{"id":29966,"date":"2022-09-29T07:41:57","date_gmt":"2022-09-29T07:41:57","guid":{"rendered":"https:\/\/www.tatacapital.com\/blog\/?p=29966"},"modified":"2026-02-24T23:01:54","modified_gmt":"2026-02-24T17:31:54","slug":"understanding-market-linked-debentures","status":"publish","type":"post","link":"https:\/\/www.tatacapital.com\/blog\/wealth-services\/understanding-market-linked-debentures\/","title":{"rendered":"Market-Linked Debentures (MLDs): Meaning, types, features, and taxation"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>MLDs or market-linked debentures seem to be the hot favorite of the braver breed of investors trying to step outside the cozy fixed-income circuit. They are hybrid instruments that combine elements of capital market participation with features of traditional debt-like structures. It makes them attractive to investors who are seeking performance correlated to the market, yet want safety to some extent. But MLDs can be confusing if you\u2019re hearing about them for the first time. This guide breaks the concept down so that you can determine if they have a place in your investment portfolio.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are market-linked debentures (MLD)?<\/strong><\/h2>\n\n\n\n<p>MLDs are <a href=\"https:\/\/www.tatacapital.com\/blog\/wealth-services\/best-debt-investment-options-in-india\/\">debt instruments<\/a> where the final return depends on how a specific market index or benchmark performs. Unlike fixed deposits or traditional bonds, MLDs don\u2019t offer assured interest. Instead, returns are correlated to indices like equity markets, government bonds, or commodity indices such as gold. They normally have a maturity between 1 and 5 years. They then receive their original capital back at the end of the term, along with any returns linked to market performance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key terms related to market-linked debentures<\/strong><\/h2>\n\n\n\n<p>Before proceeding, you must understand each term associated with MLDs.<\/p>\n\n\n\n<ol start=\"1\">\n<li>Issuer: The organization that issues the MLD, most commonly <a href=\"https:\/\/www.tatacapital.com\/blog\/generic\/non-banking-financial-institutions-what-is-it-and-how-does-it-operate\/\">NBFCs<\/a> or corporates.<\/li>\n\n\n\n<li>Base index: The index to which returns are linked (e.g., NIFTY, G-Sec).<\/li>\n\n\n\n<li>Payoff structure: Specifies how returns are quantified in terms of index movement.<\/li>\n\n\n\n<li>Capital protection: If the principal is guaranteed.<\/li>\n\n\n\n<li>Credit rating: Rating assigned to the risk by a rating agency (CRISIL, ICRA, etc).<\/li>\n\n\n\n<li>Secured and unsecured: Secured debentures are those backed by an asset or physical plant of the issuer (also called a mortgage debenture), while unsecured (or naked) debentures are not backed by any specific security.<\/li>\n\n\n\n<li>Listed vs. Unlisted: How much it can or cannot be traded on public stock exchanges.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Types of market-linked debentures<\/strong><\/h2>\n\n\n\n<ol start=\"1\">\n<li>Capital-protected MLDs<\/li>\n\n\n\n<li>Ensure the original amount (principal) is returned, regardless of market movement.<\/li>\n\n\n\n<li>Provides little to no returns when the underlying index underperforms.<\/li>\n\n\n\n<li>Suitable for conservative investors seeking downside protection.<\/li>\n\n\n\n<li>Non-capital-protected MLDs<\/li>\n\n\n\n<li>Carry a higher risk as the principal is not guaranteed.<\/li>\n\n\n\n<li>Greater return potential if the reference index is strong.<\/li>\n\n\n\n<li>Appropriate for aggressive investors willing to accept volatility.<\/li>\n<\/ol>\n\n\n\n<p>Additionally, MLDs can be:<\/p>\n\n\n\n<ul>\n<li>Listed \/ Unlisted (as the case may be on the secondary market)<\/li>\n\n\n\n<li>Secured (Backed by collateral) or unsecured (higher default risk)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Features of market-linked debentures<\/strong><\/h2>\n\n\n\n<ul>\n<li>The minimum investment is generally Rs. 10-25 lakh according to SEBI.<\/li>\n\n\n\n<li>Agencies assign credit ratings to indicate the likelihood that a borrower might default on their financial obligations.<\/li>\n\n\n\n<li>Returns are not paid out until maturity.<\/li>\n\n\n\n<li>Liquidity differs: While listed MLDs can be sold before maturity, unlisted ones may provide for buyback.