Description
BSE announces non-competitive bidding facility for RBI's State Development Loans (SDL) auction on February 24, 2026, covering 34 securities across 16 states with bid collection ending February 24 at 8:00 AM for members.
Summary
BSE has announced the non-competitive bidding facility for the RBI-conducted State Development Loans (SDL) auction scheduled for February 24, 2026. Trading members can participate through the NCB-GSec module on BSE’s iBBS web-based bidding platform. The auction covers 34 SDL securities (27 new issues and 7 re-issues) across 16 states, with a combined issue size running into thousands of crores. Settlement is due on February 25, 2026.
Key Points
- Bidding is available via the NCB-GSec module at https://ibbs.bseindia.com
- Bid collection opened from February 23, 2026 at 10:00 AM (24-hour availability)
- Direct investor bid deadline: February 23, 2026 till 5:00 PM
- Member bid deadline: February 24, 2026 till 8:00 AM
- 34 securities listed: 27 new SDL issuances and 7 re-issues
- Minimum subscription: 100 units; minimum amount: Rs. 10,000
- States covered: Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Karnataka, Kerala, Maharashtra, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, West Bengal
- Reference circular: BSE circular no. 20191122-28 dated November 22, 2019
Regulatory Changes
No new regulatory changes. This circular is in continuation of the existing non-competitive bidding framework established via BSE circular no. 20191122-28 (November 22, 2019) and references the RBI press release dated February 20, 2026 announcing the SDL auction.
Compliance Requirements
- Trading members wishing to participate must use the NCB-GSec module on the iBBS platform
- 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
- Minimum bid: 100 units (Rs. 10,000); maximum amount varies per security (Rs. 1 Cr to Rs. 20 Cr)
- For new user ID creation or password reset: user.trdops@bseindia.com / 022-2272 8005/8215
- For bidding queries: trading.ops@bseindia.com / 022-2272 8376/5626/8226
- For 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 |
| Direct Investor Bid Deadline | February 23, 2026 till 5:00 PM |
| Member Bid Deadline | February 24, 2026 till 8:00 AM |
| Auction Date | February 24, 2026 |
| Settlement Date | February 25, 2026 |
Impact Assessment
This is a routine debt market operation notice with moderate impact on fixed-income market participants. The auction covers a large number of SDL securities (34 in total) across 16 states with individual issue sizes ranging from Rs. 100 Cr (Goa) to Rs. 2,000 Cr (Karnataka, Punjab, Rajasthan, West Bengal), implying significant total liquidity injection into state government finances. Equity markets are not directly affected. Trading members and institutional investors active in the government securities segment should act promptly given the tight bid window for members (closing at 8:00 AM on auction day). The availability of both new issues and re-issues across multiple maturities (2029–2055) offers portfolio diversification opportunities for debt investors.
Impact Justification
Routine SDL auction notice affecting debt market participants and trading members; covers 34 securities across 16 states with significant total issue size but limited equity market impact.