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) totaling Rs. 28,000 crore on December 12, 2025.

Summary

BSE notifies trading members about the non-competitive bidding (NCB) facility for participating in the Reserve Bank of India’s auction of two Government of India dated securities scheduled for December 12, 2025. The auction involves re-issuance of 6.68% GS 2040 (Rs. 16,000 crore) and 6.90% GS 2065 (Rs. 12,000 crore), with bidding available through BSE’s iBBS web-based NCB-GSec module.

Key Points

  • Two G-secs offered for auction: 6.68% GS 2040 (Rs. 16,000 crore) and 6.90% GS 2065 (Rs. 12,000 crore)
  • Both securities are re-issues with minimum subscription units of 100 and multiples thereof
  • Minimum bidding amount: Rs. 10,000; Maximum amount: Rs. 2 crore per security
  • Bidding platform: BSE iBBS web-based system NCB-GSec module (https://ibbs.bseindia.com)
  • Member bid collection: December 9, 2025 (10:00 AM) to December 12, 2025 (8:00 AM)
  • Direct investor bid collection: December 9, 2025 (10:00 AM) to December 11, 2025 (5:00 PM)
  • Settlement date: December 15, 2025
  • Reference to existing circular 20180423-42 dated April 23, 2018 regarding NCB facility launch

Regulatory Changes

No regulatory changes. This circular operationalizes the existing non-competitive bidding facility established under circular 20180423-42 dated April 23, 2018.

Compliance Requirements

  • Trading members interested in participating must submit bids through the designated NCB-GSec module on the iBBS platform
  • Members must adhere to the specified bid collection timeline (ending December 12, 2025 at 8:00 AM)
  • Direct investors have an earlier cutoff (December 11, 2025 at 5:00 PM)
  • Bidding parameters must be observed: minimum Rs. 10,000, maximum Rs. 2 crore per security
  • Subscription units must be in multiples of 100

Important Dates

  • December 8, 2025: RBI press release announcing the auction
  • December 9, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • December 11, 2025, 5:00 PM: Bid collection end for direct investors
  • December 12, 2025, 8:00 AM: Bid collection end for members
  • December 12, 2025: Auction date
  • December 15, 2025: Settlement date

Impact Assessment

Market Impact: Low. This is a routine operational notice for government securities auction participation. The NCB facility provides retail and non-institutional investors access to G-sec auctions, but participation is voluntary.

Operational Impact: Low. The circular provides procedural information for members already familiar with the NCB-GSec module. Contact details are provided for technical support (user ID creation, password reset), bidding queries, and settlement-related issues through BSE Trading Operations and ICCL Operations teams.

Investor Impact: Minimal. This facility allows interested participants to invest in government securities through the non-competitive route, but does not create any mandatory obligations or restrictions.

Impact Justification

Routine operational notice for G-sec auction participation through NCB facility. Affects only members interested in government securities bidding.