Description

BSE announces non-competitive bidding facility for SDL auction on February 10, 2026, covering 32 state government securities across multiple states with total issue size of Rs. 52,115 crores.

Summary

BSE has issued details for the non-competitive bidding facility for the State Government Securities (SDL) auction scheduled for February 10, 2026. This follows the RBI press release dated February 6, 2026, and is in continuation of Exchange circular no. 20191122-28 regarding the NCB facility for SDL auctions. The auction covers 32 securities across 15 states with a total issue size of Rs. 52,115 crores.

Key Points

  • Non-competitive bidding will be conducted through BSE’s iBBS web-based system NCB-GSec module
  • Auction covers 32 SDL securities across Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Mizoram, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, and West Bengal
  • Total issue size: Rs. 52,115 crores
  • 26 new issuances and 6 re-issues included in the auction
  • Minimum subscription units: 100 (Rs. 10,000)
  • Maximum investment limits range from Rs. 1.15 crores to Rs. 25 crores per security
  • Bidding available through https://ibbs.bseindia.com NCB-GSec module

Regulatory Changes

No new regulatory changes. This circular implements the existing non-competitive bidding framework established under Exchange circular no. 20191122-28 dated November 22, 2019.

Compliance Requirements

  • Trading members must use the NCB-GSec module of BSE’s iBBS system for bidding
  • Direct investors must submit bids by February 9, 2026
  • Trading members must submit bids by February 10, 2026 till 8:00 AM
  • Bidding must comply with minimum subscription units of 100 and specified maximum amounts for each security
  • Members must adhere to obligation and pay-in requirements as per ICCL guidelines

Important Dates

  • February 9, 2026 from 10:00 AM: Bid collection start date (24-hour availability)
  • February 9, 2026: Bid collection end date for direct investors
  • February 10, 2026 till 8:00 AM: Bid collection end date for trading members
  • February 10, 2026: Auction date
  • February 11, 2026: Settlement date

Impact Assessment

This circular has moderate operational impact on debt market participants, particularly those trading in state government securities. The auction provides liquidity opportunities across multiple state securities with varying maturities (2030-2056). The Rs. 52,115 crores total issue size represents significant borrowing by state governments. Trading members and direct investors participating in SDL markets need to prepare bidding strategies and ensure system access to the NCB-GSec module within the specified timelines. No impact on equity markets or listed companies.

Impact Justification

Operational circular for debt market participants providing auction details for SDL securities. Significant for debt traders but limited broader market impact.