Description
BSE announces non-competitive bidding facility for SDL auction of 11 state government securities totaling Rs. 13,000 crores on January 20, 2026, with bid collection starting January 19, 2026.
Summary
BSE has announced the availability of non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled for January 20, 2026. This follows the RBI press release dated January 16, 2026, announcing the SDL auction by the Government of India. Trading members can participate through the NCB-GSec module on BSE’s iBBS web-based bidding platform. The auction covers 11 securities from 7 states (Assam, Jammu & Kashmir, Karnataka, Odisha, Tamil Nadu, and Uttarakhand) with a total issue size of Rs. 13,000 crores.
Key Points
- Non-competitive bidding available through BSE’s iBBS NCB-GSec module at https://ibbs.bseindia.com
- 11 SDL securities from 7 states available for bidding
- Total issue size: Rs. 13,000 crores across all securities
- Mix of new issues and one re-issue (7.25% KA 2032)
- Minimum subscription unit: Rs. 10,000 (100 units)
- Maximum bidding amounts range from Rs. 5 crores to Rs. 20 crores per security
- Bid collection operates on 24-hour availability basis
- Settlement date: January 21, 2026
Regulatory Changes
No new regulatory changes. This circular implements the existing non-competitive bidding facility framework established by BSE circular no. 20191122-28 dated November 22, 2019.
Compliance Requirements
For Trading Members:
- Submit bids through NCB-GSec module of iBBS platform
- Adhere to member bid collection deadline: January 20, 2026 till 8:00 AM
- Comply with minimum subscription units of 100 (Rs. 10,000)
- Observe maximum amount limits specific to each security
- Meet payment obligations as per settlement schedule
For Direct Investors:
- Submit bids by January 19, 2026 (earlier deadline than members)
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | January 19, 2026 from 10:00 AM onwards |
| Direct Investor Bid Deadline | January 19, 2026 |
| Member Bid Deadline | January 20, 2026 till 8:00 AM |
| Auction Date | January 20, 2026 |
| Settlement Date | January 21, 2026 |
Impact Assessment
Market Impact: Low - This is a routine debt market operational circular facilitating retail and institutional participation in SDL auctions through the non-competitive route.
Participant Impact: The circular provides debt market participants access to state government securities across multiple maturities (2032-2056), offering investment opportunities in debt instruments from fiscally diverse states. The non-competitive bidding facility simplifies participation for investors who may not want to engage in competitive price discovery.
Securities Covered:
- Assam: AS SDL 2046 (Rs. 1,000 Cr, New)
- Jammu & Kashmir: JK SDL 2041 (Rs. 500 Cr, New)
- Karnataka: 7.25% KA 2032 (Rs. 2,000 Cr, Re-issue), KA SDL 2034 (Rs. 2,000 Cr, New), KA SDL 2038 (Rs. 2,000 Cr, New)
- Odisha: OR SDL 2036 (Rs. 500 Cr, New), OR SDL 2046 (Rs. 500 Cr, New)
- Tamil Nadu: TN SDL 2032 (Rs. 1,000 Cr, New), TN SDL 2033 (Rs. 1,000 Cr, New), TN SDL 2056 (Rs. 2,000 Cr, New)
- Uttarakhand: UK SDL 2035 (Rs. 500 Cr, New)
Karnataka accounts for the largest portion with Rs. 6,000 crores across three securities.
Impact Justification
Routine debt market operational circular for SDL auction participation through non-competitive bidding facility. Limited to debt market participants, no impact on equity markets or listed companies.