## Report on Government of India Securities (GoI) Auction and Non-Competitive Bidding Facility
**1. Executive Summary:**
This report analyzes a notification from the Government of India regarding the sale and reissue of Government Securities (GS), specifically two securities maturing in 2039 and 2065. The notification outlines the auction process, eligibility criteria, and terms and conditions for both competitive and non-competitive bidding. A key component is the "Scheme for Non-competitive Bidding Facility" which aims to encourage wider participation, particularly by retail investors, in GoI securities. This report details the key provisions of this scheme, highlighting eligibility, quantum, operational guidelines, and reporting requirements. The expected outcome is increased retail investment in GoI securities.
**2. Introduction:**
This report aims to provide a comprehensive overview of the Government of India's notification concerning the auction and reissue of specific Government Securities, as published in *The Gazette of India* on May 5, 2025. The report focuses on the key provisions related to the auction process and, in particular, the "Scheme for Non-competitive Bidding Facility," designed to promote retail participation in the government securities market. The analysis is based solely on the information provided in the notification.
**3. Policy Overview:**
This is a new policy announcement detailing the sale and reissue of government securities and specifically outlines the scheme for non-competitive bidding.
* **Core Objective(s):** Based on the text, the core objectives are:
* To sell and reissue specific Government Securities (GS) maturing in 2039 and 2065.
* To encourage wider participation and retail holding of Government securities through a non-competitive bidding facility.
**4. Background and Rationale:**
The policy addresses the need to broaden the investor base for Government Securities, particularly by attracting retail investors. It is inferred that traditionally, the GoI securities market might be dominated by larger institutional investors. The "Scheme for Non-competitive Bidding Facility" is designed to lower the barriers to entry for smaller investors, thereby increasing demand and potentially reducing the government's borrowing costs. The policy attempts to improve diversity and accessibility of the GoI security market.
**5. Key Provisions / Changes:**
This is a new policy, the key components, rules, and actions mandated are:
* **Auction Details:** The notification announces the auction of two Government Securities:
* 6.92 GS 2039 maturing on November 18, 2039, with an original issue date of November 18, 2024, and a notified amount of ₹16,000 crore.
* 6.90 GS 2065 maturing on April 15, 2065, with an original issue date of April 15, 2025, and a notified amount of ₹16,000 crore.
* The Government retains the option to accept additional subscriptions up to ₹2,000 crore for each security.
* The auction will be conducted by the Reserve Bank of India (RBI) on May 09, 2025.
* Bids are to be submitted electronically through the RBI's e-Kuber system.
* **Non-Competitive Bidding Facility:**
* Up to 5% of the notified amount is reserved for non-competitive bidders (retail investors).
* **Eligibility:** Retail investors who do not maintain a current account or SGL account with the RBI and who submit bids through an Aggregator/Facilitator or maintain a Retail Direct Gilt Account (RDG Account) with RBI are eligible. Regional Rural Banks (RRBs) and Cooperative Banks are exceptions, allowed to bid directly for dated securities.
* **Quantum:** The amount of the bid must be a minimum of ₹10,000 (face value) and in multiples thereof. For GoI dated securities, retail investors can make a single bid for an amount not more than ₹2 crore (face value) per security per auction.
* **Procedure:** Retail investors must maintain a depository account or gilt account. They can only submit a single bid per auction. Aggregators/Facilitators submit consolidated non-competitive bids electronically.
* **Allotment:** Allotment is at the weighted average rate of yield/price from the competitive bidding. Pro-rata allotment will be done if bids exceed the reserved amount.
* **Commission/Brokerage:** Aggregators/Facilitators can charge up to six paise per ₹100 as brokerage/commission.
* **Reporting Requirements:** Aggregators/Facilitators must furnish information to the RBI as required.
**6. Target Audience and Stakeholders:**
The primary target audience is **retail investors** (individuals, firms, companies, corporate bodies, institutions, provident funds, and trusts) interested in investing in Government Securities. Other stakeholders include:
* **Reserve Bank of India (RBI):** Responsible for conducting the auction and overseeing the non-competitive bidding process.
* **Scheduled Banks, Primary Dealers, and Specified Stock Exchanges:** Act as Aggregators/Facilitators.
* **Provident Funds:** Eligible non-government provident funds.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Reserve Bank of India (RBI) is the primary agency responsible for implementing the auction process and the non-competitive bidding facility. Aggregators/Facilitators also play a crucial role in facilitating retail participation.
* **Timeline:** The auction is scheduled for May 09, 2025, with bids to be submitted electronically. The payment date is May 13, 2025.
* **Procedures:** The process involves submitting bids electronically through the RBI's e-Kuber system. Non-competitive bidders must use Aggregators/Facilitators (with exceptions for RRBs and Cooperative Banks) or an RDG Account.
