Description

BSE announces non-competitive bidding facility for auction of 16 State Development Loan securities totaling Rs. 16,560 Cr scheduled for November 11, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of State Development Loan (SDL) securities scheduled by RBI on November 11, 2025. Trading members and direct investors can participate through BSE’s NCB-GSec module on the iBBS platform. The auction comprises 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. 16,560 Crores.

Key Points

  • 16 SDL securities will be available for non-competitive bidding through BSE’s NCB-GSec module
  • Total auction size: Rs. 16,560 Crores across multiple state securities
  • Bid collection starts November 10, 2025 from 10:00 am (24-hour availability)
  • Direct investor bid collection ends November 10, 2025
  • Member bid collection ends November 11, 2025 at 8:00 am
  • Auction date: November 11, 2025
  • Settlement date: November 12, 2025
  • Minimum subscription units: 100 units with multiples thereof
  • Minimum amount: Rs. 10,000
  • Maximum investment limits vary by security (Rs. 1.1 to Rs. 15 Crores)
  • Bidding platform: https://ibbs.bseindia.com » NCB-GSec module

Securities Details

Bihar SDLs

  • BR SDL 2040 (BRNW2040): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr

Chhattisgarh SDLs

  • 6.59% CG 2028 (CG065928): New issue, Rs. 500 Cr, Max Rs. 5 Cr
  • 7.14% CG 2033 (CG071433): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Jharkhand SDLs

  • JK SDL 2045 (JKNW2045): New issue, Rs. 450 Cr, Max Rs. 4.5 Cr

Madhya Pradesh SDLs

  • MP SDL 2041 (MPNW2041): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr
  • MP SDL 2043 (MPNW2043): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr
  • MP SDL 2044 (MPNW2044): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Maharashtra SDLs

  • MH SDL 2033 (MHNW2033): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • MH SDL 2037 (MHNW2037): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Mizoram SDLs

  • MZ SDL 2033 (MZNW2033): New issue, Rs. 110 Cr, Max Rs. 1.1 Cr

Tamil Nadu SDLs

  • TN SDL 2032 (TNNW2032): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • TN SDL 2040 (TNNW2040): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr
  • 7.14% TN 2035 (TN071435): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Telangana SDLs

  • TS SDL 2056 (TSNW2056): New issue, Rs. 1,000 Cr, Max Rs. 10 Cr

Uttar Pradesh SDLs

  • UP SDL 2032 (UPNW2032): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr
  • UP SDL 2036 (UPNW2036): New issue, Rs. 1,500 Cr, Max Rs. 15 Cr

Regulatory Changes

No new regulatory changes. This circular is in continuation of Exchange circular no. 20191122-28 dated November 22, 2019 regarding the launch of non-competitive bidding facility for State Government Securities.

Compliance Requirements

  • Trading members must use BSE’s NCB-GSec module on the iBBS web-based system for bidding
  • Direct investors must submit bids by November 10, 2025
  • Trading members must submit bids by November 11, 2025 at 8:00 am
  • Minimum investment: Rs. 10,000 (100 units)
  • Investments must be in multiples of 100 units
  • Maximum investment limits as specified for each security
  • Contact details provided for:

Important Dates

  • November 10, 2025: Bid collection starts at 10:00 am
  • November 10, 2025: Direct investor bid collection deadline
  • November 11, 2025: Member bid collection deadline at 8:00 am
  • November 11, 2025: Auction date
  • November 12, 2025: Settlement date
  • Circular Issue Date: November 09, 2025 (Notice Date: November 10, 2025)

Impact Assessment

Market Impact: Low - This is a routine SDL auction notice providing investment opportunity in state government securities. The non-competitive bidding facility allows retail and institutional investors to participate in government securities auctions without competing on price.

Investor Impact: Provides investment opportunity in 16 SDL securities from 9 states with maturity periods ranging from 2028 to 2056. Suitable for investors seeking long-term government-backed debt instruments.

Operational Impact: Trading members and direct investors need to ensure timely submission of bids through the NCB-GSec module within specified deadlines. The 24-hour bid collection window provides adequate time for participation.

Impact Justification

Routine SDL auction notice with standard non-competitive bidding facility for institutional participants and direct investors