Description

BSE announces non-competitive bidding facility for auction of four Government of India dated securities worth Rs. 32,000 crores scheduled for November 28, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of four Government of India dated securities (G-secs) scheduled for November 28, 2025. The auction, announced by RBI on November 24, 2025, will offer securities worth Rs. 32,000 crores across four tranches with varying maturity periods. Trading members can participate through BSE’s iBBS web-based NCB-GSec module.

Key Points

  • Four G-sec securities available for auction totaling Rs. 32,000 crores
  • 5.91% GS 2028 (Re-issue): Rs. 9,000 crores
  • 6.28% GS 2032 (Re-issue): Rs. 11,000 crores
  • 7.24% GS 2055 (Re-issue): Rs. 7,000 crores
  • 6.98% GOI SGrB 2054 (Re-issue): Rs. 5,000 crores
  • All securities have minimum subscription units of 100 with multiples of 100
  • Minimum bidding amount: Rs. 10,000
  • Maximum bidding amount: Rs. 2 crores per security
  • Bidding through BSE’s iBBS web-based system NCB-GSec module

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 submit bids through the NCB-GSec module on BSE’s iBBS platform (https://ibbs.bseindia.com)
  • Members requiring new user ID creation or password reset must contact Trading Operations
  • All bidding parameters (minimum/maximum amounts, subscription units) must be strictly followed
  • Settlement obligations must be met as per ICCL requirements

Important Dates

  • November 24, 2025: RBI press release announcing auction
  • November 25, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • November 27, 2025, 5:00 PM: Bid collection end date for direct investors
  • November 28, 2025, 8:00 AM: Bid collection end date for trading members
  • November 28, 2025: Auction date
  • December 1, 2025: Settlement date

Impact Assessment

Market Impact: Medium - The auction of Rs. 32,000 crores in G-secs represents significant government borrowing activity. The offering includes securities across short (2028), medium (2032), and long-term (2054-2055) maturities, providing investment options across the yield curve.

Operational Impact: Low - This is a routine auction process using established infrastructure. Trading members familiar with the NCB-GSec module can participate without additional system changes.

Investor Impact: Medium - Direct investors and institutional participants have opportunity to acquire government securities through non-competitive bidding, ensuring allocation at weighted average auction price. The maximum bid limit of Rs. 2 crores per security makes it accessible to retail and small institutional investors.

Impact Justification

Routine government securities auction notification with standardized non-competitive bidding process. Significant issue size (Rs. 32,000 crores) but primarily affects debt market participants and institutional investors.