<\/li>\n\n\n\n<li>Customization is common: These are often structured products designed to suit specific client needs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How does a market-linked debenture work?<\/strong><\/h2>\n\n\n\n<p>MLDs combine debt and market exposure in a structured format. Here\u2019s a simplified flow:<\/p>\n\n\n\n<ol start=\"1\">\n<li>You can invest in the MLDs up to a predefined period (e.g., 3 years).<\/li>\n\n\n\n<li>The return is linked to an index, such as NIFTY 50.<\/li>\n\n\n\n<li>A fixed return is paid out if the index crosses a specified performance threshold.<\/li>\n<\/ol>\n\n\n\n<p>If the index performs poorly:<\/p>\n\n\n\n<ul>\n<li>In capital-protected MLDs, only the principal is returned.<\/li>\n\n\n\n<li>In non-protected MLDs, the investor may incur a loss.<\/li>\n\n\n\n<li>Payout happens at maturity \u2014 you get your principal + market-linked return (if applicable).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Advantages and risks of investing in market-linked debentures<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Feature<\/td><td>Advantages<\/td><td>Risks<\/td><\/tr><tr><td>Return Potential<\/td><td>Higher than FDs or traditional bonds<\/td><td>Not fixed; depends on index<\/td><\/tr><tr><td>Capital Protection<\/td><td>Available in some variants<\/td><td>Absent in high-yield options<\/td><\/tr><tr><td>Taxation<\/td><td>As per the investor\u2019s tax slab<\/td><td>Subject to regulatory changes<\/td><\/tr><tr><td>Liquidity<\/td><td>Listed MLDs tradable<\/td><td>Unlisted may be illiquid<\/td><\/tr><tr><td>Risk<\/td><td>Customizable to investor type<\/td><td>Credit and market risk apply<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>MLD vs NCD: Key differences<\/strong><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Feature<\/td><td>MLD (Market-Linked Debenture)<\/td><td>NCD (Non-Convertible Debenture<\/td><\/tr><tr><td>Return nature<\/td><td>Returns depend on market performance<\/td><td>Fixed interest payout<\/td><\/tr><tr><td>Risk level<\/td><td>Market and credit risk<\/td><td>Mostly credit risk<\/td><\/tr><tr><td>Capital protection<\/td><td>Available in structured products<\/td><td>No such feature<\/td><\/tr><tr><td>Taxation<\/td><td>Short-term capital gains are taxed as per the investor\u2019s tax slab<\/td><td>Taxed as per the slab or 20% with indexation after 3 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>MLD taxation rules as per the latest Indian budget<\/strong><\/h2>\n\n\n\n<p>The returns from Market-Linked Debentures (MLDs) depend on market performance. For tax purposes, MLDs are treated as specified debt securities. The gains you earn from selling or redeeming MLDs are taxed as short-term capital gains, no matter how long you hold them. This rule was introduced in the Finance Act 2023, and remains unchanged even after the announcement of the Union Budget on 1 February, 2026.<\/p>\n\n\n\n<p>As returns are treated as short-term gains, the profit is added to your total income and taxed according to your <a href=\"https:\/\/www.tatacapital.com\/blog\/generic\/income-tax-slab-fy-2025-26\/\">income-tax slab rate<\/a>. This means there is no special lower tax rate and no long-term capital-gains benefit for MLDs. Indexation benefit is also not available.<\/p>\n\n\n\n<p>If MLDs are listed and sold on an exchange, the tax treatment remains the same. Any interest received during holding is also taxed at your slab rate. Investors should keep proper records of purchase price, sale price, and dates to report gains correctly on their income tax return.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why invest in MLDs?<\/strong><\/h2>\n\n\n\n<p>Here are a few reasons MLDs are gaining attention:<\/p>\n\n\n\n<ul>\n<li>Customized structures to match different return expectations<\/li>\n\n\n\n<li>Tax-friendly: MLDs being listed held for over 1 year are taxed at 10% (according to the earlier law)<\/li>\n\n\n\n<li>Capital protection (in select variants) gives peace of mind<\/li>\n\n\n\n<li>Diversification beyond equity mutual funds or FDs<\/li>\n\n\n\n<li>No TDS deducted on maturity if held in demat form<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Regulatory framework and SEBI guidelines for MLDs<\/strong><\/h2>\n\n\n\n<p>Market-Linked Debentures (MLDs) are regulated by SEBI under the rules for non-convertible and structured debt securities. The issuers must meet eligibility conditions. For instance, they must have adequate net worth. They must also disclose material information in offer documents. They must provide a <a href=\"https:\/\/www.tatacapital.com\/blog\/whats-trending\/what-is-credit-rating-importance-range-and-its-working\/\">credit rating<\/a>, risk factors, and scenario analysis showing how returns may change in different market conditions.