Description
BSE announces non-competitive bidding facility for SDL auction on January 20, 2026, covering 11 state government securities across Assam, Jammu & Kashmir, Karnataka, Odisha, Tamil Nadu, and Uttarakhand with total issue size of Rs. 13,000 crores.
Summary
BSE has notified trading members about the non-competitive bidding (NCB) facility for the auction of State Government Securities (SDL) scheduled for January 20, 2026. This follows the RBI press release dated January 16, 2026, and continues the NCB facility launched via circular 20191122-28 dated November 22, 2019. The auction covers 11 SDL securities from six states with a total issue size of Rs. 13,000 crores.
Key Points
- Bidding platform: NCB-GSec module on BSE’s iBBS web-based system (https://ibbs.bseindia.com)
- 11 SDL securities available for bidding across Assam, Jammu & Kashmir, Karnataka, Odisha, Tamil Nadu, and Uttarakhand
- Total issue size: Rs. 13,000 crores across all securities
- Minimum subscription units: Rs. 100 with multiples thereof
- Minimum bid amount: Rs. 10,000 per security
- Maximum bid amounts range from Rs. 5 crores to Rs. 20 crores depending on security
- Mix of new issues and one re-issue (7.25% KA 2032)
Securities Details
| State | Security Symbol | Type | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|
| Assam | AS SDL 2046 (ASNW2046) | New | 1,000 | 10 |
| Jammu & Kashmir | JK SDL 2041 (JKNW2041) | New | 500 | 5 |
| Karnataka | 7.25% KA 2032 (KA072532) | Re-issue | 2,000 | 20 |
| Karnataka | KA SDL 2034 (KANW2034) | New | 2,000 | 20 |
| Karnataka | KA SDL 2038 (KANW2038) | New | 2,000 | 20 |
| Odisha | OR SDL 2036 (ORNW2036) | New | 500 | 5 |
| Odisha | OR SDL 2046 (ORNW2046) | New | 500 | 5 |
| Tamil Nadu | TN SDL 2032 (TNNW2032) | New | 1,000 | 10 |
| Tamil Nadu | TN SDL 2033 (TNNW2033) | New | 1,000 | 10 |
| Tamil Nadu | TN SDL 2056 (TNNW2056) | New | 2,000 | 20 |
| Uttarakhand | UK SDL 2035 (UKNW2035) | New | 500 | 5 |
Compliance Requirements
- Trading members must use the NCB-GSec module on BSE’s iBBS platform
- Direct investors must submit bids by January 19, 2026
- Trading members must submit bids by January 20, 2026, 8:00 AM
- Bids must comply with minimum subscription units of Rs. 100 and multiples
- Minimum bid amount is Rs. 10,000 per security
- Maximum bid amounts must not exceed specified limits (Rs. 5-20 crores depending on security)
Important Dates
- Bid Collection Start: January 19, 2026 from 10:00 AM onwards (24-hour availability)
- Bid Collection End (Direct Investors): January 19, 2026
- Bid Collection End (Trading Members): January 20, 2026 till 8:00 AM
- Auction Date: January 20, 2026
- Settlement Date: January 21, 2026
Contact Information
- New User ID/Password Reset: Trading Operations - user.trdops@bseindia.com, Tel: 022-2272 8005/8215
- Bidding Queries: Trading Operations - trading.ops@bseindia.com, Tel: 022-2272 8376/5626/8226
- Obligation & Pay-in Queries: ICCL Operations - Collaterals@icclindia.com, settlements@icclindia.com, Tel: 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Assessment
This circular has medium impact on debt market participants and trading members involved in government securities trading. The non-competitive bidding facility provides retail and smaller institutional investors access to SDL auctions without competing with primary dealers. The Rs. 13,000 crore auction size represents routine SDL issuance for state government financing needs. Trading members must ensure timely bid submission within specified windows to participate in the auction process.
Impact Justification
Routine SDL auction process for trading members participating in government securities market. Medium impact for debt market participants with specific bidding timelines and limits.