Description
BSE announces non-competitive bidding facility for auction of 16 State Development Loans (SDL) securities to be conducted by RBI on 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 16 State Development Loan (SDL) securities scheduled for November 11, 2025, as per RBI’s press release dated November 07, 2025. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers SDLs from multiple 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
- Bid collection starts November 10, 2025 from 10:00 AM (24-hour availability)
- Bid collection end date for direct investors: November 10, 2025
- Bid collection end date for members: November 11, 2025 till 8:00 AM
- Auction date: November 11, 2025
- Settlement date: November 12, 2025
- 16 SDL securities available for bidding with issue sizes ranging from Rs. 110 crores to Rs. 1,500 crores
- Minimum subscription units: 100 with multiples of 100
- Minimum amount: Rs. 10,000
- Maximum amount varies by security (Rs. 1.1 crores to Rs. 15 crores)
- Bidding platform: https://ibbs.bseindia.com » NCB-GSec module
Regulatory Changes
No regulatory changes. This circular is issued in continuation to 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 must use the NCB-GSec module of BSE’s iBBS web-based system for bidding
- Members must submit bids by November 11, 2025 till 8:00 AM
- Direct investors must submit bids by November 10, 2025
- Minimum investment of Rs. 10,000 required
- Bids must be in subscription units of 100 and multiples thereof
- Maximum investment limits range from Rs. 1.1 crores to Rs. 15 crores depending on the security
Important Dates
- November 10, 2025, 10:00 AM: Bid collection starts
- November 10, 2025: Bid collection end for direct investors
- November 11, 2025, 8:00 AM: Bid collection end for members
- November 11, 2025: Auction date
- November 12, 2025: Settlement date
Impact Assessment
This is a routine operational notice for debt market participants. The circular facilitates retail and institutional participation in the State Government Securities auction through BSE’s non-competitive bidding platform. Impact is limited to debt market participants interested in SDL investments. The 16 securities being auctioned represent various state governments’ borrowing programs with maturities ranging from 2028 to 2056. No impact on equity markets or listed company operations.
Securities Details
| Security | Symbol | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| BR SDL 2040 | BRNW2040 | New | 1,500 | 15 |
| 6.59% CG 2028 | CG065928 | New | 500 | 5 |
| 7.14% CG 2033 | CG071433 | New | 1,000 | 10 |
| JK SDL 2045 | JKNW2045 | New | 450 | 4.5 |
| MP SDL 2041 | MPNW2041 | New | 1,500 | 15 |
| MP SDL 2043 | MPNW2043 | New | 1,500 | 15 |
| MP SDL 2044 | MPNW2044 | New | 1,000 | 10 |
| MH SDL 2033 | MHNW2033 | New | 1,000 | 10 |
| MH SDL 2037 | MHNW2037 | New | 1,000 | 10 |
| MZ SDL 2033 | MZNW2033 | New | 110 | 1.1 |
| TN SDL 2032 | TNNW2032 | New | 1,000 | 10 |
| TN SDL 2040 | TNNW2040 | New | 1,000 | 10 |
| 7.14% TN 2035 | TN071435 | New | 1,000 | 10 |
| TS SDL 2056 | TSNW2056 | New | 1,000 | 10 |
| UP SDL 2032 | UPNW2032 | New | 1,500 | 15 |
| UP SDL 2036 | UPNW2036 | New | 1,500 | 15 |
Contact Information
- New user ID creation/password reset: Trading Operations - user.trdops@bseindia.com - 022-2272 8005/8215
- Bidding queries: Trading Operations - trading.ops@bseindia.com - 022-2272 8376/5626/8226
- Obligation & Pay-in queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com - 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Justification
Operational notice for debt market participants regarding SDL auction process through NCB-GSec module. Limited impact on broader equity markets.