Description

BSE announces non-competitive bidding facility for SDL auction on December 23, 2025, covering 32 state government securities across multiple states with total issue size of Rs. 33,220 crores.

Summary

BSE has announced the availability of non-competitive bidding facility for the auction of State Development Loans (SDL) scheduled on December 23, 2025. This follows RBI’s press release dated December 19, 2025, announcing the Government of India’s SDL securities auction. Trading members can participate through BSE’s NCB-GSec module on the iBBS web-based platform.

Key Points

  • 32 state government securities (SDL) available for auction across 16 states
  • Total issue size: Rs. 33,220 crores
  • Mix of new issues (23 securities) and re-issues (9 securities)
  • Bidding available through NCB-GSec module on BSE’s iBBS platform
  • Minimum subscription: 100 units (Rs. 10,000)
  • Maximum bid amount ranges from Rs. 5 crores to Rs. 20 crores per security
  • States covered: Bihar, Gujarat, Haryana, Jammu & Kashmir, Karnataka, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand, and West Bengal

Regulatory Changes

No new regulatory changes. This circular continues the existing non-competitive bidding facility previously announced via circular no. 20191122-28 dated November 22, 2019.

Compliance Requirements

  • Trading members must use BSE’s iBBS web-based system (https://ibbs.bseindia.com) for bidding
  • Access NCB-GSec module for bid submission
  • Direct investors must submit bids by December 22, 2025
  • Trading members must submit bids by December 23, 2025 till 8:00 AM
  • Adhere to minimum and maximum bid amount limits for each security
  • Follow settlement procedures on December 24, 2025

Important Dates

  • December 22, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • December 22, 2025: Bid collection end date for direct investors
  • December 23, 2025, 8:00 AM: Bid collection end date for members
  • December 23, 2025: Auction date
  • December 24, 2025: Settlement date

Impact Assessment

This auction provides investment opportunities in state government securities across 16 states. The non-competitive bidding facility enables retail and institutional investors to participate without competing on price. The auction includes both new SDL issues with varying maturities (2028-2055) and re-issues of existing securities, offering diverse investment options across short, medium, and long tenors. Contact details provided for user ID creation, bidding queries, and settlement-related issues ensure smooth participation process.

Securities Details

Largest issues: Karnataka SDL 2033 and Karnataka SDL 2037 (Rs. 2,000 crores each), Kerala SDL 2042 (Rs. 1,850 crores), and multiple Rs. 1,500 crore issues from Bihar, Gujarat, and Uttar Pradesh.

Re-issue securities with specified coupon rates: 8.62% HR 2028, 7.29% MH 2035, 7.43% MH 2040, 7.49% PB 2035, 7.16% TN 2032, 7.23% TN 2035, 7.45% TN 2055, 7.24% UP 2033, and 7.51% UP 2039.

Impact Justification

Regular SDL auction announcement affecting debt market participants. Medium impact as it provides investment opportunity in state government securities through non-competitive bidding facility.