## Government Securities Reissue and Non-Competitive Bidding Scheme: A Policy Analysis
**1. Executive Summary:**
This report analyzes a notification from the Government of India, Ministry of Finance, Department of Economic Affairs, regarding the sale/reissue of Government Securities (GS) and an associated scheme for non-competitive bidding. The policy aims to facilitate government borrowing through the sale of GS and encourage wider participation in these auctions, particularly from retail investors, through a non-competitive bidding facility. The report outlines the key provisions of the GS reissue, including dates, maturity, and amounts, and details the eligibility, procedures, and operational guidelines for non-competitive bidding.
**2. Introduction:**
This report provides an overview and analysis of the Government of India's notification regarding the sale/reissue of Government Securities (GS) and the Scheme for Non-Competitive Bidding Facility in the Auctions of Government Securities, as published in the Gazette of India on July 18, 2022. The analysis is based solely on the text provided in the notification.
**3. Policy Overview:**
* **Core Objectives:**
* To facilitate government borrowing through the reissue of existing Government Securities.
* To encourage wider participation and retail holding of Government securities through a non-competitive bidding facility.
**4. Background and Rationale:**
* **New Policy**: Government routinely issues government securities to raise funds. This notification concerns a reissue of previously issued securities. The non-competitive bidding scheme addresses the need for broader participation in government security auctions, particularly from retail investors who may not have the expertise or resources to participate in competitive bidding. By offering a non-competitive avenue, the government aims to increase retail investment in GS and potentially reduce reliance on institutional investors.
**5. Key Provisions / Changes:**
This policy outlines both the government security reissuance and a scheme for non-competitive bidding.
* **Government Securities Reissuance:**
* Reissues four existing Government Securities: 6.69 GS 2024, 7.10 GS 2029, 6.54 GS 2032, and 6.95 GS 2061.
* Specifies the date of maturity, original tenure, notified amount (in Crore), and date of the auction for each security.
* Sets the auction method as "Price Uniform" for the first three securities and "Price Multiple" for the last security.
* Grants the Government of India the option to retain additional subscriptions up to ₹2,000 crore against each security.
* **Scheme for Non-Competitive Bidding Facility:**
* Allows retail investors (defined broadly) to participate in select auctions of dated Government of India securities and Treasury Bills on a non-competitive basis.
* Defines "Aggregator/Facilitator" as entities approved by RBI to aggregate bids from investors and submit a single bid.
* Specifies eligibility criteria for retail investors, including not maintaining a current account or SGL account with RBI, and submitting bids through an Aggregator/Facilitator or maintaining a Retail Direct Gilt Account (RDG Account) with RBI.
* Sets aside up to 5% of the notified amount of the sale for non-competitive bids from retail investors.
* Establishes a minimum bid amount of ₹10,000 and a maximum bid amount of ₹2 crore face value per security per auction for retail investors in GoI dated securities.
* Requires retail investors to maintain a depository account or a gilt account.
* Requires Aggregator/Facilitators to submit a single consolidated non-competitive bid on behalf of all constituents.
* Allotment to Aggregator/Facilitators will be at the weighted average rate of yield/price that emerges in the auction.
**6. Target Audience and Stakeholders:**
* **Directly Affected:**
* Retail Investors (individuals, firms, companies, institutions, etc.) interested in investing in Government Securities.
* Scheduled Banks, Primary Dealers, Specified Stock Exchanges, and other entities acting as Aggregator/Facilitators.
* Reserve Bank of India (RBI).
* State Governments, eligible provident funds, Nepal Rashtra Bank, Royal Monetary Authority of Bhutan (for Treasury Bills).
* **Indirectly Affected:**
* The broader financial market.
* The Government of India, as the issuer of the securities.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:**
* Reserve Bank of India (RBI): Conducts the auction, manages the EKuber system, and publishes the results.
* Ministry of Finance, Department of Economic Affairs: Notifies the sale/reissue of securities and sets the terms and conditions.
* Aggregator/Facilitators: Aggregate and submit non-competitive bids on behalf of retail investors.
* **Timelines and Procedures:**
* Auction Date: July 22, 2022.
* Non-competitive bids submission: 10:30 a.m. and 11:00 a.m. on July 22, 2022.
* Competitive bids submission: 10:30 a.m. and 11:30 a.m. on July 22, 2022.
