Description
BSE announces non-competitive bidding facility for auction of 16 State Development Loans (SDL) scheduled for November 11, 2025, with bid collection starting November 10, 2025.
Summary
BSE has announced the availability of non-competitive bidding facility for the auction of State Development Loans (SDL) scheduled for November 11, 2025. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers 16 SDL securities from various states including Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Mizoram, Tamil Nadu, Telangana, and Uttar Pradesh, with a total issue size of Rs. 15,560 crores.
Key Points
- Auction of 16 State Government Securities (SDL) scheduled for November 11, 2025
- Total issue size: Rs. 15,560 crores across all securities
- Bid collection starts November 10, 2025 from 10:00 AM (24-hour availability)
- Trading members can submit bids through BSE’s iBBS NCB-GSec module at https://ibbs.bseindia.com
- Minimum subscription: 100 units with Rs. 10,000 minimum amount
- Maximum bidding limits range from Rs. 1.1 crores to Rs. 15 crores per security
- Settlement date: November 12, 2025
Regulatory Changes
No new regulatory changes. This circular is issued in continuation of Exchange circular no. 20191122-28 dated November 22, 2019, regarding the launch of non-competitive bidding facility for State Government Securities auctions conducted by RBI.
Compliance Requirements
- Trading members interested in participating must submit bids through the NCB-GSec module of BSE’s iBBS platform
- Direct investors must submit bids by November 10, 2025
- Trading members must submit bids by November 11, 2025 till 8:00 AM
- Minimum bid amount: Rs. 10,000 (100 units)
- Maximum bid limits vary by security (Rs. 1.1 to Rs. 15 crores)
- Members must contact specified BSE teams for user ID creation, password reset, bidding queries, or obligation/pay-in related matters
Important Dates
- November 10, 2025: Bid collection starts from 10:00 AM onwards
- 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
Securities Details
| State | Symbol | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| Bihar | BRNW2040, CG065928, CG071433 | New | 3,000 | 30 |
| Jharkhand | JKNW2045 | New | 450 | 4.5 |
| Madhya Pradesh | MPNW2041, MPNW2043, MPNW2044 | New | 4,000 | 40 |
| Maharashtra | MHNW2033, MHNW2037 | New | 2,000 | 20 |
| Mizoram | MZNW2033 | New | 110 | 1.1 |
| Tamil Nadu | TNNW2032, TNNW2040, TN071435 | New | 3,000 | 30 |
| Telangana | TSNW2056 | New | 1,000 | 10 |
| Uttar Pradesh | UPNW2032, UPNW2036 | New | 3,000 | 30 |
Impact Assessment
This is a routine procedural circular with minimal market impact. The non-competitive bidding facility provides retail and small investors access to State Development Loans through a simplified process. The total auction size of Rs. 15,560 crores represents routine state government borrowing programs. Impact is limited to debt market participants and does not affect equity markets. Trading members and institutional investors in government securities will be the primary users of this facility.
Impact Justification
Routine procedural circular for debt market participants announcing SDL auction details. Limited impact on equity markets. Relevant primarily for debt market investors and trading members participating in government securities auctions.