Description
BSE announces non-competitive bidding facility for auction of 16 State Government Securities (SDL) scheduled for November 11, 2025, with total issue size of Rs. 16,560 crores across multiple states.
Summary
BSE has issued a circular regarding the non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled for November 11, 2025. This follows RBI’s press release dated November 07, 2025, announcing the Government of India’s SDL Securities Auction. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers 16 SDL securities from 10 states with a total issue size of Rs. 16,560 crores.
Key Points
- 16 State Government Securities available for auction across 10 states (Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Mizoram, Tamil Nadu, Telangana, Uttar Pradesh)
- Total issue size: Rs. 16,560 crores
- Bidding available through NCB-GSec module on iBBS platform (https://ibbs.bseindia.com)
- Minimum subscription units: 100 with multiples thereof
- Minimum bid amount: Rs. 10,000
- Maximum bid amount varies by security from Rs. 1.1 crores to Rs. 15 crores
- All securities are new issues
- Bidding open 24 hours starting November 10, 2025 at 10:00 AM
Regulatory Changes
No 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 auctions conducted by RBI.
Compliance Requirements
- Trading members must submit bids through the NCB-GSec module of BSE’s iBBS web-based system
- Direct investors must submit bids by November 10, 2025 (end of day)
- Trading members must submit bids by November 11, 2025 at 8:00 AM
- Minimum investment: Rs. 10,000 per security
- Maximum investment varies by security (Rs. 1.1 crores to Rs. 15 crores)
- Bids must be in units of 100 and multiples thereof
Important Dates
- November 10, 2025, 10:00 AM: Bid collection starts (24-hour availability)
- 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
Impact Assessment
This is a routine operational circular for debt market participants. The impact is limited to institutional investors and trading members participating in government securities auctions. It provides an opportunity to invest in state development loans from 10 Indian states with varying tenures (2028-2056). The non-competitive bidding facility allows retail and smaller investors to participate in SDL auctions without competing on price with institutional bidders. No impact on equity markets or general retail investors.
Securities Details
| State | Security Symbol | Type | Tenure | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|---|
| Bihar | BR SDL 2040 | New | 2040 | 1,500 | 15 |
| Chhattisgarh | 6.59% CG 2028 | New | 2028 | 500 | 5 |
| Chhattisgarh | 7.14% CG 2033 | New | 2033 | 1,000 | 10 |
| Jharkhand | JK SDL 2045 | New | 2045 | 450 | 4.5 |
| Madhya Pradesh | MP SDL 2041 | New | 2041 | 1,500 | 15 |
| Madhya Pradesh | MP SDL 2043 | New | 2043 | 1,500 | 15 |
| Madhya Pradesh | MP SDL 2044 | New | 2044 | 1,000 | 10 |
| Maharashtra | MH SDL 2033 | New | 2033 | 1,000 | 10 |
| Maharashtra | MH SDL 2037 | New | 2037 | 1,000 | 10 |
| Mizoram | MZ SDL 2033 | New | 2033 | 110 | 1.1 |
| Tamil Nadu | TN SDL 2032 | New | 2032 | 1,000 | 10 |
| Tamil Nadu | TN SDL 2040 | New | 2040 | 1,000 | 10 |
| Tamil Nadu | 7.14% TN 2035 | New | 2035 | 1,000 | 10 |
| Telangana | TS SDL 2056 | New | 2056 | 1,000 | 10 |
| Uttar Pradesh | UP SDL 2032 | New | 2032 | 1,500 | 15 |
| Uttar Pradesh | UP SDL 2036 | New | 2036 | 1,500 | 15 |
Contact Information
For queries:
- New user ID creation/password reset: user.trdops@bseindia.com, Tel: 022-2272 8005/8215
- Bidding queries: trading.ops@bseindia.com, Tel: 022-2272 8376/5626/8226
- Obligation & Pay-in queries: Collaterals@icclindia.com, settlements@icclindia.com, Tel: 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Justification
Operational circular for debt market participants regarding SDL auction process. Does not affect equity markets or general investors directly.