Description

BSE announces non-competitive bidding facility for auction of 27 State Government Securities (SDL) totaling Rs. 33,350 crores scheduled for December 02, 2025.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of 27 State Government Securities (SDL) scheduled for December 02, 2025. The auction covers securities from 16 states with a total issue size of Rs. 33,350 crores. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based system with bid collection starting December 01, 2025.

Key Points

  • 27 SDL securities available for auction across 16 Indian states
  • Total issue size: Rs. 33,350 crores
  • 26 new issues and 1 re-issue (6.74% MH 2029)
  • Minimum subscription units: 100 (Rs. 10,000)
  • Maximum bid amount ranges from Rs. 3.5 crores to Rs. 20 crores per security
  • Bidding through NCB-GSec module on iBBS platform (https://ibbs.bseindia.com)
  • Reference to RBI press release dated November 28, 2025
  • Continuation of facility launched via circular 20191122-28 dated November 22, 2019

Regulatory Changes

No new regulatory changes. This circular operationalizes the existing non-competitive bidding facility framework for the upcoming SDL auction.

Compliance Requirements

  • Trading members must submit bids through the NCB-GSec module of BSE’s iBBS system
  • Direct investors: Submit bids by December 01, 2025
  • Trading members: Submit bids by December 02, 2025 till 8:00 AM
  • Adhere to minimum subscription units of 100 (Rs. 10,000)
  • Respect maximum bidding limits specific to each security
  • Contact designated BSE/ICCL teams for user ID creation, password reset, bidding queries, and settlement-related issues

Important Dates

  • November 28, 2025: RBI press release announcing SDL auction
  • December 01, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • December 01, 2025: Bid collection end for direct investors
  • December 02, 2025, 8:00 AM: Bid collection end for trading members
  • December 02, 2025: Auction date
  • December 03, 2025: Settlement date

Impact Assessment

Market Impact: Medium - provides liquidity and investment opportunities in state government debt instruments across 16 states. The total auction size of Rs. 33,350 crores represents significant state borrowing activity.

Participant Impact: Trading members and direct investors in debt segment can participate in SDL primary market through simplified non-competitive bidding mechanism without needing to quote yields.

Operational Impact: Requires trading members to coordinate bid submissions within tight timelines, particularly the 8:00 AM deadline on auction day for member bids.

Geographic Spread: Securities cover major states including Andhra Pradesh, Bihar, Gujarat, Himachal Pradesh, Madhya Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal, providing diversified investment options across state credits.

Securities Details

Large Issue States (Rs. 6,000+ crores)

  • Telangana: 4 securities totaling Rs. 6,000 crores (2039, 2044, 2046, 2052)
  • Uttar Pradesh: 2 securities totaling Rs. 3,000 crores (2036, 2040)
  • West Bengal: 2 securities totaling Rs. 4,000 crores (2037, 2042)

Medium Issue States (Rs. 3,000 crores)

  • Andhra Pradesh: 3 securities totaling Rs. 3,000 crores (2036, 2040, 2044)
  • Madhya Pradesh: 3 securities totaling Rs. 3,000 crores (2033, 2038, 2048)
  • Maharashtra: 3 securities totaling Rs. 3,000 crores (including 6.74% MH 2029 re-issue)
  • Tamil Nadu: 4 securities totaling Rs. 4,000 crores (2032, 2033, 2035, 2055)

Other States

  • Bihar: Rs. 1,500 crores (2035)
  • Gujarat: Rs. 1,000 crores (2034)
  • Himachal Pradesh: Rs. 350 crores (2029)
  • Meghalaya: Rs. 500 crores (2035)
  • Punjab: Rs. 1,000 crores (2035)
  • Rajasthan: Rs. 1,000 crores (2035)

Contact Information

New User ID/Password Reset: Trading Operations - user.trdops@bseindia.com, 022-2272 8005/8215

Bidding Queries: Trading Operations - trading.ops@bseindia.com, 022-2272 8376/5626/8226

Obligation/Pay-in Queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com, 022-2272 8468/5784/8264/8467/8223/8704/5163

Impact Justification

Operational circular for debt market participants regarding SDL auction process with specific bidding parameters and timelines for 27 securities across multiple states