Description

BSE announces non-competitive bidding facility for RBI's auction of three Treasury Bills (91-day, 182-day, and 364-day) scheduled for November 12, 2025, with total issue size of Rs. 19,000 crore.

Summary

BSE has announced the availability of non-competitive bidding facility for the Government of India’s Treasury Bills auction scheduled for November 12, 2025. The auction will offer three T-Bills with tenors of 91 days, 182 days, and 364 days, with a combined issue size of Rs. 19,000 crore. Trading members can submit bids through BSE’s iBBS web-based NCB-GSec module on behalf of direct investors and themselves.

Key Points

  • Three Treasury Bills to be auctioned: 91-day (Rs. 7,000 crore), 182-day (Rs. 6,000 crore), and 364-day (Rs. 6,000 crore)
  • Bidding available through BSE’s iBBS web-based system NCB-GSec module at https://ibbs.bseindia.com
  • Minimum lot size: 100 units (Rs. 10,000) for all three T-Bills
  • Maximum bid amounts: Rs. 350 crore (91-day), Rs. 300 crore (182-day and 364-day)
  • Security symbols: 091T120226, 182T120526, 364T121126
  • All three securities are new issuances (not reissuances)

Regulatory Changes

No regulatory changes. This circular is issued in continuation of Exchange circular no. 20180423-42 dated April 26, 2018, which originally launched the non-competitive bidding facility for government securities auctions.

Compliance Requirements

  • Trading members must submit bids through the designated NCB-GSec module on the iBBS platform
  • Direct investors’ bids must be collected by November 11, 2025, till 5:00 PM
  • Trading members’ bids must be submitted by November 12, 2025, till 8:00 AM
  • Members must ensure compliance with minimum lot sizes and maximum bid limits as specified
  • For new user ID creation or password reset, contact Trading Operations at user.trdops@bseindia.com or 022-2272 8005/8215
  • For bidding queries, contact trading.ops@bseindia.com or 022-2272 8376/5626/8226
  • For obligation and pay-in queries, contact ICCL at Collaterals@icclindia.com or settlements@icclindia.com or 022-2272 8468/8704/8264

Important Dates

  • November 7, 2025: RBI press release announcing the auction
  • November 11, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • November 11, 2025, 5:00 PM: Bid collection deadline for direct investors
  • November 12, 2025, 8:00 AM: Bid collection deadline for trading members
  • November 12, 2025: Auction date
  • November 13, 2025: Settlement date

Impact Assessment

Market Impact: Medium - The total issue size of Rs. 19,000 crore represents routine government borrowing through short-term instruments. This provides liquidity management options for institutional investors and retail participants through the non-competitive route.

Operational Impact: Low to Medium - Impacts debt market participants, particularly those utilizing the non-competitive bidding facility. Trading members need to coordinate with their clients and ensure timely bid submission within the specified timelines.

Investor Impact: The non-competitive bidding facility allows retail and smaller institutional investors to participate in government securities auctions without competing on price, making T-Bills accessible to a broader investor base. The minimum investment of Rs. 10,000 keeps the entry barrier relatively low.

Impact Justification

Routine treasury bill auction notification for debt market participants. Medium impact due to significant issue size (Rs. 19,000 crore total) but standard procedure for government borrowing program.