Structured Investing. Market Participation. With Greater Intent.
Structured debt instruments where payoff is linked to defined market conditions. Review issuer quality, payoff rules, tenure, taxation and portfolio fit before you invest.
What is a MarketLinked Debenture?
MLD offers a differentiated investment format, where returns are linked to market performance such as indices or gold, within a predefined structure, providing a distinct approach beyond traditional investments.
It has a debt security base.
It has market-linked payoff rules.
Issued by Leading Institutions
Predefined Investment Tenure & Payoff structure
Built Around Markets, Structured Through Debt.
MLDs go beyond conventional fixed-income investing by combining the stability of a debt structure with market-linked participation through predefined investment terms.
Debt security base
The instrument is issued as a debenture.
Market-linked payoff
Payoff depends on a benchmark or defined condition.
Scenario-based return
Outcomes change by market scenario and term-sheet rules.
Hold-to-maturity design
Many structures are designed to be evaluated till maturity.
Early exit at market value
Exit before maturity may happen at prevailing market value, not face value.
Read the structure before you read the payoff.
The potential outcome is only one part of the story. Understanding the structure behind it can provide a clearer view of the opportunity.
Common Payout Structures
Capital Protection Structure
- If markets remain flat or decline within limits → Principal is returned
- If markets rise → Returns are generated as per defined participation
Accelerator Structure
- Returns move at a higher rate than the market movement
- Example: A 10% market rise may result in 12–15% payout
Capped Return Structure
- Suitable for volatile or moderately bullish market conditions
- Capped payoff structure helps manage sharp market reversal risk
Dual Outcome (Twin-Win) Structure
- Defined minimum return visibility even during weaker market conditions
- Potential upside participation linked to the performance of the underlying asset or index as per predefined structure
Every structure tells a different story. Find the one that fits yours.
Designed for Investors Seeking Structured Market Participation.
MLDs may complement the portfolios of investors looking beyond traditional debt through predefined investment structures aligned with specific market views.
Express specific market views through structured investment opportunities.
Express specific market views through structured investment opportunities.
Complement traditional equity and debt allocations with differentiated exposure.
Invest with a defined horizon aligned to the product's tenure.
Explore market-linked strategies beyond conventional investment products.
The market link decides what you must track.
Different MLDs can be linked to different underlying assets or benchmarks. Availability depends on issuer, structure and product terms.
Index-Linked MLD
Returns linked to indices like Nifty or Sensex. Structured participation in broad market movement.
Gold-Linked MLD
Returns linked to gold price movements. Exposure to commodities within defined payoff.
Stock-Linked MLD
Returns linked to individual stocks or baskets. Targeted exposure with structured outcomes.
MLDs are not better than every other product. They are different.
Each product solves a different portfolio problem. The right conversation begins with role, risk, liquidity, tax and time horizon.
We do not begin with the product. We begin with the structure.
MLDs need more than access. They need a clear reading of issuer quality, payoff rules, tax impact, liquidity and fit with the rest of the portfolio.
Access to select MLD issuances
Subject to availability, eligibility and product terms.
Payoff structure review
Decode triggers, barriers, caps, floors and observation dates.
Issuer and rating review
Discuss issuer quality, rating details and rating date.
Scenario-based explanation
Understand how different market outcomes may affect payoff.
Portfolio-fit discussion
Review whether the instrument deserves a role in your allocation.
Documentation and execution support
Assist with required documents and process flow.
Lifecycle tracking till maturity
Keep review, maturity and action dates visible.
Questions investors ask
before considering MLDs.
Scroll through, each answer opens on its own as you move down the list.
01What is a Market Linked Debenture?
A Market Linked Debenture is a structured debt instrument where the payoff is linked to defined market conditions such as an index, yield, gold price, stock or basket, as specified in product terms.
02How does an MLD work?
An MLD uses a term-sheet formula. The payoff depends on the underlying asset, trigger, observation date, tenure, cap or floor, issuer and redemption terms.
03Is an MLD principal protected?
Some MLDs may have principal repayment features at maturity. This is subject to product terms, issuer credit risk and holding till maturity.
04Is capital protection guaranteed in MLDs?
No blanket guarantee should be assumed. Principal repayment, where applicable, depends on issuer credit quality, product terms and maturity conditions.
05What are MLD returns linked to?
MLD payoffs may be linked to indices, G-Sec yields, gold, stocks, baskets or other defined benchmarks, subject to product terms.
06Who should consider MLDs?
Investors with meaningful portfolios, ability to understand structured payoff rules, comfort with issuer risk and capacity to hold till maturity may review MLDs.
07Who should avoid MLDs?
Investors seeking FD-like certainty, easy liquidity, simple fixed coupon products or guaranteed market-linked returns should avoid MLDs unless the structure is clearly understood.
08What is the difference between MLD and NCD?
An NCD usually has coupon and redemption terms. An MLD is a debenture where payoff is linked to defined market conditions and scenario outcomes.
09How are MLDs taxed in India?
Tax treatment should be reviewed as per applicable law. Gains from MLDs may be taxed as short-term capital gains under applicable provisions, subject to investor status and product terms.
10Can I sell an MLD before maturity?
Early exit may be possible only if liquidity is available. The exit value may depend on market value, valuation, buyer availability and product terms.