A market-linked debenture is an NCD whose return depends on a market variable, usually a share index such as the Nifty 50, instead of a fixed coupon. Principal may or may not be protected.
MLDs pay according to a formula in the offer document, often with a payoff at maturity tied to where the index ends up. Two MLDs that look alike can have very different payoffs, so the formula and the scenarios in the offer document are what to read.
From 1 April 2023, gains on MLDs are taxed as short-term capital gains at your slab rate, whatever the holding period, which removed the tax advantage that had made them popular. Read the payoff scenarios in the offer document before investing, including what happens if the index falls.
Market-linked debenture (MLD): issuers on Bond Interpretation
102 outstanding bonds of this kind from 19 issuers are on Bond Interpretation. Issuers with the most:
- Nuvama Wealth Finance Limited 34 bonds
- Alpha Alternatives Financial Services Private Limited 19 bonds
- Incred Financial Services Limited 16 bonds
- 360 ONE Prime Limited 6 bonds
- Nuvama Wealth and Investment Limited 5 bonds
- Abans Jewels Limited 3 bonds
- Marwadi Shares and Finance Limited 3 bonds
- Ugro Capital Limited 3 bonds
- ECap Equities Limited 2 bonds
- Embassy Property Developments Private Limited 2 bonds
- 360 One Portfolio Managers Limited 1 bond
- Abans Finance Private Limited 1 bond
- Edelcap Securities Limited 1 bond
- Edelweiss Asset Reconstruction CO. Ltd 1 bond
- IIFL Finance Limited 1 bond
Data as of 6 Nov 2026 (snapshot 20261106-2030). Methodology and sources
Related
Related terms: NCD (non-convertible debenture) · Floating rate bond · Listed and unlisted bonds
Before investing, look up the issuer: all its outstanding bonds, rating history and disclosure documents.
This page is for information only. It is not investment advice, a credit rating or a recommendation to buy, sell or hold any security. Facts are taken from the issuer's own documents and the sources linked on this page; check them with the source before investing.
