'When Issued', a short term of "when, as and if issued", indicates a conditional transaction in a security notified for issuance but not yet actually issued. All "When Issued" transactions are on an "if" basis, to be settled if and when the security is actually issued. 'When Issued' transactions in the Central Government securities have been permitted to all NDS-OM members and have to be undertaken only on the NDS-OM platform. ‘When Issued’ market helps in price discovery of the securities being auctioned as well as better distribution of the auction stock.
