Description

BSE announces non-competitive bidding facility for SDL auction on December 09, 2025 covering 18 state government securities worth Rs. 15,964 crores across multiple states including Maharashtra, Tamil Nadu, Uttar Pradesh, and others.

Summary

BSE has announced the availability of non-competitive bidding (NCB) facility for the auction of State Development Loans (SDL) scheduled for December 09, 2025. This follows the RBI press release dated December 05, 2025 regarding the Government of India’s SDL Securities Auction. Trading members can participate through BSE’s iBBS web-based NCB-GSec module for 18 state government securities totaling Rs. 15,964 crores across 11 states.

Key Points

  • 18 state government securities available for non-competitive bidding (12 new issues, 6 re-issues)
  • Total issue size: Rs. 15,964 crores across Arunachal Pradesh, Bihar, Gujarat, Haryana, Jammu & Kashmir, Maharashtra, Manipur, Mizoram, Tamil Nadu, and Uttar Pradesh
  • Bid collection starts December 08, 2025 from 10:00 am (24-hour availability)
  • Direct investor bid deadline: December 08, 2025
  • Trading member bid deadline: December 09, 2025 till 8:00 am
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum bid amount varies by security (Rs. 1.05 crores to Rs. 15 crores)
  • Bidding platform: BSE iBBS web-based system (https://ibbs.bseindia.com) NCB-GSec module

Regulatory Changes

No regulatory changes. This circular is a continuation of the non-competitive bidding facility framework established via Exchange circular no. 20191122-28 dated November 22, 2019.

Compliance Requirements

  • Trading members must use BSE’s iBBS NCB-GSec module for bid submission
  • Bids must be submitted within specified timelines (direct investors by Dec 08, members by Dec 09 at 8:00 am)
  • Minimum bid amount: Rs. 10,000 (100 units)
  • Bid amounts must be in multiples of 100 units
  • Maximum bid limits apply per security as specified in the circular
  • Members must ensure timely obligation fulfillment and pay-in as per settlement schedule

Important Dates

  • December 05, 2025: RBI press release announcing SDL auction
  • December 07, 2025: BSE circular notice date
  • December 08, 2025, 10:00 am: Bid collection starts (24-hour availability)
  • December 08, 2025: Bid collection end date for direct investors
  • December 09, 2025, 8:00 am: Bid collection end date for trading members
  • December 09, 2025: Auction date
  • December 10, 2025: Settlement date

Impact Assessment

Market Impact: Low - This is a routine debt market operation affecting only participants in government securities trading. The non-competitive bidding facility provides retail and smaller investors access to SDL auctions without competing on yield.

Operational Impact: Medium for debt market participants - Trading members and direct investors interested in state government securities need to prepare bids and ensure system access to the iBBS NCB-GSec module within tight timelines.

Investor Impact: Positive for debt investors - Provides opportunity to invest in state government securities across 11 states with varying tenures (2032-2045) and yields (7.09%-7.51% for re-issues). The non-competitive route simplifies participation for retail investors.

Securities Details

New Issues (12 securities):

  • Arunachal Pradesh SDL 2045: Rs. 375 cr
  • Bihar SDL 2037: Rs. 1,500 cr
  • Gujarat SDL 2033: Rs. 1,000 cr
  • Haryana SDL 2041: Rs. 1,000 cr
  • Haryana SDL 2042: Rs. 1,000 cr
  • Jammu & Kashmir SDL 2037: Rs. 500 cr
  • Maharashtra SDL 2035: Rs. 1,000 cr
  • Maharashtra SDL 2045: Rs. 1,000 cr
  • Manipur SDL 2034: Rs. 484 cr
  • Mizoram SDL 2038: Rs. 105 cr
  • Uttar Pradesh SDL 2033: Rs. 1,000 cr

Re-Issues (6 securities):

  • 7.20% Maharashtra 2034: Rs. 1,000 cr
  • 7.09% Tamil Nadu 2032: Rs. 1,000 cr
  • 7.18% Tamil Nadu 2033: Rs. 1,000 cr
  • 7.20% Tamil Nadu 2035: Rs. 1,000 cr
  • 7.18% Tamil Nadu 2036: Rs. 1,000 cr
  • 7.35% Uttar Pradesh 2039: Rs. 1,000 cr
  • 7.51% Uttar Pradesh 2040: Rs. 1,000 cr

Contact Information

For queries:

Impact Justification

Routine SDL auction notification for debt market participants. Medium importance for debt traders but low overall market impact as it pertains to government securities bidding process.