Description

BSE announces non-competitive bidding facility for three GoI dated securities auction scheduled for January 23, 2026, with total issue size of Rs. 33,000 crores across three securities maturing in 2029, 2033, and 2055.

Summary

BSE has notified trading members about the non-competitive bidding facility for the upcoming auction of three Government of India dated securities (G-secs) scheduled for January 23, 2026. The auction, conducted by RBI, will offer three securities with a combined issue size of Rs. 33,000 crores. Members and direct investors can submit bids through BSE’s iBBS web-based NCB-GSec module with specific timelines for bid collection.

Key Points

  • Three GoI dated securities will be auctioned: New GS 2029 (Rs. 9,000 cr re-issue), New GS 2033 (Rs. 11,000 cr re-issue), and 7.24% GS 2055 (Rs. 13,000 cr re-issue)
  • Bidding platform: BSE’s iBBS web-based system NCB-GSec module (https://ibbs.bseindia.com)
  • Minimum subscription: 100 units with Rs. 10,000 minimum amount
  • Maximum bidding limit: Rs. 2 crores per security
  • All three securities are re-issues of existing G-secs
  • Settlement to occur on T+4 basis (January 27, 2026)

Regulatory Changes

No new regulatory changes introduced. This circular continues the existing non-competitive bidding facility launched via Exchange circular no. 20180423-42 dated April 23, 2018.

Compliance Requirements

  • Trading members must use the designated NCB-GSec module on iBBS platform for bid submission
  • Members must adhere to minimum subscription units of 100 and multiples thereof
  • Bidding amount must be between Rs. 10,000 (minimum) and Rs. 2 crores (maximum) per security
  • Members must submit bids before the specified deadlines based on participant type
  • Pay-in obligations must be fulfilled as per ICCL requirements

Important Dates

  • January 19, 2026: RBI press release announcing the auction
  • January 20, 2026, 10:00 AM: Bid collection starts (24-hour availability)
  • January 22, 2026, 5:00 PM: Bid collection ends for direct investors
  • January 23, 2026, 8:00 AM: Bid collection ends for trading members
  • January 23, 2026: Auction date
  • January 27, 2026: Settlement date

Impact Assessment

Market Impact: The total issue size of Rs. 33,000 crores represents significant government borrowing and will add liquidity to the debt market. The inclusion of long-tenure securities (up to 2055) provides investment options across the yield curve.

Operational Impact: Trading members and direct investors need to prepare bid submissions within tight timelines. The non-competitive bidding facility simplifies participation for retail and smaller institutional investors who may not have the infrastructure for competitive bidding.

Investor Impact: Maximum cap of Rs. 2 crores per security ensures broad participation while preventing concentration. The re-issue nature of all three securities provides liquidity enhancement for existing G-sec holders.

Impact Justification

Routine government securities auction notification affecting debt market participants. Medium impact due to large issue size of Rs. 33,000 crores but low severity as this is a standard operational process for G-sec trading.