Description
BSE announces non-competitive bidding facility for 34 State Government Securities (SDL) auction on February 24, 2026, via the NCB-GSec module of iBBS platform. Bid collection opens February 23 and settlement is February 25, 2026.
Summary
BSE has announced the non-competitive bidding facility for the State Government Securities (SDL) auction scheduled on February 24, 2026, as per 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 multiple states are available, comprising both new issues and re-issues, with an aggregate issue size exceeding Rs. 50,000 crore.
Key Points
- Auction covers 34 SDL securities from states including 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 included; tenors range from 2029 to 2055
- Minimum subscription unit is 100 units at Rs. 10,000 minimum amount per security
- Maximum investment per security ranges from Rs. 1 crore (GA SDL 2036) to Rs. 20 crore (select KA, PB, RJ, WB securities)
- Bidding platform: https://ibbs.bseindia.com » NCB-GSec module
- Reference circular: BSE circular no. 20191122-28 dated November 22, 2019
Regulatory Changes
No new regulatory changes. This circular continues the existing non-competitive bidding framework established under BSE circular 20191122-28 (November 22, 2019), in accordance with RBI’s SDL auction announcement dated February 20, 2026.
Compliance Requirements
- Trading members must use the NCB-GSec module on the iBBS platform to place bids
- Members must submit bids by February 24, 2026, 8:00 AM
- Direct investors must submit bids by February 23, 2026, 5:00 PM
- Members should contact Trading Operations for user ID/password issues (user.trdops@bseindia.com, 022-2272 8005/8215)
- Bidding queries: trading.ops@bseindia.com, 022-2272 8376/5626/8226
- Obligation and pay-in queries: ICCL Operations at Collaterals@icclindia.com / settlements@icclindia.com
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | February 23, 2026, 10:00 AM (24-hour availability) |
| Bid Collection End (Direct Investor) | 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 circular is relevant to trading members and direct investors participating in the debt/government securities segment. The auction covers a broad range of states and maturities, offering participation across short-to-long duration SDL instruments. The aggregate issue size is substantial (Rs. 50,000+ crore notional), reflecting active state government borrowing. No direct impact on equity markets. Members must ensure timely bid submission and adequate collateral with ICCL for settlement on February 25, 2026.
Impact Justification
Routine SDL auction notice affecting debt market participants and trading members wishing to bid in the RBI-conducted state government securities auction. No equity market impact; relevant primarily to debt segment participants.