## Government Securities Auction and Non-Competitive Bidding Facility: Policy Analysis
**1. Executive Summary:**
This report analyzes a government notification regarding the auction and sale/reissue of Government Securities (GS) and an associated scheme for Non-Competitive Bidding (NCB) facility. The core purpose of the policy is to facilitate government borrowing and promote wider participation in the government securities market, especially from retail investors. The key findings highlight the schedule for upcoming auctions, the specific securities being offered, and the eligibility criteria and operational guidelines for non-competitive bidding. The analysis focuses on the auction details and the NCB scheme, revealing the mechanisms for facilitating retail investment in government securities.
**2. Introduction:**
This report provides an informative overview and analysis of a government policy, specifically focusing on the notification regarding the auction and sale/reissue of Government Securities (GS) and the associated scheme for Non-Competitive Bidding (NCB) facility. The analysis is based solely on the text of the provided document and aims to inform affected industries.
**3. Policy Overview:**
* **Core Objective(s):** The core objectives of the policy, as inferred from the provided text, are:
* To raise funds for the Government of India through the auction and reissue of Government Securities.
* To encourage wider participation and retail holding of Government securities, especially through the non-competitive bidding facility.
* To provide a mechanism for eligible entities, including retail investors, to invest in government securities.
**4. Background and Rationale:**
* **Likely problem/issue the policy addresses, inferring from the text:** The policy addresses the need for the government to efficiently manage its debt and raise funds. Additionally, it seeks to broaden the investor base for government securities, especially by including retail investors who may lack the resources or expertise to participate in competitive bidding. The NCB facility is specifically designed to overcome these barriers.
**5. Key Provisions / Changes:**
* The provided text establishes the following main components, rules, and actions:
* **Auction Notification:** Notifies the sale/reissue of four Government Securities with specific names (6.69 GS 2024, 7.10 GS 2029, 7.54 GS 2036, and 7.40 GS 2062), issue dates, maturity dates, amounts offered, and auction methods (Uniform Price and Multiple Price).
* **Auction Schedule:** Sets the auction date as December 02, 2022, and specifies time windows for non-competitive (10.30 a.m. to 11.00 a.m.) and competitive bids (10.30 a.m. to 11.30 a.m.).
* **Payment Date:** Determines the payment date for successful bidders as December 05, 2022, which includes accrued interest.
* **Non-Competitive Bidding (NCB) Facility:** Establishes a scheme allowing retail investors to participate in auctions without competitive bidding, with up to 5% of the notified amount reserved for this facility.
* **Eligibility for NCB:** Defines eligibility criteria for retail investors participating in NCB, including not maintaining a current account or SGL account with the RBI and submitting bids through an Aggregator/Facilitator or maintaining a Retail Direct Gilt Account (RDG).
* **Amount of Bid for NCB:** Sets the minimum bid amount at ₹10,000 (face value) and allows a single bid up to ₹2 crore for GoI dated securities per auction.
* **Operational Guidelines for NCB:** Provides guidelines for maintaining depository accounts, submitting consolidated bids through Aggregators/Facilitators, allotment procedures, security issuance in SGL form, transfer of securities to clients, and commission/brokerage charges.
* **Reporting Requirements for NCB:** Mandates Aggregators/Facilitators to furnish information related to the scheme to the Reserve Bank of India.
* **Interest Payments:** Stipulates that interest will accrue from the date of original issue/last coupon payment and will be paid half-yearly.
* **Repayment:** The securities will be repaid at par on the date of maturity.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders include:
* **Retail Investors:** Individuals, firms, companies, corporate bodies, institutions, provident funds, and trusts interested in investing in government securities through the non-competitive bidding facility.
* **Aggregators/Facilitators:** Scheduled Banks, Primary Dealers, Specified Stock Exchanges, or any other entity approved by RBI that can aggregate bids from investors.
* **Reserve Bank of India (RBI):** The central bank responsible for conducting the auctions and overseeing the implementation of the policy.
