Description

RBI to auction three GoI dated securities (5.91% GS 2028, 6.28% GS 2032, 7.24% GS 2055) worth ₹32,000 crore through non-competitive bidding on December 26, 2025.

Summary

BSE notifies trading members about the non-competitive bidding facility for RBI’s auction of three GoI dated securities on December 26, 2025. The auction includes re-issuance of three G-secs with a total issue size of ₹32,000 crore. Members and direct investors can participate through BSE’s iBBS web-based NCB-GSec module.

Key Points

  • RBI announced auction of three dated securities on December 22, 2025
  • Total issue size: ₹32,000 crore across three securities
  • Securities offered: 5.91% GS 2028 (₹9,000 cr), 6.28% GS 2032 (₹11,000 cr), 7.24% GS 2055 (₹12,000 cr)
  • All securities are re-issues with minimum subscription units of 100 and multiples thereof
  • Minimum bidding amount: ₹10,000; Maximum: ₹2 crore per security
  • Bidding platform: BSE iBBS web-based system (https://ibbs.bseindia.com)
  • Reference to Exchange circular no. 20180423-42 dated April 23, 2018 for NCB facility guidelines

Regulatory Changes

No new regulatory changes introduced. This circular operationalizes existing non-competitive bidding framework established in April 2018.

Compliance Requirements

  • Trading members must use BSE’s NCB-GSec module on iBBS platform for bid submission
  • Members must adhere to specified bidding windows and amount limits
  • Settlement obligations must be met as per ICCL guidelines on settlement date

Important Dates

  • Bid Collection Start: December 23, 2025, 10:00 AM (24-hour availability)
  • Bid Collection End (Members): December 26, 2025, 8:00 AM
  • Bid Collection End (Direct Investors): December 25, 2025, 5:00 PM
  • Auction Date: December 26, 2025
  • Settlement Date: December 29, 2025

Impact Assessment

Market Impact: Minimal direct impact on equity markets. This is a routine debt market operation for government securities.

Operational Impact: Trading members dealing in debt segment need to process bids within specified timelines. Standard auction process with established systems and procedures.

Investor Impact: Opportunity for non-competitive participation in G-sec auction with guaranteed allocation at weighted average price of competitive auction. Suitable for risk-averse investors seeking sovereign-backed instruments.

Liquidity Impact: Addition of ₹32,000 crore in G-secs to the market across three maturities (short, medium, and long-term).

Impact Justification

Routine government securities auction notification with standard procedures for non-competitive bidding. Limited impact on equity markets.