<\/p>\n\n\n\n<p>SEBI also requires valuation by an independent agency and proper listing or disclosure with stock exchanges. Intermediaries selling MLDs must explain risks, while ensuring that the product matches the investor\u2019s profile.<\/p>\n\n\n\n<p>Overall, the framework focuses on transparency, investor protection, and clear disclosure of risks and returns before investing in MLDs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to buy market-linked debentures in India?<\/strong><\/h2>\n\n\n\n<p>You can buy market-linked debentures in India by following the steps mentioned below:<\/p>\n\n\n\n<ol start=\"1\">\n<li>Open a Demat account: You need a Demat and trading account with a broker or bank to hold MLDs in electronic form.<\/li>\n\n\n\n<li>Check new issues: MLDs are usually bought during primary issues from banks or NBFCs through your broker or wealth advisor.<\/li>\n\n\n\n<li>Review details: Read the offer document, returns structure, risk factors, and credit rating before investing.<\/li>\n\n\n\n<li>Invest through exchange or private placement: Some listed MLDs can be bought on stock exchanges or via private offers.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>List of popular benchmarks and indices for MLDs<\/strong><\/h2>\n\n\n\n<p>The returns from your MLD investment depend on the performance of benchmarks and indices. Here are the popular ones you should monitor:<\/p>\n\n\n\n<ul>\n<li>Nifty 50: It tracks top Indian companies and is often used for equity-linked MLD returns.<\/li>\n\n\n\n<li>Sensex: This is another major stock index used to measure market performance.<\/li>\n\n\n\n<li>Bank Nifty: It focuses on banking stocks and sector-linked MLDs.<\/li>\n\n\n\n<li>Gold or commodity indices: Used for commodity-linked MLD structures.<\/li>\n\n\n\n<li>Global indices (S&amp;P 500, Nasdaq): Some MLDs link returns to international markets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>MLDs are not your everyday debt product. They want market-related performance and structural details to be disclosed. For sophisticated investors with an ample craving for risk and long-term goals, they can be a smart portfolio add-on. But given that the deal can become a little complicated and tailored, it is not such a bad idea to have a word with your trusted financial adviser and the experts at <a href=\"https:\/\/www.tatacapital.com\/wealth.html\">Tata Capital Wealth<\/a> before you take the leap. It is their advice that can assist you in choosing MLDs that are commensurate with your return objectives and risk tolerance.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-horizontal is-content-justification-center is-layout-flex wp-container-core-buttons-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.tatacapital.com\/blog\/ \">Read More Blogs<\/a><\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MLDs or market-linked debentures seem to be the hot favorite of the braver breed of investors trying to step outside the cozy fixed-income circuit. They are hybrid instruments that combine elements of capital market participation with features of traditional debt-like structures. It makes them attractive to investors who are seeking performance correlated to the market, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[37],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Linked Debentures (MLDs): Types, risks &amp; taxation | Tata Capital<\/title>\n<meta name=\"description\" content=\"Learn all about Market Linked Debentures (MLDs) in India, including meaning, features, types, risks, taxation, and how to invest. Check if MLDs suit your portfolio.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Linked Debentures (MLDs): Types, risks &amp; taxation | Tata Capital\" \/>\n<meta property=\"og:description\" content=\"Learn all about Market Linked Debentures (MLDs) in India, including meaning, features, types, risks, taxation, and how to invest. 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