* **Government of India (GoI):** The issuer of the securities and the beneficiary of the funds raised.
* **Regional Rural Banks (RRBs) and Cooperative Banks**: These are explicitly mentioned as entities covered under the scheme for dated securities auctions.
* **State Governments, eligible provident funds, Nepal Rashtra Bank, Royal Monetary Authority of Bhutan:** These are covered under the scheme only in the auctions of Treasury Bills.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Reserve Bank of India (RBI) is the primary agency responsible for conducting the auctions and overseeing the implementation of the policy. The Ministry of Finance, Department of Economic Affairs, Budget Division, is responsible for issuing the notification. Aggregators/Facilitators play a crucial role in enabling retail participation in NCB.
* **Timelines and Procedures:**
* Auction Date: December 02, 2022.
* Bid Submission: Non-competitive bids between 10:30 a.m. and 11:00 a.m.; competitive bids between 10:30 a.m. and 11:30 a.m.
* Payment Date: December 05, 2022.
* Aggregators/Facilitators are expected to transfer securities to clients within five working days from the date of issue.
* Aggregators/Facilitators must maintain records of undertakings from investors ensuring single bids.
**8. Expected Outcomes / Impact of Changes:**
* The likely intended outcomes based on the policy's stated provisions in the text are:
* **Successful Government Borrowing:** Efficient fundraising for the Government of India through the sale and reissue of government securities.
* **Increased Retail Participation:** Broader participation of retail investors in the government securities market, contributing to a more diversified investor base.
* **Enhanced Transparency:** Clear guidelines for non-competitive bidding and reporting requirements promote transparency in the auction process.
* **Development of Debt Market:** Encouraging wider participation in government securities contributes to the overall development and deepening of the debt market.
**9. Conclusion:**
The government notification regarding the auction and sale/reissue of Government Securities and the associated scheme for Non-Competitive Bidding facility aims to facilitate government borrowing and promote wider participation in the government securities market. The policy establishes clear guidelines for auctions, eligibility criteria, and operational procedures, particularly for retail investors. The expected outcomes include successful fundraising for the government, increased retail participation, and enhanced transparency in the auction process. This policy is significant for both government finances and the development of the debt market, offering opportunities for diverse investors to participate in government securities.
Key Entities Referenced
NEW DELHI: Place of publication of the gazette notification.
Ministry of Finance: The Indian government ministry under which the Department of Economic Affairs and Budget Division operate.
Department of Economic Affairs: A department within the Ministry of Finance.
Budget Division: A division within the Department of Economic Affairs.
Government Securities: Debt instruments issued by the Government of India.
Reserve Bank of India: The central bank of India, responsible for conducting the auction and managing government securities.
Mumbai Office, Fort, Mumbai: The specific branch of the Reserve Bank of India in Mumbai where the auction will be conducted.
Government of India: The governing body of India.
6.69 GS 2024: A specific Government Security with a coupon rate of 6.69% maturing in 2024.
7.10 GS 2029: A specific Government Security with a coupon rate of 7.10% maturing in 2029.
7.54 GS 2036: A specific Government Security with a coupon rate of 7.54% maturing in 2036.
7.40 GS 2062: A specific Government Security with a coupon rate of 7.40% maturing in 2062.
General Notification F.No.42 WM2018: A general notification issued by the Government of India regarding the terms and conditions of government security sales.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities: A scheme that allows retail investors to participate in government security auctions on a noncompetitive basis.
December 02, 2022: The date on which the auction will be conducted.
December 05, 2022: The date of issue and payment for the security.
Ashish Vachhani: The Additional Secretary who signed the notification.
Treasury Bills: Short-term debt instruments issued by the Government of India.
Provident Funds Act, 1925: The governing act for non-government provident funds.
Nepal Rashtra Bank: The central bank of Nepal.
Royal Monetary Authority of Bhutan: The central bank of Bhutan.
Regional Rural Banks: Regional Rural Banks in India.
