Description
BSE notifies trading members of non-competitive bidding facility for State Government Securities (SDL) auction on February 24, 2026, with 34 securities across multiple states available via the NCB-GSec module.
Summary
BSE has issued a notice (No. 20260223-3) informing trading members about the non-competitive bidding facility for the State Government Securities (SDL) auction scheduled on February 24, 2026. The auction is in reference to the RBI press release dated February 20, 2026, and is in continuation of Exchange circular no. 20191122-28. Bidding is conducted through the NCB-GSec module on BSE’s iBBS web-based platform.
Key Points
- Bidding platform: https://ibbs.bseindia.com » NCB-GSec module
- 34 SDL securities across 16 states are available for bidding, comprising both new issues and re-issues
- Minimum subscription unit: 100 units; Minimum amount: Rs. 10,000
- Direct investor bid collection ends February 23, 2026 at 5:00 PM
- Member bid collection ends February 24, 2026 at 8:00 AM
- Settlement date: February 25, 2026
- Total issuance size across all securities: Rs. 47,550 crore (approx.)
Regulatory Changes
No new regulatory changes introduced. This circular continues the framework established under Exchange circular no. 20191122-28 dated November 22, 2019, which launched the non-competitive bidding facility for State Government Securities auctions conducted by RBI.
Compliance Requirements
- Trading members wishing to participate must access the NCB-GSec module on the iBBS platform at https://ibbs.bseindia.com
- Members must submit bids before February 24, 2026 at 8:00 AM
- Direct investors must submit bids before February 23, 2026 at 5:00 PM
- Members must adhere to the minimum (Rs. 10,000) and maximum (per-security cap in Rs. crore as listed) bid amount limits
- Contact Trading Operations for user ID creation, password reset, or bidding queries; ICCL Operations for obligation and pay-in queries
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | February 23, 2026 from 10:00 AM (24-hour availability) |
| Bid Collection End (Direct Investor) | February 23, 2026 till 5:00 PM |
| Bid Collection End (Members) | February 24, 2026 till 8:00 AM |
| Auction Date | February 24, 2026 |
| Settlement Date | February 25, 2026 |
Impact Assessment
This circular is operationally relevant to trading members and investors participating in the government debt securities market. The auction covers 34 SDL securities from states including Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, and West Bengal. Securities range from short-dated (TN SDL 2029) to long-dated (BR SDL 2054, TN SDL 2055) maturities. The total issue size is substantial (~Rs. 47,550 crore), providing significant liquidity opportunities in the SDL market. There is no direct impact on equity markets.
Impact Justification
Routine SDL auction notification affecting trading members participating in government securities bidding; operational relevance is high for debt market participants but limited to a specific auction event.