Description
BSE announces non-competitive bidding facility for SDL auction on January 20, 2026, covering 11 state government securities across Assam, J&K, Karnataka, Odisha, Tamil Nadu, and Uttarakhand with total issue size of Rs. 13,000 crores.
Summary
BSE has announced the availability of non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled on January 20, 2026, as per RBI’s press release dated January 16, 2026. Trading members can participate in the auction through the NCB-GSec module of BSE’s iBBS web-based system. The auction covers 11 SDL securities from six states with a total issue size of Rs. 13,000 crores.
Key Points
- Auction date: January 20, 2026
- Settlement date: January 21, 2026
- Total of 11 SDL securities available for bidding
- States covered: Assam, Jammu & Kashmir, Karnataka, Odisha, Tamil Nadu, and Uttarakhand
- Total issue size: Rs. 13,000 crores
- Minimum subscription units: Rs. 100 (Rs. 10,000 minimum amount)
- Maximum bidding limit varies by security (Rs. 5-20 crores)
- Bidding platform: NCB-GSec module via https://ibbs.bseindia.com
Regulatory Changes
No new regulatory changes. This circular continues the existing non-competitive bidding facility for SDL auctions as per Exchange circular no. 20191122-28 dated November 22, 2019.
Compliance Requirements
- Trading members must submit bids through the NCB-GSec module of iBBS system
- Direct investors can submit bids until January 19, 2026
- Trading members can submit bids until January 20, 2026 at 8:00 AM
- Minimum subscription amount: Rs. 10,000
- Maximum subscription limits range from Rs. 5 crores to Rs. 20 crores depending on the security
- Bid units must be in multiples of Rs. 100
Important Dates
- January 19, 2026, 10:00 AM onwards: Bid collection start date (24-hour availability)
- January 19, 2026: Bid collection end date for direct investors
- January 20, 2026, 8:00 AM: Bid collection end date for members
- January 20, 2026: Auction date
- January 21, 2026: Settlement date
Securities Details
| Security Symbol | Type | New/Re-issue | State | Issue Size (Rs. Cr) | Max Amount (Rs. Cr) |
|---|---|---|---|---|---|
| AS SDL 2046 (ASNW2046) | SDL | New | Assam | 1,000 | 10 |
| JK SDL 2041 (JKNW2041) | SDL | New | J&K | 500 | 5 |
| 7.25% KA 2032 (KA072532) | SDL | Re-issue | Karnataka | 2,000 | 20 |
| KA SDL 2034 (KANW2034) | SDL | New | Karnataka | 2,000 | 20 |
| KA SDL 2038 (KANW2038) | SDL | New | Karnataka | 2,000 | 20 |
| OR SDL 2036 (ORNW2036) | SDL | New | Odisha | 500 | 5 |
| OR SDL 2046 (ORNW2046) | SDL | New | Odisha | 500 | 5 |
| TN SDL 2032 (TNNW2032) | SDL | New | Tamil Nadu | 1,000 | 10 |
| TN SDL 2033 (TNNW2033) | SDL | New | Tamil Nadu | 1,000 | 10 |
| TN SDL 2056 (TNNW2056) | SDL | New | Tamil Nadu | 2,000 | 20 |
| UK SDL 2035 (UKNW2035) | SDL | New | Uttarakhand | 500 | 5 |
Impact Assessment
This circular has limited market impact as it pertains to routine SDL auction procedures. It primarily affects:
- Debt market participants: Trading members and institutional investors interested in state government securities
- State governments: Facilitates borrowing for Assam, J&K, Karnataka, Odisha, Tamil Nadu, and Uttarakhand
- Liquidity: Adds Rs. 13,000 crores to the SDL market
The non-competitive bidding facility allows retail and smaller institutional investors to participate in government securities auctions without competing with large institutional bidders, promoting broader market participation.
Contact Information
- New user ID/password reset: user.trdops@bseindia.com | 022-2272 8005/8215
- Bidding queries: trading.ops@bseindia.com | 022-2272 8376/5626/8226
- Obligation & Pay-in queries: Collaterals@icclindia.com, settlements@icclindia.com | 022-2272 8468/5784/8264/8467/8223/8704/5163
Impact Justification
Routine auction notification for state government securities through non-competitive bidding facility, relevant primarily to debt market participants and institutional investors