**8. Expected Outcomes / Impact of Changes:**
The intended outcome is to increase retail participation in the Government Securities market. This could lead to a more diversified investor base for GoI securities. Increased demand may also allow the government to borrow at potentially lower rates. The scheme may also increase awareness and financial literacy among retail investors regarding GoI securities.
**9. Conclusion:**
The Government of India's notification regarding the auction and reissue of Government Securities, including the "Scheme for Non-competitive Bidding Facility," represents a significant step toward broadening the investor base for GoI securities. By lowering barriers to entry for retail investors, the government aims to encourage wider participation in the market. The success of this initiative will depend on effective implementation by the RBI and the active involvement of Aggregators/Facilitators in reaching out to retail investors. The policy serves to improve the accessibility of government securities to new investors and is important for improving the robustness of this market.
Key Entities Referenced
REGD. No. D. L.3300499: Registration number of the document.
CGDLE05052025262909: A unique identifier, possibly related to the document's issuance or registration.
MAY 5, 2025: Date of publication of the Gazette of India.
VAISAKHA 15, 1947: Indian national calendar date corresponding to the publication date.
THE GAZETTE OF INDIA : EXTRAORDINARY: Official publication title.
www.rbi.org.in: Website of the Reserve Bank of India.
MINISTRY OF FINANCE: Government Ministry responsible for the notification.
Department of Economic Affairs: Department within the Ministry of Finance.
BUDGET DIVISION: Division within the Department of Economic Affairs.
NOTIFICATION: Formal announcement of the auction.
New Delhi: Location of the notification's origin.
Auction for Sale Issue Reissue of Government Security GS: Subject of the notification.
F. No. 41BWM2025: File number related to the Government Security.
Government of India: The issuing authority for the security.
GoI: Abbreviation for Government of India.
6.92 GS 2039: Name of the Government Security with interest rate and maturity year.
Nov 18, 2024: Original issue date of the 6.92 GS 2039 security.
Nov 18, 2039: Maturity date of the 6.92 GS 2039 security.
6.90 GS 2065: Name of the Government Security with interest rate and maturity year.
Apr 15, 2025: Original issue date of the 6.90 GS 2065 security.
Apr 15, 2065: Maturity date of the 6.90 GS 2065 security.
Reserve Bank of India: Central bank responsible for conducting the auction.
Mumbai Office, Fort, Mumbai 400 001: Location of the Reserve Bank of India office conducting the auction.
F.No.42BWM2018: General Notification number related to Government Securities.
March 26, 2025: Date of the General Notification.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities Annex: Scheme allowing individuals and institutions to participate in auctions on a noncompetitive basis.
May 09, 2025: Date of the auction.
Reserve Bank of India Core Banking Solution EKuber system: Electronic platform for submitting bids.
When Issued: Refers to trading of securities before they are officially issued.
May 13, 2025: Date of issue and payment for the security.
President of India: Head of State.
ASHISH VACHHANI: Name of the Additional Secretary who signed the notification.
Addl. Secy.: Title of Ashish Vachhani.
Dated Securities and Treasury Bills: Types of securities covered in the Annex.
RBI: Abbreviation for Reserve Bank of India.
Provident Funds Act, 1925: Act governing certain provident funds.
Retail Direct Gilt Account: Account with RBI
SEBI: Securities and Exchange Board of India.
Nepal Rashtra Bank: Central Bank of Nepal.
Royal Monetary Authority of Bhutan: Central Bank of Bhutan.
Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064: Printing location.
Controller of Publications, Delhi110054: Publisher details.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-05052025-262909
xxxGIDHxxx
CG-DL-E-05052025-262909
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 131] नई ददल्ली, सोमिार, मई 5, 2025/िैिाख 15, 1947
