Description

BSE announces non-competitive bidding facility for SDL auction on November 25, 2025, covering 24 state government securities totaling Rs. 26,550 crores across multiple states.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled for November 25, 2025. The auction, announced by RBI on November 21, 2025, covers 24 securities from 15 states with a total issue size of Rs. 26,550 crores. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system.

Key Points

  • Total of 24 SDL securities available for auction across 15 states
  • Combined issue size of Rs. 26,550 crores
  • Mix of 20 new issues and 4 re-issues
  • Bidding through NCB-GSec module of iBBS platform (https://ibbs.bseindia.com)
  • Minimum subscription unit: 100 units (Rs. 10,000)
  • Maximum bid amount ranges from Rs. 1.5 crores to Rs. 20 crores depending on security
  • Settlement on T+1 basis (November 26, 2025)

Securities Details

States Covered

  • Bihar (BR): 1 security, Rs. 1,500 crores
  • Chhattisgarh (CG): 3 securities, Rs. 3,000 crores
  • Gujarat (GJ): 2 securities, Rs. 2,500 crores
  • Haryana (HR): 1 security, Rs. 1,000 crores
  • Jammu & Kashmir (JK): 1 security, Rs. 700 crores
  • Kerala (KL): 1 security, Rs. 1,500 crores
  • Manipur (MN): 1 security, Rs. 150 crores
  • Punjab (PB): 1 security, Rs. 1,500 crores
  • Rajasthan (RJ): 3 securities, Rs. 3,200 crores
  • Sikkim (SK): 1 security, Rs. 500 crores
  • Tamil Nadu (TN): 4 securities, Rs. 4,000 crores
  • Telangana (TS): 4 securities, Rs. 5,000 crores
  • Uttarakhand (UK): 1 security, Rs. 1,000 crores
  • West Bengal (WB): 1 security, Rs. 2,000 crores

Maturity Profiles

  • Shortest maturity: 2029 (Rajasthan)
  • Longest maturity: 2055 (Tamil Nadu)
  • Most common maturities: 2032-2040 range

Compliance Requirements

  • Trading members must submit bids through NCB-GSec module only
  • Direct investors can bid until November 24, 2025 (end of day)
  • Trading members must submit bids by November 25, 2025 at 8:00 AM
  • Minimum bid amount: Rs. 10,000 (100 units)
  • Maximum bid amounts vary by security (Rs. 1.5 to 20 crores)
  • All bids must be in multiples of 100 units
  • Members need valid user ID and password for iBBS platform

Important Dates

  • November 21, 2025: RBI press release announcing SDL auction
  • November 24, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • November 24, 2025, EOD: Bid collection ends for direct investors
  • November 25, 2025, 8:00 AM: Bid collection ends for trading members
  • November 25, 2025: Auction date
  • November 26, 2025: Settlement date (T+1)

Impact Assessment

This SDL auction represents a significant funding opportunity for 15 state governments totaling Rs. 26,550 crores. The non-competitive bidding facility democratizes access to government securities for retail and smaller institutional investors who may not participate in competitive auctions. The auction spans diverse state credits with varying maturity profiles from 4 years (2029) to 30 years (2055), providing investment options across the yield curve. Telangana has the largest borrowing requirement at Rs. 5,000 crores across 4 securities, followed by Tamil Nadu at Rs. 4,000 crores. The settlement on T+1 basis ensures quick deployment of funds to state governments.

Contact Information

New User ID/Password Reset

Bidding Queries

Obligation & Pay-in Queries

Impact Justification

Routine SDL auction notification with established bidding procedures; impacts debt market participants and state government financing but follows regular auction schedule