SEBI: Securities and Exchange Board of India
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-28112022-240622
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असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 294] नई दिल्ली, सोमिार, निम्ब र 28, 2022/अग्रहायण 7, 1944
No. 294] NEW DELHI, MONDAY, NOVEMBER 28, 2022/AGRAHAYANA 7, 1944
जित्त मत्रं ालय
(आर्थकि काय िजिभाग)
(बिट प्रभाग)
अजधसचू ना
नई दिल् ली, 28 निम् बर, 2022
सरकारी प्रजतभजू त (िी एस) की जबक्री (पनु र्नगि मि ) के जलए नीलामी
फा. स.ं 4(3)-बी(डब्ल् य एू ंडएम)/2022.— भारत सरकार एति्द्वारा नीचे दिए गए अनुसार सरकारी प्रजतभूजतयों, की जबक्री
(पुनर्निगिम) अजधसूजचत करती ह।ै
नीलामी नीलामी अजधसूजचत
मूल जनगिम की मूल अिजध पररपक्वता की
प्रजतभूजत का नाम का की राजि
तारीख (िर्ि-माह-दिन) तारीख
आधार जिजध (करोड़ ₹ में)
6.69% सरकारी प्रजतभूजत, 2024 27 िून, 2022 02-00-00 27 िून, 2024 मूल्य समान 4,000
7.10% सरकारी प्रजतभूजत, 2029 18 अप्रैल, 2022 07-00-00 18 अप्रैल, 2029 मूल्य समान 6,000
7.54% सरकारी प्रजतभूजत, 2036 23 मई, 2022 14-00-00 23 मई, 2036 मूल्य समान 11,000
7.40% सरकारी प्रजतभूजत, 2062 19 जसतम्बर, 2022 40-00-00 19 जसतम्बर, 2062 मूल्य जिजिध 9,000
भारत सरकार के पास उपरोक्त प्रत्येक प्रजतभूजत में 2,000 करोड़ रुपए की सीमा तक, अजतररक्त अजभिान बनाए रखने का जिकल्प
होगा। यह जबक्री इस अजधसूचना (जिसे 'जिजिष् ट अजधसूचना' कहा गया ह)ै में उजल्लजखत ितों के अधीन होगी। उपयुिक् त सरकारी
प्रजतभूजतया,ं भारत सरकार द्वारा िारी सामान्य अजधसूचना फा. सं. 4(2)-डब् ल् यूएंडएम/2018, दिनांक 27 माचि, 2018 में जनर्िष्टि
जनयमों और ितों के अनुसार, भारतीय ररििि बैंक, मुंबई कायािलय, फोटि, मुंबई - 400001 के माध्यम से बेची िाएंगी।
7888 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
अप्रजतस्ट्पधी बोलीिाताओं को आबटं न
2. सरकारी प्रजतभूजतयों की नीलाजमयों में अप्रजतस्ट्पधी बोली िने े की सुजिधा की संलग्न स्ट्कीम (अनुबंध) के अनुसार, जबक्री की अजधसूजचत
राजि का 5 प्रजतित तक सरकारी प्रजतभूजत पात्र व् यजक्तयों और संस्ट्थाओं को आबंरटत दकया िाएगा ।
नीलामी का स्ट्थान एिं तारीख
3. यह नीलामी भारतीय ररिि िबैंक, मुंबई कायािलय, फोटि, मुंबई-400001 द्वारा 02 दिसम्बर, 2022 को संचाजलत की िाएगी। नीलामी
हते ु बोजलयां भारतीय ररिि ि बैंक कोर बैंककंग सोल्यूिन (ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र में 02 दिसम्बर, 2022 को प्रस्ट्तुत की
िानी चाजहए। अप्रजतस्ट्पधी बोजलयां पूिािह्न 10.30 बिे से पूिािह्न 11.00 बिे के बीच और प्रजतस्ट्पधी बोजलयां पूिािह्न 10.30 बिे स े
पूिािह्न 11.30 बिे के बीच प्रस्ट्तुत की िानी चाजहए।
कब जनगजि मत कारोबार
4. ये प्रजतभजू तया,ं भारतीय ररििि बैंक द्वारा िारी दििाजनििे ों के अनुसार, 'कब जनगिजमत’ कारोबार के जलए पात्र होंगी।
