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 total issue size of Rs. 17,000 crores.

Summary

BSE has announced the availability of non-competitive bidding (NCB) facility for the auction of State Development Loans (SDL) scheduled on October 20, 2025, as per RBI’s press release dated October 16, 2025. Trading members can participate in the auction through BSE’s iBBS web-based NCB-GSec module for 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

  • Total of 13 SDL securities available for non-competitive bidding across 5 states
  • Combined issue size of Rs. 17,000 crores
  • Bid collection starts October 17, 2025 at 10:00 AM (24-hour availability)
  • Direct investor bid collection closes October 17, 2025 at 5:00 PM
  • Trading member bid collection closes October 20, 2025 at 8:00 AM
  • Auction date: October 20, 2025
  • Settlement date: October 23, 2025
  • Minimum subscription: 100 units (Rs. 10,000)
  • Bidding through BSE’s iBBS platform NCB-GSec module at https://ibbs.bseindia.com

Securities Details

Chhattisgarh (Total: Rs. 3,000 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

This circular continues the implementation of the non-competitive bidding facility for SDL auctions, originally launched via Exchange circular no. 20191122-28 dated November 22, 2019. No new regulatory changes are introduced.

Compliance Requirements

  • Trading members must use BSE’s iBBS web-based NCB-GSec module for bid submission
  • Minimum subscription units: 100 units (Rs. 10,000)
  • Direct investors must submit bids by October 17, 2025 at 5:00 PM
  • Trading members must submit bids by October 20, 2025 at 8:00 AM
  • Maximum bid limits vary by security from Rs. 10 crores to Rs. 20 crores
  • All subscriptions must be in multiples of 100 units

Important Dates

  • October 16, 2025: RBI press release announcing SDL auction
  • October 17, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • October 17, 2025, 5:00 PM: Bid collection deadline for direct investors
  • October 20, 2025, 8:00 AM: Bid collection deadline for trading members
  • October 20, 2025: Auction date
  • October 23, 2025: Settlement date

Impact Assessment

This auction provides investment opportunities in state government securities across five states with varying maturities (2032-2055) and yields (7.14%-7.57% for re-issues). The non-competitive bidding facility allows retail and institutional investors to participate without competing on price, making SDL investments more accessible. The total issue size of Rs. 17,000 crores indicates significant state government borrowing requirements. Market participants interested in sovereign-backed fixed income securities with state credit risk can utilize this facility through BSE’s trading platform.

Contact Information

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

Notice Number: 20251017-7

Segment: Equity

Impact Justification

Medium importance as it provides trading opportunity in SDL securities worth Rs. 17,000 crores through non-competitive bidding facility. Primarily impacts debt market participants and institutional investors interested in state government securities.