Description

RBI announces auction of three GoI dated securities (5.91% GS 2028, 6.28% GS 2032, 7.24% GS 2055) on December 26, 2025 with non-competitive bidding facility available through BSE's NCB-GSec module.

Summary

BSE announces non-competitive bidding facility for the RBI auction of three Government of India dated securities scheduled for December 26, 2025. The auction includes re-issuance of three G-secs with varying maturities (2028, 2032, and 2055) totaling Rs. 32,000 crores. Trading members and direct investors can participate through BSE’s iBBS web-based NCB-GSec module with specific bid collection timelines.

Key Points

  • Three GoI dated securities available for auction: 5.91% GS 2028, 6.28% GS 2032, and 7.24% GS 2055
  • Total issue size: Rs. 32,000 crores (Rs. 9,000 cr + Rs. 11,000 cr + Rs. 12,000 cr)
  • All three securities are re-issues, not new issuances
  • Minimum subscription unit: 100 with minimum amount Rs. 10,000
  • Maximum bidding amount: Rs. 2 crores per security
  • Bidding available through BSE’s iBBS NCB-GSec module at https://ibbs.bseindia.com
  • Reference to earlier circular 20180423-42 dated April 23, 2018 regarding non-competitive bidding facility

Regulatory Changes

No new regulatory changes. This circular operationalizes the existing non-competitive bidding framework established in April 2018 for the current auction cycle.

Compliance Requirements

  • Trading members must submit bids through the NCB-GSec module of BSE’s iBBS platform
  • Members must adhere to specified bid collection timelines (different for members vs. direct investors)
  • Minimum subscription units and amounts must be followed
  • Maximum bidding limit of Rs. 2 crores per security applies
  • Settlement obligations must be met on the settlement date

Important Dates

  • December 23, 2025, 10:00 AM: Bid collection starts (24-hour availability)
  • December 25, 2025, 5:00 PM: Bid collection end date for Direct Investors
  • December 26, 2025, 8:00 AM: Bid collection end date for Trading Members
  • December 26, 2025: Auction date
  • December 29, 2025: Settlement date

Impact Assessment

This is a routine government securities auction with moderate market significance. The Rs. 32,000 crore offering across three maturities provides liquidity opportunities in the debt market. The non-competitive bidding facility allows smaller investors and trading members to participate in government securities auctions without competing on price, democratizing access to sovereign debt instruments. Settlement through standard T+3 timeline (December 29, 2025) ensures normal market operations. Impact is primarily on debt market participants, fixed-income investors, and treasury operations of financial institutions.

Impact Justification

Routine government securities auction announcement with standard bidding process. Relevant for debt market participants and investors in government securities but no exceptional market impact expected.