Description
BSE notifies trading members of non-competitive bidding facility for GoI's auction of three Treasury Bills (91-day, 182-day, and 364-day) on February 25, 2026, with settlement on February 26, 2026.
Summary
BSE has notified trading members of the Non-Competitive Bidding (NCB) facility for the Government of India’s auction of three new Treasury Bills on February 25, 2026. The auction is being conducted per RBI’s press release dated February 20, 2026, and is accessible through BSE’s NCB-GSec module on the iBBS platform. Settlement is scheduled for February 26, 2026.
Key Points
- Three new T-Bills are being auctioned: 91-day, 182-day, and 364-day tenors with a combined issue size of ₹34,000 crore.
- Bidding is available via the NCB-GSec module at https://ibbs.bseindia.com.
- Direct investors must submit bids by February 24, 2026, 5:00 PM; trading members by February 25, 2026, 8:00 AM.
- Minimum bid amount is ₹10,000 (100 units at face value) with multiples of 100.
- Maximum bid amount per investor is capped at 5% of issue size (₹700 Cr, ₹600 Cr, ₹400 Cr for 91-, 182-, and 364-day bills respectively).
- This circular is in continuation of Exchange circular no. 20180423-42 dated April 26, 2018.
Regulatory Changes
No new regulatory changes introduced. This is an operational notice for a scheduled government securities auction under the existing non-competitive bidding framework established by Exchange circular 20180423-42 (April 26, 2018).
Compliance Requirements
- Trading members wishing to participate must use the NCB-GSec module on the BSE iBBS platform.
- Members must ensure bids are submitted before the respective deadlines (direct investors: Feb 24, 5:00 PM; members: Feb 25, 8:00 AM).
- For access issues (new user ID, password reset), contact Trading Operations at user.trdops@bseindia.com or 022-2272 8005/8215.
- For bidding queries, contact trading.ops@bseindia.com or 022-2272 8376/5626/8226.
- For obligation and pay-in queries, contact ICCL Operations at Collaterals@icclindia.com / settlements@icclindia.com or 022-2272 8468/8704/8264.
Important Dates
| Event | Date & Time |
|---|---|
| Bid Collection Start | February 23, 2026, 10:00 AM (24-hour availability) |
| Bid Collection End – Direct Investors | February 24, 2026, 5:00 PM |
| Bid Collection End – Trading Members | February 25, 2026, 8:00 AM |
| Auction Date | February 25, 2026 |
| Settlement Date | February 26, 2026 |
Impact Assessment
Securities Details:
| Symbol | Type | Tenor | Issue Size | Min Lot | Min Amt | Max Amt |
|---|---|---|---|---|---|---|
| 091T270526 | T-Bill | 91 Day | ₹14,000 Cr | 100 | ₹10,000 | ₹700 Cr |
| 182T260826 | T-Bill | 182 Day | ₹12,000 Cr | 100 | ₹10,000 | ₹600 Cr |
| 364T250227 | T-Bill | 364 Day | ₹8,000 Cr | 100 | ₹10,000 | ₹400 Cr |
This circular is operationally relevant to debt market participants, institutional investors, and trading members active in government securities. The total auction size of ₹34,000 crore across three tenors is significant from a liquidity perspective. No impact on equity markets. Members must act promptly given the tight bidding window, particularly the 8:00 AM deadline on auction day for trading members.
Impact Justification
Routine operational notice for a scheduled GoI T-Bill auction; relevant to debt market participants and trading members using the NCB-GSec module, but does not affect equity markets or broader compliance obligations.