Description

BSE announces non-competitive bidding facility for auction of three Government of India dated securities (G-secs) scheduled for December 26, 2025, with total issue size of Rs. 32,000 crores.

Summary

BSE has issued a circular regarding the non-competitive bidding (NCB) facility for the auction of three Government of India dated securities scheduled for December 26, 2025. This follows RBI’s press release dated December 22, 2025, announcing the sale of these securities. Trading members can participate through BSE’s iBBS web-based NCB-GSec module with specific bidding timelines for members and direct investors.

Key Points

  • Three G-secs available for re-issue with total size of Rs. 32,000 crores
  • 5.91% GS 2028: Issue size Rs. 9,000 crores
  • 6.28% GS 2032: Issue size Rs. 11,000 crores
  • 7.24% GS 2055: Issue size Rs. 12,000 crores
  • All securities have minimum subscription units of 100 with Rs. 10,000 minimum amount
  • Maximum bidding amount is Rs. 2 crores per security
  • Bidding platform: iBBS web-based system NCB-GSec module at https://ibbs.bseindia.com
  • Continuation of facility launched via circular 20180423-42 dated April 23, 2018

Regulatory Changes

No new regulatory changes. This circular implements the existing non-competitive bidding framework established in April 2018 for the upcoming RBI auction.

Compliance Requirements

  • Trading members must submit bids through BSE’s iBBS NCB-GSec module only
  • Members must adhere to specified bidding windows
  • Minimum subscription in multiples of 100 units (Rs. 10,000)
  • Maximum bid amount capped at Rs. 2 crores per security
  • Members to contact specified teams for user ID creation, bidding queries, or settlement issues

Important Dates

  • December 23, 2025, 10:00 AM: Bid collection start date (24-hour availability)
  • December 25, 2025, 5:00 PM: Bid collection end for direct investors
  • December 26, 2025, 8:00 AM: Bid collection end for members
  • December 26, 2025: Auction date
  • December 29, 2025: Settlement date

Impact Assessment

This circular facilitates retail and institutional participation in the government securities primary market through a simplified non-competitive route. The Rs. 32,000 crore auction provides liquidity injection opportunities and allows market participants to invest in sovereign securities across three different maturity profiles (2028, 2032, and 2055). The staggered bidding windows ensure both direct investors and trading members have adequate time to participate. Contact information for trading operations, user support, and settlement teams ensures smooth operational execution.

Impact Justification

Operational circular for fixed income market participants regarding G-sec auction facility with defined bidding windows and procedures