A real-world story of how this Market Linked Debenture (MLD) played out over 1.6 years
In September 2023, IWISPL launched a Market Linked Debenture (MLD) linked to the NIFTY 50 index. The offer was compelling:
✅ 100% Principal Protection
✅ 1.57x the upside of NIFTY 50 at maturity
For investors looking for safety with enhanced equity participation, this structure struck the right balance.
The Structure at a Glance
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Issuer: IWISPL
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ISIN: INE0MMC07088
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Payoff: Min(23.55%, Max(0, 1.57 × NIFTY 50 returns))
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Principal Protection: Yes (capital safe at maturity)
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Allotment Date: 20-Sep-2023
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Maturity Date: 10-Apr-2025 (568 days)
A Volatile Start: NIFTY Tested Lows
Right after the MLD was issued, volatility spiked:
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Rising US bond yields pressured emerging markets
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Oil surged, stoking inflation fears
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FIIs pulled out capital, testing investor sentiment
Initial NIFTY observations captured both the high and low:
Initial NIFTY Observations
| Date | NIFTY Level |
| 20-Sep-2023 | 19,901 |
| 26-Oct-2023 | 18,857 |
| Initial Level (Average) | 19,400 |
This averaging helped smooth out short-term swings.
Market Journey
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2024 began strong: Domestic earnings growth and robust GDP data supported the rally.
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Volatility persisted: Rate worries and global uncertainty created intermittent dips.
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India remained resilient: Domestic inflows balanced out FII selling, keeping markets stable.
The End Game: NIFTY Delivers, MLD Amplifies
By late 2024 and early 2025, NIFTY had delivered a healthy gain:
Final NIFTY Observations
| Date | NIFTY Level |
| 26-Dec-2024 | 23,750 |
| 30-Jan-2025 | 23,249 |
| Final Level (Average) | 23,500 |
Performance Comparison
Here’s how the numbers stacked up:
| Particulars | Entry | Exit | Absolute | CAGR |
| NIFTY 50 (single Entry & Exit) | 19,901 | 23,250 | 16.80% | 10.50% |
| NIFTY 50 (Entry & Exit similar to MLD) | 19,400 | 23,500 | 21.10% | 13.10% |
| 1.57x MLD | 19,400 | 23,500 | 33.20% | 20.20% |
What This Tells Us
- Averaging Works: Entry averaging reduced timing risk.
- Resilience Pays: Despite volatility, India’s growth kept NIFTY strong.
- MLDs Encourage Discipline: Knowing capital was protected helped investors stay invested.
- Smarter Returns: The 1.57x multiplier turned a 21% NIFTY gain into a 33% investor gain.
Final Thought: Smarter Way to Play NIFTY
Principal Protection ✅ + Averaging ✅ + 1.57x Upside Multiplier ✅
= Superior, Stress-Free Returns
Disclaimer: This blog is for educational purposes only. It is not intended to offer, promote, or sell Market Linked Debentures (MLDs) or any other financial products.