* Payment Date: July 25, 2022.
* Aggregator/Facilitators must transfer securities to clients within five working days from the date of issue (except in extraordinary circumstances).
* Accrued interest will be calculated from the date of original issue/last coupon payment date to July 24, 2022.
**8. Expected Outcomes / Impact of Changes:**
* **Likely Intended Outcomes:**
* Increased participation of retail investors in government security auctions.
* Diversification of the investor base for government securities.
* Enhanced retail holding of government debt, contributing to financial inclusion.
* Efficient and transparent auction process through the EKuber system and the role of Aggregator/Facilitators.
**9. Conclusion:**
The Government of India's notification concerning the sale/reissue of Government Securities, coupled with the Scheme for Non-Competitive Bidding Facility, represents a strategic effort to manage government debt and broaden investor participation in the government securities market. The non-competitive bidding scheme is particularly significant as it aims to overcome barriers to entry for retail investors, potentially leading to a more diverse and resilient investor base. The success of this initiative will depend on the effective implementation of the scheme by the RBI, the proactive role of Aggregator/Facilitators, and the responsiveness of retail investors to the opportunity to invest in government securities.
Key Entities Referenced
NEW DELHI: Location of publication of the gazette notification.
JULY 18, 2022: Date of publication of the gazette notification.
Government of India: Issuing authority for the notification.
Government Securities: Securities being reissued and sold through auction.
Reserve Bank of India: The central bank of India, responsible for conducting the auction.
Mumbai Office, Fort, Mumbai 400 001: Location of the Reserve Bank of India office conducting the auction in Mumbai, Maharashtra.
Ministry of Finance: The ministry under which the Department of Economic Affairs and Budget Division operate.
Department of Economic Affairs: A department of the Ministry of Finance.
Budget Division: A division of the Department of Economic Affairs.
Ashish Vachhani: Jt. Secy., signatory of the notification.
Jun 27, 2024: Date of Maturity for 6.69 GS 2024 Government Security
Apr 18, 2029: Date of Maturity for 7.10 GS 2029 Government Security
Jan 17, 2032: Date of Maturity for 6.54 GS 2032 Government Security
Dec 16, 2061: Date of Maturity for 6.95 GS 2061 Government Security
General Notification F. No. 42WM2018: General notification related to the terms and conditions of the securities, dated March 27, 2018.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities: Scheme allowing retail investors to participate in auctions of Government Securities on a noncompetitive basis.
Treasury Bills: Mentioned in the context of Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities.
Reserve Bank of India Core Banking Solution EKuber system: Electronic platform for submitting bids for the auction.
Provident Funds Act, 1925: Act governing eligible provident funds.
Nepal Rashtra Bank: Central bank of Nepal.
Royal Monetary Authority of Bhutan: Central bank of Bhutan.
Regional Rural Banks: Banks covered under the Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities
State Governments: Eligible to participate in the auctions of Treasury Bills under the Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities
SEBI: Securities and Exchange Board of India.
Retail Direct Gilt Account: Account maintained with RBI for participating on a noncompetitive basis in the auctions.