जनगमि की तारीख और प्रजतभजू त के जलए भुगतान
5. नीलामी का पररणाम भारतीय ररििि बैंक द्वारा अपने िैबसाइट (www.rbi.org.in) पर 02 दिसम्बर, 2022 को प्रिर्िित दकया
िाएगा। सफल बोलीिाताओं द्वारा भुगतान 05 दिसम्बर, 2022 अथाित् पुनर्निगिम की तारीख को दकया िाएगा। प्रजतभूजत के जलए भुगतान
में नीलामी में आबंरटत प्रजतभूजत के अंदकत मूल्य पर, मूलजनगिम/अंजतम कूपन भुगतान की तारीख से प्रोद्भूत ब्याि िये होने की तारीख तक
प्रोद्भूत ब्याि िाजमल होगा िैसा दक पैरा 6 में ताजलका में उजल्लजखत ह।ै
ब्याि का भगु तान और प्रजतभजू त का पनु भुिगतान
6. मूल जनगिम/अंजतम कूपन भुगतान की तारीख से प्रजतभूजत के अंदकत मूल्य पर ब्याि प्रोद्भूत होगा तथा इसका भुगतान अर्द्िि ार्र्िक
आधार पर दकया िाएगा। प्रजतभूजत का पुनभुिगतान पररपक्वता की तारीख पर सममूल्य पर दकया िाएगा।
जपछल ेकूपन भगु तान दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
प्रजतभजूत का नाम कूपन िर (%)
की तारीख ब्याि िेय ह ै (माह/तारीख)
6.69% सरकारी प्रजतभूजत, 2024 6.69 नई प्रजतभूजत 04 दिसम्बर, 2022 27 दिसम्बर और 27 िून
7.10% सरकारी प्रजतभूजत, 2029 7.10 18 अक्तूबर, 2022 04 दिसम्बर, 2022 18 अप्रैल और 18 अक्तूबर
7.54% सरकारी प्रजतभूजत, 2036 7.54 23 निम्बर, 2022 04 दिसम्बर, 2022 23 मई और 23 निम्बर
7.40% सरकारी प्रजतभूजत, 2062 7.40 नई प्रजतभूजत 04 दिसम्बर, 2022 19 माचि और 19 जसतम्बर
भारत के राष्ट्रपजत के आिेि से,
आिीर् िच्छानी, अपर सजचि
अनबु धं
भारत सरकार के दिनादं कत प्रजतभजू तयों और रेिरी जबलों की नीलामी म ेंगैर-प्रजतस्ट्पधी बोली सजु िधा के जलए योिना
I. क्षेत्र: सरकारी प्रजतभूजतयों की व्यापक भागीिारी और खुिरा होलल्डंग को प्रोत्साजहत करने की िजृष्ट से, खुिरा जनिेिकों को
दिनांदकत भारत सरकार (िीओआई) प्रजतभूजतयों और रेिरी जबलों की चुलनंिा नीलाजमयों में "गैर-प्रजतस्ट्पधी" आधार पर
भागीिारी की अनुमजत ह।ै
II. पररभार्ाएं: इस योिना के प्रयोिन के जलए, पररभार्ा का अथि जनम्नानुसार ह:ै
क. खुिरा जनिेिक कोई भी व्यजक्त है, जिसमें व्यजक्त, फमि, कंपजनयां, कॉपोरेट जनकाय, संस्ट्थान, भजिष्य जनजध, रस्ट्ट और
आरबीआई द्वारा जनधािररत कोई अन्य संस्ट्था िाजमल ह।ै
ख. 'एग्रीगेटर/फैजसजलटेटर' का अथि अनुसूजचत बैंक या प्राथजमक डीलर या जनर्िष्टि स्ट्टॉक एक्सचेंि या आरबीआई द्वारा
अनुमोदित कोई अन्य संस्ट्था ह,ै जिसे जनिेिकों से प्राप्त बोजलयों को एकजत्रत करने और प्राथजमक नीलामी के गैर-प्रजतस्ट्पधी
खंड में एकल बोली िमा करने की अनुमजत ह।ै
ग. 'जनर्िष्टि स्ट्टॉक एक्सचेंि' का अथि सेबी से मान्यताप्राप्त स्ट्टॉक एक्सचेंि है, जिसे प्राथजमक नीलामी खंड में एग्रीगेटर/
सुजिधाकताि के रूप में कायि करने के जलए सेबी से अनापजत्त प्रमाण-पत्र (एनओसी) प्राप्त हुआ ह।ै
