Description

BSE announces non-competitive bidding facility for SDL auction on October 07, 2025 for 9 state government securities totaling Rs. 9,410 crores with settlement on October 08, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the State Government Securities (SDL) auction scheduled on October 07, 2025, following RBI’s press release dated October 03, 2025. Trading members can participate in the auction through BSE’s iBBS web-based NCB-GSec module. The auction covers 9 SDL securities from Andhra Pradesh, Gujarat, Jammu & Kashmir, Maharashtra, and Mizoram, with a total issue size of Rs. 9,410 crores. Settlement will occur on October 08, 2025.

Key Points

  • 9 SDL securities available for non-competitive bidding totaling Rs. 9,410 crores
  • Includes 7 new SDL issues and 2 re-issues from Maharashtra
  • Bid collection for direct investors: October 06, 2025
  • Bid collection for members: Until October 07, 2025 at 8:00 am
  • Minimum subscription unit: 100 with multiples of 100 (Rs. 10,000 minimum)
  • Maximum investment limits range from Rs. 1.1 crores to Rs. 20 crores per security
  • Bidding platform: https://ibbs.bseindia.com NCB-GSec module

Regulatory Changes

No new regulatory changes. This circular references the existing non-competitive bidding framework established under BSE circular no. 20191122-28 dated November 22, 2019.

Compliance Requirements

  • Trading members must submit bids through BSE’s iBBS web-based NCB-GSec module
  • Direct investors must submit bids by October 06, 2025
  • Trading members must submit bids by October 07, 2025 at 8:00 am
  • Minimum investment: Rs. 10,000 per security
  • Investments must be in multiples of Rs. 10,000 (100 units)
  • Maximum investment limits as specified per security

Important Dates

  • October 03, 2025: RBI press release announcing SDL auction
  • October 06, 2025: Bid collection start date (from 10:00 am, 24-hour availability)
  • October 06, 2025: Bid collection end date for direct investors
  • October 07, 2025: Bid collection end date for members (8:00 am)
  • October 07, 2025: Auction date
  • October 08, 2025: Settlement date

Impact Assessment

This is a routine operational circular with low market impact. It facilitates participation in the SDL auction process for retail and institutional investors through the non-competitive bidding route. The securities offered include:

New Issues (7 securities):

  • AP SDL 2033 (Rs. 900 crores)
  • AP SDL 2036 (Rs. 1,000 crores)
  • GJ SDL 2033 (Rs. 2,000 crores) - largest issue
  • JK SDL 2037 (Rs. 400 crores)
  • MH SDL 2041 (Rs. 1,000 crores)
  • MH SDL 2042 (Rs. 1,000 crores)
  • MZ SDL 2041 (Rs. 110 crores) - smallest issue

Re-issues (2 securities):

  • 7.18% MH 2033 (Rs. 1,500 crores)
  • 7.27% MH 2036 (Rs. 1,500 crores)

The circular provides necessary contact details for technical support, trading queries, and settlement-related issues. This enables smooth participation in the government securities market for BSE members and their clients.

Impact Justification

Routine SDL auction notification with standard non-competitive bidding process for debt market participants