Description
BSE announces non-competitive bidding facility for State Government Securities (SDL) auction on February 24, 2026, with 34 securities from multiple states available for bidding through the NCB-GSec module.
Summary
BSE has announced a non-competitive bidding facility for the auction of State Government Securities (SDL) scheduled on February 24, 2026, in reference to RBI’s press release dated February 20, 2026. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based bidding platform. A total of 34 SDL securities across 16 states are available, comprising both new issues and re-issues.
Key Points
- Bidding available via the NCB-GSec module at https://ibbs.bseindia.com
- 34 securities available across 16 states: AP, BR, CG, GA, GJ, HR, KA, KL, MH, NL, PB, RJ, SK, TN, UP, WB
- Mix of new SDL issuances and re-issues with tenors ranging from 2029 to 2055
- Minimum subscription is 100 units at Rs. 10,000 minimum amount
- Total issue sizes range from Rs. 100 Cr (GA SDL 2036) to Rs. 2,000 Cr (multiple securities)
- Largest issuers: Karnataka (Rs. 8,000 Cr across 5 securities), Rajasthan (Rs. 4,000 Cr), Punjab (Rs. 2,000 Cr), West Bengal (Rs. 3,000 Cr)
Regulatory Changes
No new regulatory changes. This circular operates under the existing framework established by Exchange circular no. 20191122-28 dated November 22, 2019, which launched the non-competitive bidding facility for RBI-conducted State Government Securities auctions.
Compliance Requirements
- Trading members wishing to participate must access the NCB-GSec module on the iBBS platform
- Members must submit bids within the stipulated timelines
- Direct investors must submit bids by February 23, 2026 at 5:00 PM
- Members must submit bids by February 24, 2026 at 8:00 AM
- Members with queries should contact BSE Trading Operations or ICCL Operations at the designated email IDs and phone numbers
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | February 23, 2026 from 10:00 AM (24-hour availability) |
| Bid Collection End (Direct Investors) | 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 is a routine operational notice for trading members participating in government debt markets. The auction covers a broad range of state government securities with significant aggregate issue sizes, particularly from Karnataka, Rajasthan, Maharashtra, and West Bengal. Impact is limited to trading members and direct investors active in the SDL segment. No equity market impact is expected. Members not familiar with the NCB-GSec module should contact BSE Trading Operations for user ID creation or password reset assistance.
Impact Justification
Routine SDL auction notice affecting trading members who participate in government securities bidding; operationally important for eligible participants but limited broader market impact.