घ. 'पात्र भजिष्य जनजध' ि ेगैर-सरकारी भजिष्य जनजध ह ैंिो भजिष्य जनजध अजधजनयम 1925 और कमिचारी भजिष्य जनजध और
जिजिध द्वारा िाजसत ह।ैं प्रािधान अजधजनयम, 1952 जिसका जनिेि पैटनि भारत सरकार द्वारा तय दकया िाता ह।ै[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3
III. पात्रता:
क. नीलामी में गैर-प्रजतस्ट्पधी आधार पर भागीिारी एक खुिरा जनिेिक के जलए खुली होगी िो:
1. भारतीय ररिि िबैंक के साथ चालू खाता (सीए) या सहायक िनरल लेिर (एसिीएल) खाता नहीं रखता ह;ै तथा
2. योिना के तहत अनुमत एग्रीगेटर/फैजसजलटेटर के माध्यम से अप्रत्यक्ष रूप से बोली िमा करता है; या
3. आरबीआई के साथ 'ररटेल डायरेक्ट जगल्ट अकाउंट' (आरडीिी अकाउंट) रखता ह ै।
अपिाि:
क. क्षेत्रीय ग्रामीण बैंक (आरआरबी) और सहकारी बैंक:
1. क्षेत्रीय ग्रामीण बैंकों (आरआरबी) और सहकारी बैंकों को इस योिना के तहत उनके सांजिजधक िाजयत्िों को िखे ते हुए
दिनांदकत प्रजतभूजतयों की नीलामी में ही िाजमल दकया िाएगा।
2. चूंदक ये बैंक भारतीय ररिि ि बैंक के पास एसिीएल खाता और चालू खाता रखते ह,ैं इसजलए ि ेअपनी गैर-प्रजतस्ट्पधी
बोजलयां सीधे िमा 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
जनर्िष्टि कोई भी व्यजक्त या संस्ट्थान, सरकार के अनुमोिन से, इस योिना के तहत केिल रेिरी जबलों की नीलामी म ें
किर दकया िाएगा।
2. ये बोजलयां अजधसूजचत राजि से बाहर होंगी।
3. इन संस्ट्थाओं के जलए बोली की अजधकतम राजि पर कोई प्रजतबंध नहीं होगा।
IV. मात्रा: खुिरा जनिेिकों से गैर-प्रजतस्ट्पधी बोजलयों का आिंटन भारत सरकार द्वारा जनर्िष्टि अजधसूजचत राजि के भीतर जनगिम
की कुल नाममात्र राजि के अजधकतम पांच प्रजतित या भारतीय ररििि बैंक द्वारा जनधािररत दकसी अन्य प्रजतित तक सीजमत
होगा।
V. बोली की राजि:
क. बोली लगाने के जलए न्यूनतम राजि ₹10,000 (अंदकत मूल्य) होगी और उसके बाि अब तक की तरह ₹10,000 के
गुणकों में होगी ।
ख. खुिरा जनिेिक भारत सरकार की दिनांदकत प्रजतभूजतयों की नीलामी में, प्रजत नीलामी प्रजत प्रजतभूजत िो करोड़ रुपये
(अंदकत मूल्य) तक की राजि के जलए एकल बोली लगा सकते हैं।
VI. अन्य पररचालन दििाजनििे :
क. योिना के तहत नीलामी में भाग लेने के इच्छुक खुिरा जनिेिक को दकसी भी जडपॉजिटरी के साथ एक जडपॉजिटरी खाता
या एग्रीगेटर/फैजसजलटेटर के घटक सहायक िनरल लेज़र (सीएसिीएल) खाते या 'ररटेल डायरेक्ट' के तहत 'जगल्ट खाता'
(आरडीिी खाता) आरबीआई के साथ एक जगल्ट खाता रखना होगा।
ख. योिना के तहत, एक जनिेिक नीलामी में केिल एक ही बोली लगा सकता है। इस आिय का एक िचनपत्र दक जनिेिक
केिल एक ही बोली लगा रहा है, उसे एग्रीगेटर/फैजसजलटेटर द्वारा प्राप्त करना होगा और ररकॉडि में रखना होगा।
बोजलया ंलगाना:
ग. प्रत्येक एग्रीगेटर/फैजसजलटेटर अपने घटकों से प्राप्त िढ़ृ आििे ों के आधार पर अपने सभी घटकों की ओर से भारतीय ररिि ि
बैंक कोर बैंककंग सॉल्यूिन (ई-कुबेर) प्रणाली पर इलेक्रॉजनक प्रारूप में एकल समेदकत गैर-प्रजतस्ट्पधी बोली प्रस्ट्तुत करेगा।
