Description
BSE announces non-competitive bidding facility for auction of State Government Securities (SDL) across 12 securities from 9 states with total issue size of Rs. 13,600 crores on November 04, 2025.
Summary
BSE has announced the availability of non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled for November 04, 2025, as per RBI’s press release dated October 31, 2025. Trading members can participate in the auction through BSE’s iBBS web-based NCB-GSec module. The auction covers 12 securities from 9 states (Andhra Pradesh, Goa, Kerala, Maharashtra, Rajasthan, Tamil Nadu, and Telangana) with a combined issue size of Rs. 13,600 crores.
Key Points
- Auction date: November 04, 2025 with settlement on November 06, 2025
- Total of 12 SDL securities available: 5 new issues and 7 re-issues
- Combined issue size: Rs. 13,600 crores across all securities
- Bidding through BSE’s iBBS NCB-GSec module at https://ibbs.bseindia.com
- Minimum subscription units: 100 units (Rs. 10,000)
- Maximum bidding limits range from Rs. 1 crore to Rs. 20 crores depending on security
- Maharashtra has highest allocation with 5 securities totaling Rs. 5,000 crores
- Tamil Nadu and Kerala have Rs. 2,000 crores allocation each
Regulatory Changes
No new regulatory changes. This circular continues the existing non-competitive bidding facility launched via Exchange circular no. 20191122-28 dated November 22, 2019.
Compliance Requirements
For Trading Members:
- Submit bids through NCB-GSec module of iBBS system
- Ensure bids are submitted by November 04, 2025, 8:00 AM
- Adhere to minimum subscription units of 100 and multiples thereof
- Comply with maximum amount limits specific to each security
- Contact Trading Operations for user ID creation, password reset, or bidding queries
- Contact ICCL Operations for obligation and pay-in related matters
For Direct Investors:
- Submit bids by November 03, 2025 (end of day)
Important Dates
- November 03, 2025, 10:00 AM: Bid collection starts (24-hour availability)
- November 03, 2025: Bid collection end date for direct investors
- November 04, 2025, 8:00 AM: Bid collection end date for trading members
- November 04, 2025: Auction date
- November 06, 2025: Settlement date
Impact Assessment
Market Impact: Minimal. This is a routine debt market operational circular facilitating participation in government securities auction. No direct impact on equity markets.
Operational Impact: Relevant only for debt market trading members and investors interested in state government securities. Provides investment opportunity in SDL securities with maturities ranging from 2029 to 2057.
Investor Impact: Enables retail and institutional investors to participate in SDL auctions through non-competitive bidding route without competing on yield, making government securities more accessible.
Securities Details
| State | Security Symbol | Type | Issue Size (Rs. Cr) | Min Amount | Max Amount (Rs. Cr) |
|---|---|---|---|---|---|
| Andhra Pradesh | APNW2037 | New | 1,000 | 10,000 | 10 |
| Andhra Pradesh | AP075045 | Re-issue | 1,000 | 10,000 | 10 |
| Andhra Pradesh | AP075046 | Re-issue | 1,000 | 10,000 | 10 |
| Goa | GANW2036 | New | 100 | 10,000 | 1 |
| Kerala | KLNW2045 | New | 2,000 | 10,000 | 20 |
| Maharashtra | MH072036 | Re-issue | 1,000 | 10,000 | 10 |
| Maharashtra | MH072042 | Re-issue | 1,000 | 10,000 | 10 |
| Maharashtra | MH072050 | Re-issue | 1,000 | 10,000 | 10 |
| Maharashtra | MH071055 | Re-issue | 1,000 | 10,000 | 10 |
| Rajasthan | RJNW2029 | New | 500 | 10,000 | 5 |
| Tamil Nadu | TNNW2035 | New | 1,000 | 10,000 | 10 |
| Tamil Nadu | TNNW2055 | New | 2,000 | 10,000 | 20 |
| Telangana | TSNW2057 | New | 1,000 | 10,000 | 10 |
Contact Information
- New user ID/Password reset: Trading Operations - user.trdops@bseindia.com, Tel: 022-2272 8005/8215
- Bidding queries: Trading Operations - trading.ops@bseindia.com, Tel: 022-2272 8376/5626/8226
- Obligation/Pay-in queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com, Tel: 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Justification
Routine operational circular for debt market participants enabling non-competitive bidding in SDL auction. No impact on equity markets or listed companies.