Dec 27: Date of Coupon payments for 6.69 GS 2024
Jun 27: Date of Coupon payments for 6.69 GS 2024
Oct 18: Date of Coupon payments for 7.10 GS 2029
Apr 18: Date of Coupon payments for 7.10 GS 2029
Jan 17: Date of Coupon payments for 6.54 GS 2032
Jul 17: Date of Coupon payments for 6.54 GS 2032
Dec 16: Date of Coupon payments for 6.95 GS 2061
Jun 16: Date of Coupon payments for 6.95 GS 2061
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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CCGG--DDLL--EE--1188007722002222--223377334499
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असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 178] नई ददल्ली, सोमिार, जुलाई 18, 2022/आर्ाढ़ 27, 1944
No. 178] NEW DELHI, MONDAY, JULY 18, 2022/ASHADHA 27, 1944
जित्त मत्रं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल्ली, 18 जुलाई, 2022
सरकारी प्रजतभजू तयों (जी एस) की जबक्री (पनु र्थनगमय ) के जलए नीलामी
एफ. स.ं 4(3)-बी(डब्ल् य एू ंडएम)/2022.—भारत सरकार एतद द्वारा नीचे ददए गए अनुसार सरकारी प्रजतभूजतयों की जबक्री
(पुनर्थनगयम) अजधसूजचत करती ह।ै
प्रजतभूजत का नाम मूल जनगयम की मूल अिजध पररपक्वता की नीलामी का नीलामी की अ ज ध सूजचत राजि
आधार जिजध (करोड़ ` में)
तारीख (िर्य-माह-ददन) तारीख
6.69% सरकारी प्रजतभूजत, 2024 27 जनू , 2022 02-00-00 27 जनू , 2024 मूल्य समान 4,000
7.10% सरकारी प्रजतभूजत, 2029 18 अप्रलै , 2022 07-00-00 18 अप्रलै , 2029 मूल्य समान 7,000
6.54% सरकारी प्रजतभूजत, 2032 17 जनिरी, 2022 10-00-00 17 जनिरी, 2032 मूल्य समान 13,000
6.95% सरकारी प्रजतभूजत, 2061 22 निम्बर, 2021 40-00-24 16 ददसम्बर, 2061 मूल्य जिजिध 9,000
4752 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
भारत सरकार के पास उपरोक्त प्रत्येक प्रजतभूजत में 2,000 करोड़ रुपए की सीमा तक, अजतररक्त अजभदान बनाए रखने का जिकल्प होगा
। यह जबक्री इस अजधसूचना (जजसे 'जिजिष् ट अजधसूचना' कहा गया ह)ै में उजल्लजखत ितों के अधीन होगी। उपयुयक् त सरकारी प्रजतभूजतयां,
भारत सरकार द्वारा जारी सामान्य अजधसूचना एफ.संख्या.4(2)-डब् ल् यूएंडएम/2018, ददनांक 27 माचय, 2018 में जनर्ददष्ट जनयमों और
ितों के अनुसार, भारतीय ररजि यबैंक, मुंबई कायायलय, फोटय, मुंबई - 400001 के माध्यम से बेची जाएंगी।
अप्रजतस्ट्पधी बोलीदाताओं को आबटं न
2. सरकारी प्रजतभूजतयों की नीलाजमयों में अप्रजतस्ट्पधी बोली देने की सुजिधा की संलग्न स्ट्कीम (अनुबंध) के अनुसार, जबक्री की
अजधसूजचत राजि का 5 प्रजतित तक सरकारी प्रजतभूजतयां पात्र व् यजक्तयों और संस्ट्थाओं को आबंरटत दकया जाएगा ।
नीलामी का स्ट्थान एिं तारीख
3. यह नीलामी भारतीय ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई-400001 द्वारा 22 जुलाई, 2022 को संचाजलत की जाएगी। नीलामी
हते ु बोजलयां भारतीय ररजि य बैंक कोर बैंककग सोल्यूिन (ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र में 22 जुलाई, 2022 को प्रस्ट्तुत की
जानी चाजहए। अप्रजतस्ट्पधी बोजलयां पूिायह्न 10.30 बजे से पूिायह्न 11.00 बजे के बीच और प्रजतस्ट्पधी बोजलयां पूिायह्न 10.30 बजे से
पूिायह्न 11.30 बजे के बीच प्रस्ट्तुत की जानी चाजहए।
कब जनगजय मत कारोबार
4. ये प्रजतभूजतया,ं भारतीय ररजिय बैंक द्वारा जारी ददिाजनदिे ों के अनुसार, 'कब जनगयजमत’ कारोबार के जलए पात्र होंगी।
जनगमय की तारीख और प्रजतभजू त के जलए भुगतान
