Description

BSE announces non-competitive bidding facility for SDL auction on October 20, 2025, covering securities from Chhattisgarh, Maharashtra, Rajasthan, Tamil Nadu, and Uttar Pradesh with bid collection starting October 17, 2025.

Summary

BSE has announced the non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled for October 20, 2025, following RBI’s press release dated October 16, 2025. Trading members can participate in the auction through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers 13 SDL securities from five states (Chhattisgarh, Maharashtra, Rajasthan, Tamil Nadu, and Uttar Pradesh) with a total issue size of Rs. 17,000 crores.

Key Points

  • Auction date: October 20, 2025 with settlement on October 23, 2025
  • Bid collection opens October 17, 2025 at 10:00 AM through NCB-GSec module on https://ibbs.bseindia.com
  • Direct investor bid deadline: October 17, 2025 at 5:00 PM
  • Trading member bid deadline: October 20, 2025 at 8:00 AM
  • Total of 13 SDL securities available: 8 new issues and 5 re-issues
  • Combined issue size: Rs. 17,000 crores across all securities
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum investment limits range from Rs. 10 crores to Rs. 20 crores per security
  • Reference to Exchange circular no. 20191122-28 dated November 22, 2019 for NCB facility framework

Securities Details

Chhattisgarh (Total: Rs. 2,000 Cr)

  • CG SDL 2040 (CGNW2040): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • 7.14% CG 2032 (CG071432): Re-issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Maharashtra (Total: Rs. 5,000 Cr)

  • MH SDL 2036 (MHNW2036): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr
  • MH SDL 2050 (MHNW2050): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • 7.24% MH 2034 (MH072434): Re-issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • 7.26% MH 2041 (MH072641): Re-issue, Rs. 1,500 Cr, Max Rs. 15 Cr

Rajasthan (Total: Rs. 5,000 Cr)

  • RJ SDL 2035 (RJNW2035): New issue, Rs. 2,000 Cr, Max Rs. 20 Cr
  • RJ SDL 2051 (RJNW2051): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr
  • 7.57% RJ 2043 (RJ075743): Re-issue, Rs. 1,500 Cr, Max Rs. 15 Cr

Tamil Nadu (Total: Rs. 3,000 Cr)

  • TN SDL 2032 (TNNW2032): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • TN SDL 2035 (TNNW2035): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • 7.44% TN 2055 (TN074455): Re-issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Uttar Pradesh (Total: Rs. 2,000 Cr)

  • UP SDL 2035 (UPNW2035): New issue, Rs. 2,000 Cr, Max Rs. 20 Cr

Regulatory Changes

No new regulatory changes. This circular operates under the existing framework established by Exchange circular no. 20191122-28 dated November 22, 2019, which launched the non-competitive bidding facility for participation in RBI-conducted SDL auctions.

Compliance Requirements

For Trading Members:

  • Access NCB-GSec module through iBBS web-based system at https://ibbs.bseindia.com
  • Submit bids by October 20, 2025 at 8:00 AM
  • Ensure compliance with minimum subscription of 100 units (Rs. 10,000) and maximum limits per security
  • Contact Trading Operations for new user ID creation or password reset if needed
  • Coordinate with ICCL Operations for obligation and pay-in related matters

For Direct Investors:

  • Submit bids by October 17, 2025 at 5:00 PM (earlier deadline than members)

Important Dates

  • October 16, 2025: RBI press release announcing SDL auction
  • October 17, 2025: Circular issuance date and bid collection start (10:00 AM onwards)
  • October 17, 2025: Direct investor bid deadline (5:00 PM)
  • October 20, 2025: Trading member bid deadline (8:00 AM)
  • October 20, 2025: Auction date
  • October 23, 2025: Settlement date

Impact Assessment

Market Impact: Medium - provides investment opportunity in state government securities across five major states with diverse maturity profiles (2032 to 2055). Total issuance of Rs. 17,000 crores represents significant debt market activity.

Operational Impact: Trading members and direct investors participating in SDL markets need to coordinate bidding activities within specified timelines. The 24-hour bid collection window (with different cutoffs for direct investors vs. members) requires careful timing management.

Investment Considerations: Mix of new issues and re-issues with coupon rates ranging from 7.14% to 7.57% on re-issues. New issues will have coupon rates determined through the auction process. Maturity profiles span from 7 years (TN SDL 2032) to 30 years (MH SDL 2050, RJ SDL 2051, TN 2055).

Contact Information

New User ID/Password Reset:

Bidding Queries:

Obligation & Pay-in Queries:

Issued by: Ketan Jantre (Head, Trading Operations) and Sandeep Pujari (Dy. Vice President, Trading Operations)

Notice Number: 20251017-7

Impact Justification

Medium importance as it affects debt market participants and trading members dealing with state government securities. Operational impact for members participating in SDL auctions through NCB-GSec module.