Description
BSE announces non-competitive bidding facility for SDL auction on October 07, 2025, for nine state government securities totaling Rs. 9,410 crore across Andhra Pradesh, Gujarat, Jammu & Kashmir, Maharashtra, and Mizoram.
Summary
BSE has announced the non-competitive bidding facility for the auction of State Development Loan (SDL) securities scheduled for October 07, 2025, as per RBI’s press release dated October 03, 2025. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers nine SDL securities from five states with a total issue size of Rs. 9,410 crore.
Key Points
- Auction covers 9 SDL securities across 5 states (Andhra Pradesh, Gujarat, Jammu & Kashmir, Maharashtra, Mizoram)
- Total issue size: Rs. 9,410 crore
- 7 new issues and 2 re-issues (Maharashtra SDLs)
- Minimum subscription units: 100 units (Rs. 10,000)
- Bidding platform: BSE iBBS NCB-GSec module (https://ibbs.bseindia.com)
- Bid collection for direct investors ends October 06, 2025
- Bid collection for members ends October 07, 2025 at 8:00 AM
- Continuation of facility launched via circular 20191122-28 dated November 22, 2019
Regulatory Changes
No new regulatory changes. This circular implements the existing non-competitive bidding facility framework established in November 2019 for the upcoming SDL auction.
Compliance Requirements
- Trading members must submit bids through NCB-GSec module only
- Direct investor bids must be submitted by October 06, 2025
- Member bids must be submitted by October 07, 2025 at 8:00 AM
- Maximum bid amount per security ranges from Rs. 1.1 crore to Rs. 20 crore depending on security
- Minimum bid amount: Rs. 10,000 (100 units) for all securities
Important Dates
- October 06, 2025: Bid collection starts at 10:00 AM (24-hour availability); Direct investor bid collection ends
- October 07, 2025: Member bid collection ends at 8:00 AM; Auction date
- October 08, 2025: Settlement date
Securities Details
| Security | Symbol | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| AP SDL 2033 | APNW2033 | New | 900 | 9 |
| AP SDL 2036 | APNW2036 | New | 1,000 | 10 |
| GJ SDL 2033 | GJNW2033 | New | 2,000 | 20 |
| JK SDL 2037 | JKNW2037 | New | 400 | 4 |
| MH SDL 2041 | MHNW2041 | New | 1,000 | 10 |
| MH SDL 2042 | MHNW2042 | New | 1,000 | 10 |
| 7.18% MH 2033 | MH071833 | Re-issue | 1,500 | 15 |
| 7.27% MH 2036 | MH072736 | Re-issue | 1,500 | 15 |
| MZ SDL 2041 | MZNW2041 | New | 110 | 1.1 |
Contact Information
- New user ID/password reset: Trading Operations - user.trdops@bseindia.com | 022-2272 8005/8215
- Bidding queries: Trading Operations - trading.ops@bseindia.com | 022-2272 8376/5626/8226
- Obligation & pay-in queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com | 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Assessment
This circular has minimal market impact as it pertains to routine debt market operations for institutional and retail debt investors. The non-competitive bidding facility provides retail investors access to SDL auctions. The auction size of Rs. 9,410 crore is spread across multiple state securities, representing standard state government borrowing programs. Impact is limited to debt market participants interested in state government securities with varying maturities from 2033 to 2042.
Impact Justification
Routine operational circular for debt segment SDL auction with standard non-competitive bidding process; limited to specific investor categories in debt market