5. नीलामी का पररणाम भारतीय ररजिय बैंक द्वारा अपने िैबसाइट (www.rbi.org.in) पर 22 जुलाई, 2022 को प्रदर्थित दकया
जाएगा। सफल बोलीदाताओं द्वारा भुगतान 25 जुलाई, 2022 अथायत् पुनर्थनगयम की तारीख को दकया जाएगा। प्रजतभूजतयों के जलए
भुगतान में नीलामी में आबंरटत प्रजतभूजत के अंदकत मूल्य पर, मूलजनगयम/अंजतम कूपन भुगतान की तारीख से प्रोद्भूत ब्याज दये होने की
तारीख तक प्रोद्भूत ब्याज िाजमल होगा जैसा दक पैरा 6 में ताजलका में उजल्लजखत ह।ै
ब्याज का भगु तान और प्रजतभजू त का पनु भुयगतान
6. मूल र्थनगयम/अंजतम कूपन भुगतान की तारीख से प्रजतभूजत के अंदकत मूल्य पर ब्याज प्रोद्भूत होगा तथा इसका भुगतान अर्द्िय ार्थर्क
आधार पर दकया जाएगा। प्रजतभूजतयों का पुनभुयगतान पररपक्वता की तारीख पर सममूल्य पर दकया जाएगा।
जपछल ेकूपन भगु तान दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
प्रजतभजूत का नाम कूपन दर (%)
की तारीख ब्याज देय ह ै (माह/तारीख)
6.69% सरकारी प्रजतभूजत, 2024 6.69 नई प्रजतभूजत 24 जुलाई, 2022 27 ददसम्बर और 27 जून
7.10% सरकारी प्रजतभूजत, 2029 7.10 नई प्रजतभूजत 24 जुलाई, 2022 18 अक्तूबर और 18 अप्रलै
6.54% सरकारी प्रजतभूजत, 2032 6.54 17 जुलाई, 2022 24 जुलाई, 2022 17 जनिरी और 17 जलु ाई
6.95% सरकारी प्रजतभूजत, 2061 6.95 16 जून, 2022 24 जुलाई, 2022 16 ददसम्बर और 16 जून
भारत के राष्ट्रपजत के आदेि से,
आिीर् िच्छानी, सयुंक्त सजचि
अनबु धं
भारत सरकार के ददनादं कत प्रजतभजू तयों और रेजरी जबलों की नीलामी म ें
गैर-प्रजतस्ट्पधी बोली सजु िधा के जलए योजना
I. क्षेत्र: सरकारी प्रजतभूजतयों की व्यापक भागीदारी और खुदरा होल्ल्डग को प्रोत्साजहत करने की दजृष्ट से, खुदरा जनिेिकों को ददनांदकत
भारत सरकार (जीओआई) प्रजतभूजतयों और रेजरी जबलों की चुल्नदा नीलाजमयों म ें "गैर-प्रजतस्ट्पधी" आधार पर भागीदारी की
अनुमजत ह।ै[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 3
II. पररभार्ाएं : इस योजना के प्रयोजन के जलए, पररभार्ा का अथय जनम्नानुसार ह:ै
क. खुदरा जनिेिक कोई भी व्यजक्त है, जजसमें व्यजक्त, फमय, कंपजनया,ं कॉपोरेट जनकाय, संस्ट्थान, भजिष्य जनजध, रस्ट्ट और
आरबीआई द्वारा जनधायररत कोई अन्य संस्ट्था िाजमल ह।ै
ख. 'एग्रीगेटर/फैजसजलटेटर' का अथय अनुसूजचत बकैं या प्राथजमक डीलर या जनर्ददष्ट स्ट्टॉक एक्सचेंज या आरबीआई द्वारा अनुमोददत
कोई अन्य संस्ट्था है, जजसे जनिेिकों से प्राप्त बोजलयों को एकजत्रत करने और प्राथजमक नीलामी के गैर-प्रजतस्ट्पधी खंड में एकल
बोली जमा करने की अनुमजत ह।ै
ग. 'जनर्ददष्ट स्ट्टॉक एक्सचेंज' का अथय सेबी से मान्यता प्राप्त स्ट्टॉक एक्सचेंज है, जजसे प्राथजमक नीलामी खंड में
एग्रीगेटर/सुजिधाकताय के रूप में कायय करने के जलए सेबी से अनापजत्त प्रमाण-पत्र (एनओसी) प्राप्त हुआ है।
घ. 'पात्र भजिष्य जनजध' ि े गैर-सरकारी भजिष्य जनजध ह ैं जो भजिष्य जनजध अजधजनयम 1925 और कमयचारी भजिष्य जनजध और
जिजिध द्वारा िाजसत ह।ैं प्रािधान अजधजनयम, 1952 जजसका जनिेि पैटनय भारत सरकार द्वारा तय दकया जाता ह।ै
III. पात्रता:
क. नीलामी में गैर-प्रजतस्ट्पधी आधार पर भागीदारी एक खुदरा जनिेिक के जलए खुली होगी जो:
1. भारतीय ररजि यबैंक के साथ चालू खाता (सीए) या सहायक जनरल लेजर (एसजीएल) खाता नहीं रखता ह;ै तथा
2. योजना के तहत अनुमत एग्रीगेटर/फैजसजलटेटर के माध्यम से अप्रत्यक्ष रूप से बोली जमा करता है; या
3. आरबीआई के साथ 'ररटेल डायरेक्ट जगल्ट अकाउंट' (आरडीजी अकाउंट) रखता ह ै।
अपिाद:
क. क्षत्रे ीय ग्रामीण बैंक (आरआरबी) और सहकारी बैंक:
