Description

BSE announces non-competitive bidding facility for auction of two government securities (6.68% GS 2040 and 6.90% GS 2065) worth Rs. 28,000 crores scheduled for November 14, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of two Government of India dated securities scheduled for November 14, 2025. This follows RBI’s press release dated November 10, 2025. Trading members and direct investors can participate through BSE’s iBBS web-based NCB-GSec module to bid for re-issuance of 6.68% GS 2040 (Rs. 16,000 crores) and 6.90% GS 2065 (Rs. 12,000 crores).

Key Points

  • Two G-Secs available for auction: 6.68% GS 2040 (Rs. 16,000 cr) and 6.90% GS 2065 (Rs. 12,000 cr)
  • Both securities are re-issues, not new issuances
  • Bidding platform: BSE iBBS web-based system NCB-GSec module (https://ibbs.bseindia.com)
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum bid amount: Rs. 2 crores per security
  • Trading members bid collection: November 11, 2025 (10:00 AM) to November 14, 2025 (8:00 AM)
  • Direct investor bid collection: November 11, 2025 (10:00 AM) to November 13, 2025 (5:00 PM)
  • Auction settlement date: November 17, 2025

Regulatory Changes

No new regulatory changes. This circular continues the existing non-competitive bidding facility launched via Exchange circular no. 20180423-42 dated April 23, 2018.

Compliance Requirements

  • Trading members must use the NCB-GSec module of BSE’s iBBS system for bid submission
  • Members must adhere to different bid collection deadlines than direct investors
  • Minimum investment amount: Rs. 10,000 (100 units)
  • Maximum investment cap: Rs. 2 crores per security
  • Contact points provided for: user ID creation/password reset (Trading Operations), bidding queries (Trading Operations), and obligation/pay-in queries (ICCL Operations)

Important Dates

  • November 10, 2025: RBI press release announcing auction
  • November 11, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • November 13, 2025, 5:00 PM: Bid collection ends for direct investors
  • November 14, 2025, 8:00 AM: Bid collection ends for trading members
  • November 14, 2025: Auction date
  • November 17, 2025: Settlement date

Impact Assessment

Limited market impact as this is a routine government securities auction process. The circular primarily affects debt market participants, institutional investors, and retail investors seeking fixed-income government securities. The total issue size of Rs. 28,000 crores provides liquidity in the G-Sec market. No impact on equity markets or specific company stocks. The non-competitive bidding facility allows smaller investors to participate in government securities auctions without competing on price, promoting financial inclusion in debt markets.

Impact Justification

Routine government securities auction notification for debt market participants with standard bidding procedures. Limited impact outside fixed income investors.