भारतीय ररिि ि बैंक कोर बैंककंग सॉल्यूिन (ई-कुबेर) प्रणाली की सामान्य जिफलता िैसी असाधारण पररजस्ट्थजतयों को
छोड़कर, भौजतक रूप में गैर-प्रजतस्ट्पधी बोली स्ट्िीकार नहीं की िाएगी।
बोजलयों का आिटं न:
घ. एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी खंड के तहत आिंटन प्रजतफल/मूल्य की भाररत औसत िर पर होगा िो प्रजतस्ट्पधी
बोली के आधार पर नीलामी में सामने आएगा। प्रजतभूजतया ं एग्रीगेटर/फैजसजलटेटर को िारी करने की तारीख को भुगतान
के बिले िारी की िाएंगी, भले ही उन्होंने अपने ग्राहकों से भुगतान प्राप्त दकया हो।
ङ. यदि बोली की कुल राजि आरजक्षत राजि (अजधसूजचत राजि का 5%) से अजधक है, तो आनुपाजतक आिंटन दकया िाएगा।
आंजिक आिंटन के मामले में, यह एग्रीगेटर/फैजसजलटेटर की जिम्मेिारी होगी दक ि े अपने ग्राहकों को पारििी तरीके स े
प्रजतभूजतयों का उजचत आिंटन करें।
च. यदि बोली की कुल राजि आरजक्षत राजि से कम है, तो कमी को प्रजतस्ट्पधी जहस्ट्से में ल ेिाया िाएगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
सरु क्षा का मद्दु ा:
छ. भारतीय ररिि ि बैंक द्वारा प्रजतभूजत केिल एसिीएल रूप में िारी की िाएगी। एग्रीगेटर/फैजसजलटेटर को गैर-प्रजतस्ट्पधी
बोजलयों की जनजििा के समय उनके मुख्य एसिीएल या सीएसिीएल खाते में िमा की िाने िाली राजि (अंदकत मूल्य)
को स्ट्पष्ट रूप से इंजगत करना होगा।
ि. बाि में जनिेिक के कहने पर मुख्य एसिीएल खाते से भौजतक रूप में जडलीिरी की अनुमजत ह।ै
झ. यह एग्रीगेटर/फैजसजलटेटर की जिम्मेिारी होगी दक ि े अपने ग्राहकों को प्रजतभूजतयां ि।ें असाधारण पररजस्ट्थजतयों को
छोड़कर, ग्राहकों को प्रजतभूजतयों का हस्ट्तांतरण िारी होने की तारीख से पांच कायि दििसों के भीतर पूरा दकया िाना
चाजहए।
ग्राहकों स ेजलया िान ेिाला कमीिन/ब्रोकरेि
ञ. एग्रीगेटर/सुजिधाकताि अपने ग्राहकों को यह सेिा प्रिान करने के जलए ब्रोकरेि/कमीिन/सेिा िुल्क के रूप में प्रजत ₹ 100
पर छह पैसे तक की िसूली कर सकते ह।ैं ऐसी लागतों को जबक्री मूल्य में िाजमल दकया िा सकता ह ैया ग्राहकों से अलग
से िसूल दकया िा सकता ह।ै
ट. यदि प्रजतभूजतयां िारी होने की जतजथ के बाि प्रजतभूजतयों को स्ट्थानांतररत दकया िाता ह,ै तो ग्राहक द्वारा एग्रीगेटर/
फैजसजलटेटर को िये प्रजतफल राजि में िारी होने की तारीख से अर्िित ब्याि िाजमल होगा।
ठ. ग्राहकों से प्रजतभूजतयों की लागत, उपार्िित ब्याि, िहां कहीं लागू हो, और िलाली/कमीिन/सेिा प्रभारों के जलए ग्राहक
से अनुबंध के अनुसार एग्रीगेटर/सुजिधाकताि द्वारा भुगतान प्राप्त करने के तौर-तरीके तय दकए िा सकते ह।ैं
ड. यह ध्यान दिया िा सकता है दक कोई अन्य लागत, िैसे दक फंलडंग लागत, को मूल्य में नहीं बनाया िाना चाजहए या
ग्राहक से िसूल नहीं दकया िाना चाजहए।
VII. ररपोर्टिंग आिश्यकताएं:
एग्रीगेटसि/फैजसजलटेटरों को योिना के तहत संचालन से संबंजधत िानकारी भारतीय ररज़ि ि बैंक (बैंक) को प्रस्ट्तुत करनी होगी,
