Description

BSE announces non-competitive bidding facility for auction of 16 State Government Securities totaling Rs. 15,560 crores scheduled for November 11, 2025.

Summary

BSE announces the availability of non-competitive bidding facility for participation in the auction of 16 State Government Securities (SDL) scheduled for November 11, 2025. The auction, conducted by RBI on behalf of Government of India, will offer securities totaling Rs. 15,560 crores across various state governments including Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Mizoram, Tamil Nadu, Telangana, and Uttar Pradesh. Trading members can submit bids through BSE’s iBBS web-based NCB-GSec module.

Key Points

  • 16 State Government Securities available for non-competitive bidding totaling Rs. 15,560 crores
  • Bid collection starts November 10, 2025 at 10:00 AM (24-hour availability)
  • Direct investor bid deadline: November 10, 2025
  • Trading member bid deadline: November 11, 2025 at 8:00 AM
  • Auction date: November 11, 2025
  • Settlement date: November 12, 2025
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum investment varies by security (Rs. 1.1 to 15 crores)
  • Bidding through BSE’s iBBS NCB-GSec module at https://ibbs.bseindia.com

Regulatory Changes

No new regulatory changes. This circular is issued 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

For Trading Members:

  • Submit bids through BSE’s iBBS web-based NCB-GSec module
  • Ensure bid submission by November 11, 2025 at 8:00 AM
  • Minimum bid amount: Rs. 10,000 (100 units)
  • Adhere to maximum investment limits specified for each security
  • Contact Trading Operations for 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 November 10, 2025

Important Dates

EventDate/Time
Bid Collection StartNovember 10, 2025, 10:00 AM
Bid Collection End (Direct Investors)November 10, 2025
Bid Collection End (Members)November 11, 2025, 8:00 AM
Auction DateNovember 11, 2025
Settlement DateNovember 12, 2025
Circular DateNovember 10, 2025
Notice DateNovember 9, 2025

Securities Details

Bihar (BR):

  • BR SDL 2040 (BRNW2040): Rs. 1,500 crores, max Rs. 15 crores

Chhattisgarh (CG):

  • 6.59% CG 2028 (CG065928): Rs. 500 crores, max Rs. 5 crores
  • 7.14% CG 2033 (CG071433): Rs. 1,000 crores, max Rs. 10 crores

Jharkhand (JK):

  • JK SDL 2045 (JKNW2045): Rs. 450 crores, max Rs. 4.5 crores

Madhya Pradesh (MP):

  • MP SDL 2041 (MPNW2041): Rs. 1,500 crores, max Rs. 15 crores
  • MP SDL 2043 (MPNW2043): Rs. 1,500 crores, max Rs. 15 crores
  • MP SDL 2044 (MPNW2044): Rs. 1,000 crores, max Rs. 10 crores

Maharashtra (MH):

  • MH SDL 2033 (MHNW2033): Rs. 1,000 crores, max Rs. 10 crores
  • MH SDL 2037 (MHNW2037): Rs. 1,000 crores, max Rs. 10 crores

Mizoram (MZ):

  • MZ SDL 2033 (MZNW2033): Rs. 110 crores, max Rs. 1.1 crores

Tamil Nadu (TN):

  • TN SDL 2032 (TNNW2032): Rs. 1,000 crores, max Rs. 10 crores
  • TN SDL 2040 (TNNW2040): Rs. 1,000 crores, max Rs. 10 crores
  • 7.14% TN 2035 (TN071435): Rs. 1,000 crores, max Rs. 10 crores

Telangana (TS):

  • TS SDL 2056 (TSNW2056): Rs. 1,000 crores, max Rs. 10 crores

Uttar Pradesh (UP):

  • UP SDL 2032 (UPNW2032): Rs. 1,500 crores, max Rs. 15 crores
  • UP SDL 2036 (UPNW2036): Rs. 1,500 crores, max Rs. 15 crores

Impact Assessment

Market Impact: Low - This is a routine debt market operation that provides retail and institutional investors access to state government securities through non-competitive bidding. The facility democratizes access to SDL auctions conducted by RBI.

Operational Impact: Low - Trading members familiar with the NCB-GSec module (operational since November 2019) can seamlessly participate. New participants may need user ID creation and familiarization with the bidding platform.

Investor Impact: Positive for debt market participants seeking fixed-income investments backed by state governments. The non-competitive bidding facility allows smaller investors to participate in government securities auctions without competing on price.

Contact Information

Trading Operations (User ID/Password):

Trading Operations (Bidding Queries):

ICCL Operations (Obligations/Pay-in):

Impact Justification

Routine announcement of SDL auction process through NCB-GSec facility. Primarily relevant for debt market participants and institutional investors interested in state government securities.