Business news · Markets · 05 Oct 2026
Stock brokers have issued roughly Rs 3.2 lakh crore (about $33 billion) of commercial paper so far in 2026, according to a Bloomberg report citing Prime Database. That is around 21% of all commercial paper issued this year, against 4% in 2021. Leveraged equity positions funded by brokers stood at about Rs 1.6 lakh crore on September 30. HDFC Securities, ICICI Securities and Kotak Securities are among the issuers named.
Margin lending has become a core revenue line for brokerages: three-month paper for non-bank lenders yields about 7.18%, while brokers charge clients 9-20% on margin loans. The exposure sits with bank-owned and listed broking businesses and with the mutual funds that buy the paper. The funding is short-term, so a sharp fall in share prices or a jump in money-market rates would squeeze both the spread and the loan book. The RBI's February curbs on bank lending to proprietary traders and SEBI's June proposal to let brokers issue bonds are pushing the industry toward market borrowing.
Reported by Business Today — “Brokers raise Rs 3.2 lakh crore as demand for leveraged equity debt grows: Report” ↗ on 05 Oct 2026.
NSE stocks, from the last close on or before 05 Oct 2026 to the close on 16 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Financial Services | 125 | +0.4% | 66 of 125 | +0.7 pts |
| All tracked stocks | 804 | -0.3% | 374 of 804 | — |
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