Description

BSE announces non-competitive bidding facility for RBI's auction of two Government of India dated securities (6.68% GS 2040 and 6.90% GS 2065) scheduled for December 12, 2025 with total issue size of Rs 28,000 crores.

Summary

BSE has announced the availability of non-competitive bidding facility through its NCB-GSec module for participation in RBI’s auction of Government of India dated securities scheduled for December 12, 2025. The auction comprises two re-issue G-Secs: 6.68% GS 2040 (Rs 16,000 crores) and 6.90% GS 2065 (Rs 12,000 crores). Trading members can submit bids through the iBBS web-based platform starting December 9, 2025.

Key Points

  • Two G-Secs available for auction: 6.68% GS 2040 (Rs 16,000 cr) and 6.90% GS 2065 (Rs 12,000 cr)
  • Both securities are re-issues with minimum subscription units of 100 and multiples thereof
  • Minimum bid amount: Rs 10,000; Maximum bid amount: Rs 2 crores per security
  • Bidding platform: NCB-GSec module on BSE’s iBBS system (https://ibbs.bseindia.com)
  • Bid collection starts December 9, 2025 at 10:00 AM with 24-hour availability
  • Settlement date: December 15, 2025
  • Reference to Exchange circular no. 20180423-42 dated April 23, 2018

Regulatory Changes

No regulatory changes introduced. This circular reiterates existing non-competitive bidding facility launched in April 2018 for G-Sec auctions conducted by RBI.

Compliance Requirements

  • Trading members must use BSE’s iBBS web-based system NCB-GSec module for bid submission
  • Members must adhere to specified bid collection timelines
  • Direct investors have earlier deadline (December 11, 2025 by 5:00 PM) compared to members (December 12, 2025 by 8:00 AM)
  • Bid amounts must comply with minimum (Rs 10,000) and maximum (Rs 2 crores) limits
  • Subscription must be in units of 100 and multiples thereof

Important Dates

  • December 8, 2025: RBI press release announcing auction
  • December 9, 2025, 10:00 AM: Bid collection starts for members
  • December 11, 2025, 5:00 PM: Bid collection ends for direct investors
  • December 12, 2025, 8:00 AM: Bid collection ends for trading members
  • December 12, 2025: Auction date
  • December 15, 2025: Settlement date

Impact Assessment

Market Impact: Low. This is a routine government securities auction with standard operational procedures. The circular primarily affects debt market participants, specifically those interested in government securities.

Operational Impact: Medium for debt market participants. Trading members and direct investors seeking exposure to long-dated government securities (maturing 2040 and 2065) have opportunity to participate through non-competitive route, which guarantees allocation at weighted average price of competitive auction.

Investor Impact: Low to Medium. Provides retail and institutional investors access to government securities through simplified non-competitive bidding process without needing to compete on price. Total issue size of Rs 28,000 crores provides adequate liquidity.

Contact Information

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

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

Obligation & Pay-in Queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com, Tel: 022-2272 8468/8704/8264

Impact Justification

Routine operational circular for government securities auction. Important for debt market participants but limited impact on equity markets. Standard procedure with clear timelines.