return across every holding, built from your actual trades and each bond's contractual cash flow schedule — not a simple average of coupons. Filter to a category and the number recomputes for just those bonds.
Indicative annual coupon. What your holdings are due to pay over the next twelve months. Corporate coupons are shown net of 10% TDS — gross struck through, net in front, with the deduction spelled out — while government, SGB and tax-free flows are left whole.
"About these numbers." A first-visit note, plus an info tooltip on the XIRR and coupon tiles, making clear these figures are indicative and move with tax, issuer actions and any change to your holdings.
Portfolio — composition and holdings
Composition donut. Your mix by bond type — government, corporate, SGB, tax-free — in the platform's category colours. Click a slice (or its legend row) to filter the whole page to that type; hover to read its share in the centre. The legend carries the bond count, value and a per-category XIRR for each.
Holdings cards, one per bond. Each shows the rating, maturity, what you bought (amount and weighted buy yield), then quantity, average price, last traded price, current value and unrealised P&L — gains green, losses red. SGB holdings get their own layout with a value-change badge.
Live prices. Last traded price, current value, P&L and current yield update in place over a live stream, with a brief green or red flash on each cell as it moves and the tick time shown alongside.
Trades, inline. "View trades" expands a card to its full history for that bond — trade count, net quantity and weighted average buy price, then a table of every fill: when, side, quantity, price, yield and value. No modal, no page change.
Portfolio — scheduled cash flows
Every payment ahead, grouped by year. The right column lists your indicative cash flows — each year summarised ("3 coupons · 1 maturity") with its total, expanding to the individual dated payments.
Coupon, principal or other is tagged on each row with a coloured pill, so a maturity reads differently from an interest payment at a glance.
TDS carried through. The same 10% treatment on corporate coupons applies here — in the per-payment rows and the year totals — so the projection matches what actually lands in your account.
Orders — today and your tradebook
Today, live. Orders you place today appear here and update as they fill, cancel or reject. A pulsing dot marks the view while anything is still open, and status reads plainly — open, executed, cancelled, rejected, with finer states like "trigger pending" or "modified" where they apply.
History. A second view holds your full tradebook — every past fill, with today's executions kept out so nothing is counted twice. IPO and off-market trades are labelled rather than dropped.
Two-line rows that match the rest of the platform. Same per-type icon (coupon for government and tax-free, rating for corporate, series for SGB) and the same lowercase bond name you see on the category pages. Each row carries side, quantity, price (limit, market or fill), exchange, time and value.
Placed vs executed yield. For a filled order, the row shows the yield at the price you placed alongside the yield at the price you actually got — so any slippage is visible as a number, not just a price difference.
Filter and search. Narrow by type or by buy/sell, and search by bond name or ISIN. Modifying or cancelling a live order still happens in Kite — a note links straight there.
·0.3.0
Watchlist — one place to track every bond you're considering.
The watchlist is now a first-class page inside the app, not a saved filter. It mirrors the category page chrome you already know — same table, same sort, same yield toggle — but every row also remembers the price and yield at the moment you added the bond, so you can see how the market has moved since.
The list
One table across all bond types. Government, corporate, SGB and tax-free bonds sit side by side. A type chip row above the table lets you narrow to a single category, with counts per type and a coloured dot that matches the rest of the platform.
"added" snapshot pills sit under the price and yield columns. Each pill shows the value at the moment you added the bond, a separator, then the live delta as a coloured ▲ / ▼ chip — green for moves in your favour, red against. Flat moves render as a quiet ±0.
Sort by date added, yield, amount or tenure — each in either direction. Yield toggle flips between "last traded" and "available" (best ask), and is disabled when the market is closed.
Inline search in the tab row is a global bond navigator, not a watchlist filter. It surfaces category jumps, issuer groups (e.g. "all adani bonds") and individual bond matches — same UX as the discover page — so you can add a new bond without leaving the watchlist.
Remove (×) appears on hover next to the row arrow, with a confirmation toast. On mobile it's always visible.
Side panel
Cash flow card for the selected bond. Enter a quantity and price and every projected coupon, year total and final return scales live. Past-record-date coupons are excluded automatically, year groups expand into per-date detail, and corporate bonds carry a 10% TDS reminder.
Market depth sits below the cash flow card while the market is open, with three levels of bid and ask. It hides outside market hours rather than showing stale data.
SGB principal is estimated against the live 999-gold rate from our gold-rate feed, with a small note clarifying the link.
