Description

BSE announces non-competitive bidding facility for auction of two G-Sec securities (6.68% GS 2040 and 6.90% GS 2065) to be conducted by RBI on November 14, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for trading members and direct investors to participate in the RBI auction of Government of India dated securities scheduled for November 14, 2025. Two G-Sec securities totaling Rs. 28,000 crores will be offered for re-issue through the NCB-GSec module of BSE’s iBBS web-based system.

Key Points

  • RBI announced auction of three GoI dated securities on November 14, 2025 (per RBI press release dated November 10, 2025)
  • BSE offering non-competitive bidding facility through NCB-GSec module of iBBS platform
  • Two securities available: 6.68% GS 2040 (Rs. 16,000 crores) and 6.90% GS 2065 (Rs. 12,000 crores)
  • Both securities are re-issues, not new issuances
  • Minimum subscription unit: 100 units (Rs. 10,000)
  • Maximum bidding amount: Rs. 2 crores per security
  • Trading members bid collection window: November 11, 2025 (10:00 am) to November 14, 2025 (8:00 am)
  • Direct investor bid collection window: November 11, 2025 (10:00 am) to November 13, 2025 (5:00 pm)
  • Bidding platform available 24 hours during collection period

Regulatory Changes

No regulatory changes. This circular is issued in continuation of Exchange circular no. 20180423-42 dated April 23, 2018, which originally launched the non-competitive bidding facility for Government Securities auctions.

Compliance Requirements

  • Trading members must submit bids through the NCB-GSec module at https://ibbs.bseindia.com
  • Members must adhere to the bidding timelines: bids accepted until November 14, 2025 at 8:00 am
  • Direct investors must submit bids by November 13, 2025 at 5:00 pm
  • Minimum bid amount: Rs. 10,000 (100 units)
  • Maximum bid amount: Rs. 2 crores per security
  • Members must fulfill payment obligations and pay-in requirements through ICCL Operations

Important Dates

  • November 10, 2025: RBI press release announcing auction
  • November 11, 2025, 10:00 am: Bid collection starts for both members and direct investors
  • November 13, 2025, 5:00 pm: Bid collection deadline for direct investors
  • November 14, 2025, 8:00 am: Bid collection deadline for trading members
  • November 14, 2025: Auction date
  • November 17, 2025: Settlement date

Impact Assessment

Market Impact: Low. This is a routine operational circular facilitating participation in a standard G-Sec auction process. The non-competitive bidding facility has been available since 2018.

Operational Impact: Medium for debt market participants. Trading members and investors interested in Government Securities need to be aware of the bidding window and technical requirements for participation through the NCB-GSec module.

Financial Impact: The total auction size is Rs. 28,000 crores across two securities, which is significant for the debt market but represents routine government borrowing operations.

Contact Information

For queries:

Impact Justification

Routine operational circular for G-Sec auction participation through non-competitive bidding. Medium importance for debt market participants but low market-wide impact.