Description
BSE announces non-competitive bidding facility for State Government Securities (SDL) auction on March 10, 2026, with bid collection starting March 09, 2026. Trading members can participate via the NCB-GSec module on BSE's iBBS platform.
Summary
BSE has announced the non-competitive bidding facility for the State Government Securities (SDL) auction scheduled for March 10, 2026, in reference to an RBI press release dated March 06, 2026. Trading members can participate through the NCB-GSec module of BSE’s iBBS web-based bidding platform. A total of 35 SDL securities across multiple states are available for bidding, comprising both new issues and re-issues.
Key Points
- Bidding is available via the NCB-GSec module at https://ibbs.bseindia.com
- 35 state government securities are available across states including AP, AR, AS, DL, GJ, HR, JK, KA, KL, MP, MZ, PB, SK, TN, TR, UP, and WB
- Securities include both new SDL issuances and re-issues with maturities ranging from 2029 to 2056
- Minimum subscription unit is 100 units at Rs. 10,000 minimum amount for all securities
- Maximum bid amounts vary by security (Rs. 1.2 Cr to Rs. 22 Cr)
- Reference circular: BSE circular no. 20191122-28 dated November 22, 2019
Regulatory Changes
No new regulatory changes introduced. This circular continues the existing non-competitive bidding framework established under BSE circular no. 20191122-28 (November 22, 2019) for RBI-conducted SDL auctions.
Compliance Requirements
- Trading members must use the NCB-GSec module on the iBBS platform to place bids
- Members must ensure bids are submitted before March 10, 2026, 8:00 AM
- Direct investors must submit bids before March 09, 2026, 5:00 PM
- Members should coordinate with BSE Trading Operations for user ID creation, password resets, or bidding-related queries
- Pay-in and obligation queries should be directed to ICCL Operations
Important Dates
| Event | Date/Time |
|---|---|
| Bid Collection Start | March 09, 2026, 10:00 AM onwards (24-hour availability) |
| Bid Collection End (Direct Investors) | March 09, 2026, 5:00 PM |
| Bid Collection End (Members) | March 10, 2026, 8:00 AM |
| Auction Date | March 11, 2026 |
| Settlement Date | March 12, 2026 |
Impact Assessment
This circular is operational in nature and impacts trading members and direct investors participating in the debt market segment. The auction covers a broad set of state government securities (35 securities across 17 states) with a combined issue size in the thousands of crores, indicating significant government borrowing activity. Participants in the debt/G-Sec segment should ensure timely bid submission via iBBS. No equity market impact expected. Settlement occurs on March 12, 2026 (T+2 from auction date).
Securities Summary by State
| State | Securities | Total Issue Size (Rs. Cr) |
|---|---|---|
| Andhra Pradesh (AP) | AP SDL 2039, 2041, 2043 | 3,000 |
| Arunachal Pradesh (AR) | AR SDL 2046 | 190 |
| Assam (AS) | AS SDL 2041 | 900 |
| Delhi (DL) | DL SDL 2036 | 1,000 |
| Gujarat (GJ) | GJ SDL 2033, 2037 | 2,000 |
| Haryana (HR) | HR SDL 2030, 2038, 2044 | 3,000 |
| Jammu & Kashmir (JK) | JK SDL 2041 | 900 |
| Karnataka (KA) | 7.31% KA 2033, 7.38% KA 2034, KA SDL 2036, 7.48% KA 2037, KA SDL 2040 | 10,000 |
| Kerala (KL) | KL SDL 2049 | 1,000 |
| Madhya Pradesh (MP) | MP SDL 2036, 2040, 2047 | 5,800 |
| Mizoram (MZ) | MZ SDL 2041 | 120 |
| Punjab (PB) | 7.62% PB 2032 | 2,000 |
| Sikkim (SK) | SK SDL 2036 | 250 |
| Tamil Nadu (TN) | TN SDL 2029, 2031, 7.23% TN 2033, TN SDL 2036, 7.63% TN 2056 | 8,000 |
| Tripura (TR) | TR SDL 2041 | 800 |
| Uttar Pradesh (UP) | 7.46% UP 2037, 7.62% UP 2041, 7.71% UP 2046 | 3,500 |
| West Bengal (WB) | WB SDL 2044, 2048 | 3,500 |
Impact Justification
Routine SDL auction notice with operational details for trading members; affects debt market participants but is a recurring process with no major regulatory changes.