Description
BSE announces non-competitive bidding facility for auction of 14 State Government Securities worth Rs. 13,600 Cr scheduled for November 18, 2025 by RBI.
Summary
BSE has announced the availability of non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled by RBI on November 18, 2025. Trading members can participate in the auction for 14 SDL securities across 9 states with a total issue size of Rs. 13,600 crores through the NCB-GSec module of BSE’s iBBS web-based system.
Key Points
- 14 State Government Securities from 9 states (Arunachal Pradesh, Gujarat, Himachal Pradesh, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh) available for non-competitive bidding
- Total issue size: Rs. 13,600 crores
- Bidding through NCB-GSec module on iBBS platform (https://ibbs.bseindia.com)
- Minimum subscription: 100 units (Rs. 10,000)
- Maximum bid limits range from Rs. 2 crores to Rs. 15 crores per security
- Mix of new issues (13 securities) and one re-issue (7.01% TN 2032)
Regulatory Changes
No new 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.
Compliance Requirements
For Trading Members:
- Submit bids through NCB-GSec module by November 18, 2025, 8:00 AM
- Adhere to minimum subscription of 100 units (Rs. 10,000) and multiples thereof
- Comply with maximum bid limits specified for each security (Rs. 2-15 crores)
- Ensure timely settlement obligations and pay-in requirements
For Direct Investors:
- Submit bids by November 17, 2025
Important Dates
- November 17, 2025, 10:00 AM: Bid collection start date (24-hour availability)
- November 17, 2025: Bid collection end date for direct investors
- November 18, 2025, 8:00 AM: Bid collection end date for trading members
- November 18, 2025: Auction date
- November 19, 2025: Settlement date
Securities Details
| State | Security Symbol | Type | Issue Size (Rs. Cr) | Max Bid (Rs. Cr) |
|---|---|---|---|---|
| Arunachal Pradesh | ARNW2045 | New | 200 | 2 |
| Gujarat | GJNW2031 | New | 1,500 | 15 |
| Himachal Pradesh | HPNW2040 | New | 300 | 3 |
| Rajasthan | RJNW2030 | New | 500 | 5 |
| Rajasthan | RJNW2035 | New | 1,000 | 10 |
| Rajasthan | RJNW2037 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2029 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2035 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2036 | New | 1,000 | 10 |
| Tamil Nadu | TN070132 | Re-issue | 1,000 | 10 |
| Telangana | TSNW2051 | New | 1,100 | 11 |
| Telangana | TSNW2052 | New | 1,000 | 10 |
| Uttar Pradesh | UPNW2033 | New | 1,500 | 15 |
| Uttar Pradesh | UPNW2035 | New | 1,500 | 15 |
Contact Information
New User ID/Password Reset:
- Email: user.trdops@bseindia.com
- Tel: 022-2272 8005/8215
Bidding Queries:
- Email: trading.ops@bseindia.com
- Tel: 022-2272 8376/5626/8226
Obligation & Pay-in Queries:
- Email: Collaterals@icclindia.com, settlements@icclindia.com
- Tel: 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Assessment
Market Impact: Low - This is a routine debt market operational circular specific to government securities auction. No impact on equity markets or stock prices.
Operational Impact: Medium for debt market participants - Trading members dealing in government securities need to be aware of the bidding timeline and process requirements. The 24-hour bidding window provides adequate time for participation.
Investor Impact: Low - Limited to institutional investors and trading members who actively participate in government securities auctions. Retail equity investors are not affected.
Impact Justification
Routine operational circular for debt market participants regarding SDL auction bidding process through NCB-GSec module. Limited to institutional/trading members, no direct equity market impact.