Description
BSE announces non-competitive bidding facility for RBI's State Government Securities (SDL) auction on February 24, 2026, with 34 securities from 15 states available for bidding via the NCB-GSec module.
Summary
BSE has announced the non-competitive bidding facility for the RBI-conducted State Government Securities (SDL) auction scheduled for February 24, 2026. Trading members can participate via the NCB-GSec module on BSE’s iBBS web-based bidding platform. A total of 34 SDL securities spanning 15 states are available, comprising both new issues and re-issues.
Key Points
- Bidding is available through the NCB-GSec module at https://ibbs.bseindia.com
- 34 securities are available across 15 states: Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, and West Bengal
- Minimum subscription unit is 100 units at Rs. 10,000 minimum amount for all securities
- Mix of new SDL issues and re-issues of existing SDLs
- Total aggregate issue size exceeds Rs. 50,000 crore across all securities
- This is in continuation of Exchange circular no. 20191122-28 dated November 22, 2019
Regulatory Changes
No new regulatory changes introduced. This circular operationalizes the existing non-competitive bidding framework (established via circular 20191122-28) for a specific RBI SDL auction announced via RBI press release dated February 20, 2026.
Compliance Requirements
- Trading members must use the NCB-GSec module on the iBBS platform to place bids
- Direct investors must submit bids by February 23, 2026 till 5:00 PM
- Members must submit bids by February 24, 2026 till 8:00 AM
- Queries on user ID/password reset: user.trdops@bseindia.com / 022-2272 8005/8215
- Bidding queries: trading.ops@bseindia.com / 022-2272 8376/5626/8226
- Obligation and pay-in queries: Collaterals@icclindia.com / settlements@icclindia.com
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 circular is relevant primarily to trading members and institutional participants active in the government securities debt market. The SDL auction covers 34 securities from 16 states/UTs with significant aggregate issuance. Notable large issuers include Karnataka (Rs. 8,000 crore across 5 securities), Rajasthan (Rs. 4,000 crore across 2 securities), Punjab (Rs. 2,000 crore), and West Bengal (Rs. 3,000 crore including re-issue). The non-competitive bidding route provides retail and smaller participants access to these securities at the weighted average cut-off price without price discovery risk. No impact on equity markets is expected.
Impact Justification
Routine SDL auction notice relevant to trading members participating in government securities; involves 34 securities across 15 states with significant aggregate issue sizes but limited equity market impact.