1. क्षेत्रीय ग्रामीण बैंकों (आरआरबी) और सहकारी बैंकों को इस योजना के तहत उनके सांजिजधक दाजयत्िों को दखे ते हुए
ददनांदकत प्रजतभूजतयों की नीलामी में ही िाजमल दकया जाएगा।
2. चूंदक ये बैंक भारतीय ररजिय बैंक के पास एसजीएल खाता और चालू खाता रखते हैं, इसजलए ि े अपनी गैर-प्रजतस्ट्पधी
बोजलयां सीधे जमा करने के पात्र होंगे।
ख. राज्य सरकारें, पात्र भजिष्य जनजध और अन्य:
1. राज्य सरकारें, भारत में पात्र भजिष्य जनजध, नेपाल राष्ट्र बैंक, भूटान की रॉयल मॉनेटरी अथॉररटी और बैंक द्वारा जनर्ददष्ट
कोई भी व्यजक्त या संस्ट्थान, सरकार के अनुमोदन स,े इस योजना के तहत केिल रेजरी जबलों की नीलामी म ें किर दकया
जाएगा।
2. ये बोजलयां अजधसूजचत राजि से बाहर होंगी।
3. इन संस्ट्थाओं के जलए बोली की अजधकतम राजि पर कोई प्रजतबंध नहीं होगा।
IV. मात्रा : खुदरा जनिेिकों से गैर-प्रजतस्ट्पधी बोजलयों का आिंटन भारत सरकार द्वारा जनर्ददष्ट अजधसूजचत राजि के भीतर जनगयम की
कुल नाममात्र राजि के अजधकतम पांच प्रजतित या भारतीय ररजि यबैंक द्वारा जनधायररत दकसी अन्य प्रजतित तक सीजमत होगा।
V. बोली की राजि:
क. बोली लगाने के जलए न्यूनतम राजि ₹10,000 (अंदकत मूल्य) होगी और उसके बाद अब तक की तरह ₹10,000 के गुणकों में
होगी ।
ख. खुदरा जनिेिक भारत सरकार की ददनांदकत प्रजतभूजतयों की नीलामी में, प्रजत नीलामी प्रजत प्रजतभूजत दो करोड़ रुपये (अंदकत
मूल्य) तक की राजि के जलए एकल बोली लगा सकते हैं।
VI. अन्य पररचालन ददिाजनदिे :
क. योजना के तहत नीलामी में भाग लेने के इच्छुक खुदरा जनिेिक को दकसी भी जडपॉजजटरी के साथ एक जडपॉजजटरी खाता
या एग्रीगेटर/फैजसजलटेटर के घटक सहायक जनरल लेज़र (सीएसजीएल) खाते या 'ररटेल डायरेक्ट' के तहत 'जगल्ट खाता'
(आरडीजी खाता) आरबीआई के साथ एक जगल्ट खाता रखना होगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
ख. योजना के तहत, एक जनिेिक नीलामी में केिल एक ही बोली लगा सकता ह।ै इस आिय का एक िचनपत्र दक जनिेिक
केिल एक ही बोली लगा रहा है, उसे एग्रीगेटर/फैजसजलटेटर द्वारा प्राप्त करना होगा और ररकॉडय में रखना होगा।
बोजलया ंलगाना:
ग. प्रत्येक एग्रीगेटर/फैजसजलटेटर अपने घटकों से प्राप्त दढ़ृ आदिे ों के आधार पर अपने सभी घटकों की ओर से भारतीय ररजि य
बैंक कोर बैंककग सॉल्यूिन (ई-कुबेर) प्रणाली पर इलेक्रॉजनक प्रारूप में एकल समेदकत गैर-प्रजतस्ट्पधी बोली प्रस्ट्तुत करेगा।
भारतीय ररजि य बैंक कोर बैंककग सॉल्यूिन (ई-कुबेर) प्रणाली की सामान्य जिफलता जैसी असाधारण पररजस्ट्थजतयों को
छोड़कर, भौजतक रूप में गैर-प्रजतस्ट्पधी बोली स्ट्िीकार नहीं की जाएगी।
बोजलयों का आिटं न:
घ. एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी खंड के तहत आिंटन प्रजतफल/मूल्य की भाररत औसत दर पर होगा जो प्रजतस्ट्पधी
बोली के आधार पर नीलामी में सामने आएगा। प्रजतभूजतयां एग्रीगेटर/फैजसजलटेटर को जारी करने की तारीख को भुगतान
के बदले जारी की जाएंगी, भले ही उन्होंने अपने ग्राहकों से भुगतान प्राप्त दकया हो।
ङ. यदद बोली की कुल राजि आरजक्षत राजि (अजधसूजचत राजि का 5%) से अजधक ह,ै तो आनुपाजतक आिटं न दकया जाएगा।
आंजिक आिंटन के मामले म,ें यह एग्रीगेटर/फैजसजलटेटर की जजम्मेदारी होगी दक ि े अपने ग्राहकों को पारदिी तरीके स े
प्रजतभूजतयों का उजचत आिंटन करें।
च. यदद बोली की कुल राजि आरजक्षत राजि से कम है, तो कमी को प्रजतस्ट्पधी जहस्ट्से में ल ेजाया जाएगा।
सरु क्षा का मद्दु ा:
छ. भारतीय ररजि य बैंक द्वारा प्रजतभूजत केिल एसजीएल रूप में जारी की जाएगी। एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी
