Description
BSE announces non-competitive bidding facility for SDL auction of 15 state government securities totaling Rs. 19,800 crores on October 28, 2025.
Summary
BSE notifies trading members about the non-competitive bidding facility for State Development Loan (SDL) auction scheduled on October 28, 2025, as announced by RBI on October 24, 2025. The auction includes 15 state government securities across 11 states with a total issue size of Rs. 19,800 crores. Bidding will be conducted through BSE’s NCB-GSec module of the iBBS web-based system.
Key Points
- 15 SDL securities available for auction totaling Rs. 19,800 crores
- States covered: Gujarat, Haryana (4 securities), Himachal Pradesh, Jammu & Kashmir, Madhya Pradesh (2 securities), Punjab, Sikkim, Tamil Nadu (3 securities), and Uttar Pradesh
- Bid collection starts October 27, 2025 from 10:00 AM (24-hour availability)
- Minimum subscription: Rs. 10,000 (100 units at Rs. 100 each)
- Maximum bid amounts range from Rs. 1 crore to Rs. 27 crores depending on security
- Access through NCB-GSec module at https://ibbs.bseindia.com
Regulatory Changes
No new regulatory changes. This circular is in continuation of Exchange circular no. 20191122-28 dated November 22, 2019, which launched the non-competitive bidding facility for state government securities auctions.
Compliance Requirements
- Trading members must submit bids through the NCB-GSec module of BSE’s iBBS platform
- Direct investors must submit bids by October 27, 2025
- Trading members must submit bids by October 28, 2025 till 8:00 AM
- Minimum bid amount: Rs. 10,000 (100 units)
- Bids must be in multiples of Rs. 100
- Members must ensure timely pay-in for obligations
Important Dates
- October 27, 2025 (10:00 AM onwards): Bid collection starts for all participants
- October 27, 2025 (End of Day): Bid collection deadline for direct investors
- October 28, 2025 (8:00 AM): Bid collection deadline for trading members
- October 28, 2025: Auction date
- October 29, 2025: Settlement date
Impact Assessment
This is a routine operational circular for trading members participating in the government securities market. The impact is limited to:
- Market participants: Trading members and direct investors in the G-Sec segment can participate in the SDL auction
- States benefiting: 11 states will raise Rs. 19,800 crores through this auction
- Liquidity: Provides investment opportunity in state government securities with varying maturities (2032-2055)
- No equity market impact: This circular does not affect equity trading operations
Securities Details
| State | Security | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| Gujarat | GA SDL 2037 | New | 100 | 1 |
| Haryana | HR SDL 2033/2036/2037/2041 | New | 4,000 | 40 |
| Himachal Pradesh | HP SDL 2050 | New | 200 | 2 |
| Jammu & Kashmir | JK SDL 2055 | New | 300 | 3 |
| Madhya Pradesh | MP SDL 2046/2047 | New | 5,200 | 52 |
| Punjab | PB SDL 2040 | New | 2,000 | 20 |
| Sikkim | SK SDL 2035 | New | 500 | 5 |
| Tamil Nadu | TN 2032/2035/2055 | Re-issue | 4,000 | 40 |
| Uttar Pradesh | UP SDL 2039 | New | 1,500 | 15 |
Contact Information
For queries, members can contact:
- User ID/Password: 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: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com, 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Justification
Routine SDL auction notification for trading members participating in government securities market through non-competitive bidding. Affects only members dealing in G-Sec segment.