Description

BSE announces non-competitive bidding facility for auction of three Treasury Bills (91-day, 182-day, and 364-day) scheduled for December 17, 2025, with total issue size of Rs. 19,000 crore.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of three Treasury Bills (T-Bills) scheduled for December 17, 2025. The auction, conducted by RBI on behalf of the Government of India, will offer 91-day, 182-day, and 364-day T-Bills with a combined issue size of Rs. 19,000 crore. Trading members can participate through BSE’s NCB-GSec module on the iBBS platform.

Key Points

  • Three T-Bills being auctioned: 91-day (Rs. 7,000 crore), 182-day (Rs. 6,000 crore), and 364-day (Rs. 6,000 crore)
  • Minimum lot size: 100 units with minimum amount of Rs. 10,000
  • Maximum bidding limits: Rs. 350 crore (91-day), Rs. 300 crore (182-day and 364-day)
  • Bidding accessible through BSE’s iBBS web-based system NCB-GSec module
  • Bid collection starts December 15, 2025 at 10:00 am with 24-hour availability
  • Direct investors can bid until December 16, 2025 at 5:00 pm
  • Trading members can bid until December 17, 2025 at 8:00 am
  • Settlement date: December 18, 2025

Regulatory Changes

No new regulatory changes. This circular is in continuation of Exchange circular no. 20180423-42 dated April 26, 2018, which introduced the non-competitive bidding facility for Government Securities auctions.

Compliance Requirements

  • Trading members must submit bids through the designated NCB-GSec module on iBBS platform (https://ibbs.bseindia.com)
  • Direct investors must complete bidding by December 16, 2025 at 5:00 pm
  • Trading members must complete bidding by December 17, 2025 at 8:00 am
  • Minimum bid amount: Rs. 10,000 in multiples of 100 units
  • Maximum bid limits must be adhered to per security type
  • New users must contact Trading Operations for user ID creation or password reset

Important Dates

  • December 12, 2025: RBI press release announcing the auction
  • December 15, 2025, 10:00 am: Bid collection starts (24-hour availability)
  • December 16, 2025, 5:00 pm: Bid collection deadline for direct investors
  • December 17, 2025, 8:00 am: Bid collection deadline for trading members
  • December 17, 2025: Auction date
  • December 18, 2025: Settlement date

Impact Assessment

Market Impact: Low. This is a routine government securities auction that occurs regularly. The non-competitive bidding facility provides retail and smaller investors access to Treasury Bills without competing on price.

Operational Impact: Medium for debt market participants and trading members who wish to invest in risk-free government securities. The facility allows participants to access T-Bills through BSE’s platform.

Investor Impact: Provides opportunity for investors seeking short-term government securities with tenors of 91 days, 182 days, and 364 days. The non-competitive route ensures allocation at the weighted average price discovered in the competitive auction.

Contact Information

Impact Justification

Routine treasury bill auction facility for debt market participants. Medium importance for fixed income investors and trading members, but low impact on equity markets. Standard operational circular for government securities auction process.