बोजलयों की जनजिदा के समय उनके मुख्य एसजीएल या सीएसजीएल खाते में जमा की जाने िाली राजि (अंदकत मूल्य) को
स्ट्पष्ट रूप से इंजगत करना होगा।
ज. बाद में जनिेिक के कहने पर मुख्य एसजीएल खाते से भौजतक रूप में जडलीिरी की अनुमजत ह।ै
झ. यह एग्रीगेटर/फैजसजलटेटर की जजम्मेदारी होगी दक ि े अपने ग्राहकों को प्रजतभूजतयां द।ें असाधारण पररजस्ट्थजतयों को
छोड़कर, ग्राहकों को प्रजतभूजतयों का हस्ट्तांतरण जारी होने की तारीख से पांच कायय ददिसों के भीतर पूरा दकया जाना
चाजहए।
ग्राहकों स ेजलया जान ेिाला कमीिन/ब्रोकरेज
ञ. एग्रीगेटर/सुजिधाकताय अपने ग्राहकों को यह से
ट. िा प्रदान करने के जलए ब्रोकरेज/कमीिन/सेिा िुल्क के रूप में प्रजत ₹ 100 पर छह पैसे तक की िसूली कर सकते हैं। ऐसी
लागतों को जबक्री मूल्य में िाजमल दकया जा सकता ह ैया ग्राहकों से अलग से िसूल दकया जा सकता ह।ै
ठ. यदद प्रजतभूजतयां जारी होने की जतजथ के बाद प्रजतभूजतयों को स्ट्थानांतररत दकया जाता ह,ै तो ग्राहक द्वारा
एग्रीगेटर/फैजसजलटेटर को दये प्रजतफल राजि में जारी होने की तारीख से अर्थजत ब्याज िाजमल होगा।
ड. ग्राहकों से प्रजतभूजतयों की लागत, उपार्थजत ब्याज, जहां कहीं लागू हो, और दलाली/कमीिन/सेिा प्रभारों के जलए ग्राहक स े
अनुबंध के अनुसार एग्रीगेटर/सुजिधाकताय द्वारा भुगतान प्राप्त करने के तौर-तरीके तय दकए जा सकते ह।ैं
ढ. यह ध्यान ददया जा सकता है दक कोई अन्य लागत, जैसे दक फंल्डग लागत, को मूल्य में नहीं बनाया जाना चाजहए या ग्राहक
से िसूल नहीं दकया जाना चाजहए।
VII. ररपोर्टटग आिश्यकताएं:
एग्रीगेटसय/फैजसजलटेटरों को योजना के तहत संचालन से संबंजधत जानकारी भारतीय ररज़ि य बैंक (बैंक) को प्रस्ट्तुत करनी होगी,
जैसा दक समय-समय पर बैंक द्वारा जनधायररत समय सीमा के भीतर कहा जा सकता ह।ै
VIII. उपरोक्त ददिाजनदिे बैंक द्वारा समीक्षा के अधीन ह ैं और तदनुसार, यदद और जब आिश्यक समझा जाता ह,ै तो योजना म ें
संिोधन दकया जाएगा।[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 5
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 18th July, 2022
Auction for Sale (re-issue) of Government Security (GS)
F. No. 4(3)-B(W&M)/2022.—Government of India (GoI) hereby notifies sale (re-issue) of the following
Government Securities
Name of the Date of Original Tenure Notified Amount
Date of Maturity Base Method
Security Issue (yy-mm-dd) (in ₹ Crore)
6.69% GS 2024 Jun 27, 2022 02-00-00 Jun 27, 2024 Price Uniform 4,000
7.10% GS 2029 Apr 18, 2022 07-00-00 Apr 18, 2029 Price Uniform 7,000
6.54% GS 2032 Jan 17, 2022 10-00-00 Jan 17, 2032 Price Uniform 13,000
6.95% GS 2061 Nov 22, 2021 40-00-24 Dec 16, 2061 Price Multiple 9,000
GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above.
The sale will be subject to the terms and conditions spelt out in this notification (called ‗Specific Notification‘). The
Securities will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 as per the terms and
conditions specified in the General Notification F. No. 4(2)–W&M/2018, dated March 27, 2018 issued by Government
of India.
Allotment to Non-competitive Bidders
2. The Government Security up to 5% of the notified amount of the sale will be allotted to eligible individuals and
institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government