Selected-row highlight. The chosen row gets a faint tint in the table so it's obvious which bond the side panel belongs to; clicking the arrow at the end of a row still jumps to the full bond detail page.
Behind the scenes
Live updates over SSE. The page only subscribes to the streams for bond types you actually hold. A government-only watchlist doesn't pay the cost of the corporate stream.
Delisted bonds aren't hidden. If a bond you watched is no longer listed, the row stays — labelled "no longer listed" with your add-time snapshot intact — so the history is preserved.
Sort, filter and yield-view preferences persist locally per device, so the watchlist opens in the state you last left it.
·0.2.0
Tax-free tranche grouping and the ₹10 lakh rule.
Tax-free bonds in India are issued in pairs within each tranche — a lower-coupon series for institutions and large investors, and a higher-coupon series with a small premium reserved for retail holding up to ₹10 lakh. Cross ₹10 lakh in aggregate and that premium is clawed back. The page now surfaces this structure directly and recalculates yields to match.
Tranche grouping
"investing > ₹10L?" toggle on the tax-free bonds page. When active, the list reorganises into tranche groups, so the A-series and B-series of the same issue sit alongside each other and the pair structure is visible at a glance.
Inline hint next to the toggle: "investing or holding more than ₹10 lakh across tax-free bonds?" — sized and styled like the existing page disclaimer. When active, a second underlined line offers to "understand exactly what this means".
"Other" section at the bottom of the grouped view collects bonds that aren't subject to the rule (older single-series issues), with a small "no ₹10L rule" tag and a one-line explanation.
Adjusted yields
Live recalculation against the issuer's "Above 10Lakhs" cashflow stream when the toggle is on. The yield shown for each B-series bond is the one a >₹10 lakh holder would actually realise.
"adj." cue on every recalculated row. The new yield carries a small italic adj. suffix; the original (pre-clawback) yield sits beneath it, struck through, so the change is visible at a glance.
Sort respects the recalc — yield-based ordering uses the adjusted numbers, so the grouped view ranks bonds by what you'd actually receive.
Explainer popup
Four-bond illustration inside the explainer. For the tapped tranche, we list every maturity with its lower and higher coupon side by side. The "≤ ₹10 lakh" card highlights the premium in green; the "> ₹10 lakh" card strikes it out and shows the lower coupon in its place.
Why this happens. Plain-English breakdown of the four investor categories (institutions, corporates, retail >₹10L, retail ≤₹10L), the ~25 bps premium structure, and why two coupons exist within a single tranche.
When this is checked. Notes that the issuer aggregates on every interest record date, on a PAN basis (not by demat account) — so splitting across demats, joint accounts and HUF accounts does not avoid the threshold. Also covers the impermanence of the clawback: drop back below ₹10 lakh and the premium resumes from the next record date.
Worked example uses the actual coupons of the tranche you opened the popup from. Shows what a ₹8 lakh holding receives at the premium rate and a ₹12 lakh holding at the lower rate, with the year-over-year income difference spelled out.
"Bonds without this rule" section points users to the "other" group in the list for issues that don't carry the clause.
Surface
Mobile opens the explainer as a slide-up bottom sheet. Desktop opens it as a centered modal at a readable width, with the frosted-glass treatment used on the index page hero pills.
Inline tag per tranche group: a quiet "see how →" link in each group header opens the explainer pre-filled with that tranche's actual coupon numbers.
·0.1.0
Initial release.
First public release. Real-time bond data from NSE and BSE with Zerodha Kite as the execution broker.
Data
Live order book. Bid and ask depth (up to 5 levels per side) sourced from NSE and BSE. Rows are clickable to pre-fill the order form.
Last traded price, yield and volume per exchange, with a spread indicator between best bid and best ask.
Historical trades. Per-bond chart of price, yield and traded volume across 1M / 3M / 6M / 1Y / All windows.
Credit ratings. Latest rating, outlook and agency notes from CRISIL, CARE, ICRA, India Ratings and Brickwork. Includes rating history where available.
Cash flow schedule. Coupon dates and maturity for each bond, with invested / interest / return totals computed for the entered quantity.
Risk metrics. Modified duration, Macaulay duration and convexity.
Coverage
Four categories at launch: government, corporate, sovereign gold bonds (SGB), and tax-free bonds. 140+ securities listed.
Exchanges: NSE and BSE. Exchange selection is per-bond based on where the security is listed.
Broker: Zerodha Kite. Orders are built on the platform and completed in Kite; the bond settles into the user's existing demat.