Description

BSE announces non-competitive bidding facility for SDL securities auction with 25 securities from multiple states totaling Rs. 31,100 crores.

Summary

BSE announces the availability of non-competitive bidding facility for State Development Loan (SDL) securities auction scheduled for September 02, 2025. Trading members can participate through the NCB-GSec module of BSE’s iBBS platform for 25 securities from various states including Andhra Pradesh, Assam, Bihar, Gujarat, Kerala, Maharashtra, Manipur, Meghalaya, Punjab, Rajasthan, Tamil Nadu, and Telangana.

Key Points

  • 25 SDL securities available for auction totaling Rs. 31,100 crores
  • Mix of new issues and re-issues from multiple state governments
  • Bidding through BSE’s iBBS web-based NCB-GSec module
  • Minimum subscription units of Rs. 100 with Rs. 10,000 minimum amount
  • Maximum investment limits ranging from Rs. 3.5 to Rs. 20 crores per security
  • 24-hour bid collection availability starting September 01, 2025

Regulatory Changes

No new regulatory changes introduced. This continues the existing non-competitive bidding facility launched through Exchange circular no. 20191122-28 dated November 22, 2019.

Compliance Requirements

  • Trading members must use BSE’s iBBS NCB-GSec module for bidding
  • Direct investors must submit bids by September 01, 2025
  • Members must submit bids by September 02, 2025 till 8:00 am
  • Minimum investment of Rs. 10,000 with units in multiples of Rs. 100
  • Maximum investment limits as specified per security

Important Dates

  • Bid Collection Start: September 01, 2025 from 10:00 am (24 hours availability)
  • Direct Investor Bid End: September 01, 2025
  • Member Bid End: September 02, 2025 till 8:00 am
  • Auction Date: September 02, 2025
  • Settlement Date: September 03, 2025

Impact Assessment

Moderate impact on debt market participants and institutional investors. Provides investment opportunities in state government securities across multiple states with varying maturity periods (2027-2063). The auction facilitates state government funding requirements while offering investment avenues for market participants through the established non-competitive bidding mechanism.

Impact Justification

Regular SDL auction announcement affecting debt market participants with moderate operational impact