Securities (Annex).
Place and date of auction
3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on July 22, 2022.
Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution
(E-Kuber) system on July 22, 2022. The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m.
and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.
When Issued Trading
4. The Securities will be eligible for ―When Issued‖ trading in accordance with the guidelines issued by the Reserve
Bank of India.
Date of issue and payment for the securities
5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on July 22,
2022.The payment by successful bidders will be on July 25, 2022 i.e. the date of re-issue. The payment for the
securities will include accrued interest on the nominal value of the Securities allotted in the auction from the date of
original issue / last coupon payment date to the date upto which accrued interest is due as mentioned in the table in
para 6.
Payment of Interest and Re-payment of securities
6. Interest will accrue on the nominal value of the Securities from the date of original issue / last coupon payment and
will be paid half yearly. The Securities will be repaid at par on date of maturity.
Coupon rate Date of Last Coupon Date up to which accrued Date of Coupon payments
Name of the Security
(%) payment interest is due (month / date)
6.69% GS 2024 6.69 New Security Jul 24, 2022 Dec 27 and Jun 27
7.10% GS 2029 7.10 New Security Jul 24, 2022 Oct 18 and Apr 18
6.54% GS 2032 6.54 Jul 17, 2022 Jul 24, 2022 Jan 17 and Jul 17
6.95% GS 2061 6.95 Jun 16, 2022 Jul 24, 2022 Dec 16 and Jun 16
By Order of the President of India,
ASHISH VACHHANI, Jt. Secy.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
Annex
Scheme for Non-competitive Bidding Facility in the Auction of
Government of India Dated Securities and Treasury Bills
I. Scope: With a view to encouraging wider participation and retail holding of Government securities, retail
investors are allowed participation on ―non-competitive‖ basis in select auctions of dated Government of India
(GoI) securities and Treasury Bills.
II. Definitions: For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:
a. Retail investor is any person, including individuals, firms, companies, corporate bodies, institutions,
provident funds, trusts, and any other entity as may be prescribed by RBI.
b. ‗Aggregator/Facilitator‘ means a Scheduled Bank or Primary Dealer or Specified Stock Exchange or any
other entity approved by RBI, permitted to aggregate the bids received from the investors and submit a
single bid in the non-competitive segment of the primary auction.
c. ‗Specified stock exchange‘ means SEBI recognized Stock Exchange, which have received No Objection
Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction segment.
d. ‗Eligible Provident Funds‘ are those non-government provident funds governed by the Provident Funds
Act, 1925 whose investment pattern is decided by the Government of India.