िैसा दक समय-समय पर बैंक द्वारा जनधािररत समय-सीमा के भीतर कहा िा सकता ह।ै
VIII. उपरोक्त दििाजनििे बैंक द्वारा समीक्षा के अधीन ह ैं और तिनुसार, यदि और िब आिश्यक समझा िाता ह,ै तो योिना म ें
संिोधन दकया िाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 28th November, 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 June 27, 2024 Price Uniform 4,000
7.10% GS 2029 Apr 18, 2022 07-00-00 Apr 18, 2029 Price Uniform 6,000
7.54% GS 2036 May 23, 2022 14-00-00 May 23, 2036 Price Uniform 11,000
7.40% GS 2062 Sep 19, 2022 40-00-00 Sep 19, 2062 Price Multiple 9,000
GoI will have the option to retain additional subscription up to Rs. 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).[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 5
Place and date of auction
3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on
December 02, 2022. Bids for the auction should be submitted in electronic format on the Reserve Bank of
India Core Banking Solution (E-Kuber) system on December 02, 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 security
5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on
December 02, 2022.The payment by successful bidders will be on December 05, 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 up to which
accrued interest is due as mentioned in the table in para 6.
Payment of Interest and Re-payment of security
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.
Date of Coupon
Name of the Coupon rate Date of Last Date up to which
payments
Security (%) Coupon payment accrued interest is due
(month / date)
6.69% GS 2024 6.69 New Security Dec 04, 2022 Dec 27 and June 27
7.10% GS 2029 7.10 Oct 18, 2022 Dec 04, 2022 Apr 18 and Oct 18
7.54% GS 2036 7.54 Nov 23, 2022 Dec 04, 2022 May 23 and Nov 23
7.40% GS 2062 7.40 New Security Dec 04, 2022 Mar 19 and Sep 19
By Order of the President of India,
ASHISH VACHHANI, Addl. Secy.
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 RBI6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
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 account under the
constituent subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‘Retail Direct
Gilt Account’ (RDG Account) with RBI.
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.[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 7
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.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.