Description

BSE announces non-competitive bidding facility for RBI's auction of 16 State Development Loans (SDL) worth Rs. 16,560 crores scheduled for November 11, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of 16 State Development Loans (SDL) to be conducted by RBI on November 11, 2025. The total issue size is Rs. 16,560 crores across securities from Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Mizoram, Tamil Nadu, Telangana, and Uttar Pradesh with maturities ranging from 2028 to 2056. Trading members can submit bids through BSE’s iBBS web-based NCB-GSec module.

Key Points

  • Total of 16 SDL securities available for non-competitive bidding
  • Combined issue size: Rs. 16,560 crores
  • States covered: Bihar (2 securities), Chhattisgarh (3 securities), Jharkhand (1), Madhya Pradesh (3), Maharashtra (2), Mizoram (1), Tamil Nadu (3), Telangana (1), Uttar Pradesh (2)
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum bid amount varies by security from Rs. 1.1 crores to Rs. 15 crores
  • Bidding platform: iBBS NCB-GSec module at https://ibbs.bseindia.com
  • All securities are new issues
  • Reference to Exchange circular no. 20191122-28 dated November 22, 2019

Regulatory Changes

No new regulatory changes. This circular reiterates existing non-competitive bidding facility launched in 2019 for state government securities auctions.

Compliance Requirements

  • Trading members must submit bids through BSE’s iBBS web-based NCB-GSec module
  • Direct investors must complete bids by November 10, 2025
  • Trading members have extended deadline until November 11, 2025 at 8:00 am
  • Minimum investment: Rs. 10,000 (100 units)
  • Maximum investment limits range from Rs. 1.1 crores to Rs. 15 crores per security
  • Members must adhere to multiples of 100 units for bidding

Important Dates

  • November 10, 2025, 10:00 am: Bid collection starts (24-hour availability)
  • November 10, 2025: Bid collection end date for direct investors
  • November 11, 2025, 8:00 am: Bid collection end date for trading members
  • November 11, 2025: Auction date
  • November 12, 2025: Settlement date

Impact Assessment

This is a routine operational notice with minimal market impact. It provides debt market participants an opportunity to invest in state government securities through the non-competitive route. The auction offers diversified SDL options across multiple states with varying maturity profiles (2028-2056). Impact is limited to institutional investors and trading members participating in government securities markets. No impact on equity markets or listed companies. The total borrowing of Rs. 16,560 crores reflects state governments’ funding requirements and is part of normal debt market operations.

Impact Justification

Routine auction notice for government securities with standard bidding process. Affects only debt market participants interested in SDL securities. No equity market impact.