III. Eligibility:
a. Participation on a non-competitive basis in the auctions will be open to a retail investor who:
i. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with the
Reserve Bank of India; and
ii. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
iii. Maintains the ‗Retail Direct Gilt Account‘ (RDG Account) with RBI
Exceptions:
a. Regional Rural Banks (RRBs) and Cooperative Banks:
i. Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme only in
the auctions of dated securities in view of their statutory obligations.
ii. Since these banks maintain SGL account and current account with the Reserve Bank of India, they
shall be eligible to submit their non-competitive bids directly.
b. State Governments, eligible provident funds and Others:
i. State Governments, eligible provident funds in India, the Nepal Rashtra Bank, Royal Monetary
Authority of Bhutan and any Person or Institution, specified by the Bank, with the approval of
Government, shall be covered under this scheme only in the auctions of Treasury Bills.
ii. These bids will be outside the notified amount.
iii. There will not be any restriction on the maximum amount of bid for these entities.
IV. Quantum: Allocation of non-competitive bids from retail investors will be restricted to a maximum of five
percent of the aggregate nominal amount of the issue within the notified amount as specified by the
Government of India, or any other percentage determined by Reserve Bank of India.
V. Amount of Bid:
a. The minimum amount for bidding will be ₹10,000 (face value) and therefore in multiples in ₹10,000 as
hitherto.
b. In the auctions of GoI dated securities, the retail investors can make a single bid for an amount not more
than Rupees Two crore (face value) per security per auction.
VI. Other Operational Guidelines:
a. The retail investor desirous of participating in the auction under the Scheme would be required to
maintain a depository account with any of the depositories or a gilt accoun5 under the constituent
subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‗Retail Direct Gilt Account‘
(RDG Account) with RBI.[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 7
b. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect that
the investor is making only a single bid will have to obtained and kept on record by the Aggregator/
Facilitator.
Submission of Bids:
c. Each Aggregator/Facilitator on the basis of firm orders received from their constituents with submit a
single consolidated non-competitive bid on behalf of all its constituents in electronic format on the
Reserve Bank of India Core Banking Solution (E-Kuber) system. Except in extraordinary circumstances
such as general failure of the Reserve Bank of India Core Banking Solution (E-Kuber) system, non-
competitive bid in physical form will not be accepted.
Allotment of Bids:
d. Allotment under the non-competitive segment to the Aggregator/Facilitator will be at the weighted
average rate of yield/price that will emerge in the auction on the basis of the competitive bidding. The
securities will be issued to the Aggregator/Facilitator against payment on the date of issue irrespective of
whether they have received payment from their clients.
e. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro rata
allotment would be made. In case of partial allotments, it will be the responsibility of the
Aggregator/Facilitator to appropriately allocate securities to their clients in a transparent manner.
f. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to
competitive portion.
Issue of Security:
g. Security would be issued only in SGL form by RBI. The Aggregator/Facilitator has to clearly indicate at
the time of tendering the non-competitive bids the amounts (face value) to be credited to their main SGL
or CSGL account.
h. Delivery in physical form from the Main SGL account is permissible at the instance of the investor
subsequently.
i. It will be the responsibility of the Aggregator/Facilitator to pass on the securities to their clients. Except
in extraordinary circumstances, the transfer of securities to the client should b completed within five
working days from the date of issue.
Commission/Brokerage charged to Clients:
j. The Aggregator/Facilitator can recover up to six paise per ₹ 100 as brokerage/commission/service
charges for rendering this service to their clients. Such costs may be built into the sale price or recovered
separately from the clients.
k. In case, the securities are transferred subsequent to the issue date of the security, the consideration
amount payable by the client to the Aggregator/Facilitator will include accrued interest from the date of
issue.
l. Modalities for obtaining payment from clients towards cost of the securities, accrued interest, wherever
applicable, and brokerage/commission/service charges may be worked out by the Aggregator/Facilitator
as per agreement with the client.
m. It may be noted that no other costs, such as funding costs, should be built into the price or recovered
from the client.
VII. Reporting Requirements:
Aggregators/Facilitators will be required to furnish information relating to operations under the Scheme to the
Reserve Bank of India (Bank) as may be called for from time to time within the time frame prescribed by the
Bank.
VIII. The aforesaid guidelines are subject to review by the Bank and accordingly, if and when considered
necessary, the Scheme will be modified.
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