Description
BSE announces non-competitive bidding facility for auction of 21 State Development Loans (SDL) worth Rs. 17,750 crore scheduled for December 16, 2025, with bid collection starting December 15, 2025.
Summary
BSE has announced the availability of non-competitive bidding facility for auction of 21 State Development Loans (SDL) scheduled for December 16, 2025, as per RBI’s press release dated December 12, 2025. Trading members can participate in the auction through BSE’s NCB-GSec module of the iBBS web-based system. The total issue size is Rs. 17,750 crore across securities from various states including Assam, Chhattisgarh, Goa, Gujarat, Maharashtra, Nagaland, Puducherry, Tamil Nadu, Uttar Pradesh, and West Bengal.
Key Points
- 21 SDL securities available for non-competitive bidding with total issue size of Rs. 17,750 crore
- Mix of new issues (17 securities) and re-issues (4 securities)
- Securities from 10 states: AS, CG, GA, GJ, MH, NL, PY, TN, UP, WB
- Minimum subscription units: Rs. 10,000 (100 units at Rs. 100 each)
- Individual security issue sizes range from Rs. 100 crore to Rs. 1,500 crore
- Maximum bid amount per security ranges from Rs. 1 crore to Rs. 15 crore
- Bidding platform: NCB-GSec module of iBBS (https://ibbs.bseindia.com)
- Circular references Exchange notice 20191122-28 dated November 22, 2019
Regulatory Changes
No regulatory changes. This is an operational circular implementing existing non-competitive bidding framework for SDL auctions as per RBI guidelines.
Compliance Requirements
- Trading members must use BSE’s NCB-GSec module on iBBS platform for bidding
- Direct investors must submit bids by December 15, 2025
- Trading members must submit bids by December 16, 2025 at 8:00 am
- Minimum bid amount: Rs. 10,000 per security
- Maximum bid amount varies by security (Rs. 1 crore to Rs. 15 crore)
- Members must ensure timely obligation and pay-in settlement
Important Dates
- December 15, 2025, 10:00 am: Bid collection starts (24-hour availability)
- December 15, 2025: Bid collection end date for direct investors
- December 16, 2025, 8:00 am: Bid collection end date for trading members
- December 16, 2025: Auction date
- December 17, 2025: Settlement date
Impact Assessment
Market Impact: Medium - Provides liquidity and access to state government securities market for retail and institutional investors through non-competitive bidding route.
Operational Impact: Trading members need to coordinate with clients interested in SDL investments and process bids through NCB-GSec module within specified timelines.
Investor Impact: Opportunity for investors to participate in SDL auctions without competitive price discovery, receiving allocation at weighted average auction price.
Contact Information
- New user ID creation/password reset: user.trdops@bseindia.com | 022-2272 8005/8215
- Bidding queries: trading.ops@bseindia.com | 022-2272 8376/5626/8226
- Obligation & Pay-in queries: Collaterals@icclindia.com, settlements@icclindia.com | 022-2272 8468/5784/8264/8467/8223/8704/5163
Securities Details
| State | Symbol | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| Assam | ASNW2039 | New | 900 | 9 |
| Chhattisgarh | CGNW2033 | New | 1,000 | 10 |
| Chhattisgarh | CG072930 | Re-issue | 1,000 | 10 |
| Goa | GANW2035 | New | 100 | 1 |
| Gujarat | GJNW2034 | New | 1,000 | 10 |
| Gujarat | GJNW2040 | New | 1,000 | 10 |
| Maharashtra | MH070733 | Re-issue | 1,000 | 10 |
| Maharashtra | MH072537 | Re-issue | 1,000 | 10 |
| Nagaland | NLNW2030 | New | 500 | 5 |
| Puducherry | PYNW2030 | New | 150 | 1.5 |
| Puducherry | PYNW2035 | New | 200 | 2 |
| Tamil Nadu | TNNW2029 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2032 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2035 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2036 | New | 1,000 | 10 |
| Tamil Nadu | TNNW2055 | New | 1,000 | 10 |
| Uttar Pradesh | UPNW2037 | New | 1,000 | 10 |
| Uttar Pradesh | UPNW2039 | New | 1,500 | 15 |
| Uttar Pradesh | UP072433 | Re-issue | 500 | 5 |
| West Bengal | WBNW2041 | New | 1,000 | 10 |
| West Bengal | WBNW2044 | New | 1,000 | 10 |
Impact Justification
Operational circular for trading members participating in SDL auctions through non-competitive bidding facility. Affects government securities market participants but not equity stocks.