Description
BSE announces non-competitive bidding facility for State Government Securities (SDL) auction on February 24, 2026, with bid collection starting February 23, 2026, covering 34 securities across 16 states.
Summary
BSE has announced the non-competitive bidding (NCB) facility for the State Government Securities (SDL) auction scheduled on February 24, 2026, in reference to a RBI press release dated February 20, 2026. Trading members can participate through the NCB-GSec module on BSE’s iBBS platform. A total of 34 SDL securities across 16 states are available, comprising both new issues and re-issues, with a combined indicative issue size exceeding Rs. 50,000 crore.
Key Points
- Bidding is available via the NCB-GSec module at https://ibbs.bseindia.com
- 34 securities listed across Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, and West Bengal
- Both new SDL issues and re-issues are available for bidding
- Minimum subscription unit is 100 units at Rs. 10,000 per unit (Rs. 10,000 minimum bid amount)
- Maximum bid amounts vary per security (from Rs. 1 crore for GA SDL 2036 to Rs. 20 crore for select securities)
- References Exchange circular no. 20191122-28 dated November 22, 2019 for the NCB facility framework
Regulatory Changes
No new regulatory changes introduced. This circular operates under the existing non-competitive bidding framework established via BSE circular 20191122-28 and RBI guidelines for SDL auctions.
Compliance Requirements
- Trading members must use the NCB-GSec module on the iBBS platform to submit bids
- Direct investors must submit bids by February 23, 2026, 5:00 PM
- Members must submit bids by February 24, 2026, 8:00 AM
- Members should contact Trading Operations for user ID creation, password resets, or bidding queries; ICCL Operations for obligation and pay-in queries
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | February 23, 2026, 10:00 AM (24-hour availability) |
| Bid Collection End (Direct Investors) | February 23, 2026, 5:00 PM |
| Bid Collection End (Members) | February 24, 2026, 8:00 AM |
| Auction Date | February 24, 2026 |
| Settlement Date | February 25, 2026 |
Impact Assessment
This is a routine operational circular relevant to debt market participants and trading members who wish to place non-competitive bids in the RBI-conducted SDL auction. The auction involves 34 securities from 16 state governments with significant aggregate issue sizes, making it material for fixed-income portfolios. The tight 8:00 AM member deadline on auction day (February 24) requires advance preparation. No broader market or regulatory impact is anticipated beyond normal debt market operations.
Impact Justification
Routine SDL auction notification relevant to debt market participants and trading members using the NCB-GSec platform; no regulatory changes, but operationally significant for eligible bidders with a tight 8:00 am cutoff on auction day.