No. 131] NEW DELHI, MONDAY, MAY 5, 2025/VAISAKHA 15, 1947
जित्त मत्रं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल्ली, 5 मई, 2025
सरकारी प्रजतभजू त (जी एस) की जबक्री (पनु र्थनगमय ) के जलए नीलामी
फा. स.ं 4(1)-बी(डब्ल् य एू ंडएम)/2025.—भारत सरकार एतद्द्वारा नीचे ददए गए अनुसार सरकारी प्रजतभूजत, की जबक्री
(पुनर्थनगयम) अजधसूजचत करती ह।ै
मूल जनगमय की मूल अिजध पररपक्वता की नीलामी का नीलामी अजधसजूचत राजि
प्रजतभजूत का नाम
तारीख (िर्-यमाह-ददन) तारीख आधार की जिजध (करोड़ ₹ म)ें
6.92% सरकारी प्रजतभूजत 2039 18 निंबर, 2024 15-00-00 18 निंबर, 2039 मूल्य जिजिध 16,000
6.90% सरकारी प्रजतभूजत 2065 15 अप्रैल, 2025 40-00-00 15 अप्रैल, 2065 मूल्य जिजिध 16,000
भारत सरकार के पास उपरोक्त प्रत्येक प्रजतभूजत में 2,000 करोड़ रुपये 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)-बी(डब् ल् यूएंडएम)/2018, ददनांक 26 माचय, 2025 में जनर्ददष्ट जनयमों
और ितों के अनुसार, भारतीय ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई - 400001 के माध्यम से बेची जाएंगी।
2968 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
अप्रजतस्ट्पधी बोलीदाताओं को आबटं न
2. सरकारी प्रजतभूजतयों की नीलाजमयों में अप्रजतस्ट्पधी बोली दने े 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 जाएगा।
नीलामी का स्ट्थान एि ंतारीख
3. यह नीलामी भारतीय ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई-400001 द्वारा 09 मई, 2025 को संचाजलत की जाएगी। नीलामी हते ु
बोजलयां भारतीय ररजिय बैंक कोर बैंककग सोल्यूिन (ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र में 09 मई, 2025 को प्रस्ट्तुत की जानी
चाजहए। अप्रजतस्ट्पधी बोजलयां पूिाह्य न 10:30 बजे स ेपूिाह्य न 11:00 बजे के बीच और प्रजतस्ट्पधी बोजलयां पूिाह्य न 10:30 बजे स ेपूिाह्य न
11:30 बजे के बीच प्रस्ट्तुत की जानी चाजहए।
जब जनगजय मत कारोबार
4. ये प्रजतभूजतया,ाँ भारतीय ररजिय बैंक द्वारा जारी ददिाजनदिे ों के अनुसार, ‘जब जनगजय मत’ 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 09 मई, 2025 को प्रदर्थित दकया जाएगा।
सफल बोलीदाताओं द्वारा भुगतान 13 मई, 2025 अथायत ् पनु र्थनगमय की तारीख को दकया जाएगा। प्रजतभूजत 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 जनगयम / अंजतम कूपन भुगतान की तारीख से प्रजतभूजत के अंदकत मूल्य पर ब्याज प्रोद्भूत होगा तथा इसका भुगतान अर्द्िय ार्थर्क
आधार पर दकया जाएगा। प्रजतभूजत का पुनभुयगतान पररपक्वता की तारीख पर सममूल्य पर दकया जाएगा।
कूपन दर जपछल ेकूपन भुगतान दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
प्रजतभजू त का नाम
(%) की तारीख ब्याज दये ह ै (तारीख/माह)
6.92% सरकारी प्रजतभूजत 2039 6.92 नई प्रजतभूजत 12 मई, 2025 18 मई और 18 निंबर
6.90% सरकारी प्रजतभूजत 2065 6.90 नई प्रजतभूजत 12 मई, 2025 15 अक्टूबर और 15 अप्रैल
भारत के राष्ट्रपजत के आदेि से
आिीर् िच्छानी, अपर सजचि
अनबु धं
भारत सरकार के ददनादं कत प्रजतभजू तयों और रेजरी जबलों की नीलामी में
गैर-प्रजतस्ट्पधी बोली सजु िधा के जलए योजना
I. क्षत्रे : 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 में "गैर-प्रजतस्ट्पधी" आधार पर
भागीदारी की अनुमजत ह।ै
II. पररभार्ाएं: इस योजना के प्रयोजन के जलए, पररभार्ा का अथय जनम्नानुसार ह:ै
क. खुदरा जनिेिक कोई भी व्यजक्त है, जजसमें व्यजक्त, फमय, कंपजनयां, कॉपोरेट जनकाय, संस्ट्थान, भजिष्य जनजध, रस्ट्ट और
आरबीआई द्वारा जनधायररत कोई अन्य संस्ट्था िाजमल ह।ै
ख. 'एग्रीगेटर/फैजसजलटेटर' का अथय अनुसूजचत बैंक या प्राथजमक डीलर या जनर्ददष्ट स्ट्टॉक एक्सचेंज या आरबीआई द्वारा
अनुमोददत कोई अन्य संस्ट्था ह,ै जजसे जनिेिकों से प्राप्त बोजलयों को एकजत्रत करने और प्राथजमक नीलामी के गैर-
प्रजतस्ट्पधी खंड में एकल बोली जमा करने की अनुमजत ह।ै[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 3
ग. 'जनर्ददष्ट स्ट्टॉक एक्सचेंज' का अथय सेबी से मान्यता प्राप्त स्ट्टॉक एक्सचेंज है, जजसे प्राथजमक नीलामी खंड म ें
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 द्वारा िाजसत ह ैं 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 ररजिय बैंक के साथ चालू खाता (सीए) या सहायक जनरल लेजर (एसजीएल) खाता नहीं रखता है; 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. क्षेत्रीय 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 से, 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 ररजिय बैंक 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।
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 ररजिय
बैंक कोर बैंककग सॉल्यूिन (ई-कुबेर) प्रणाली पर इलेक्रॉजनक प्रारूप में एकल समेदकत गैर-प्रजतस्ट्पधी बोली प्रस्ट्तुत
करेगा। भारतीय ररजिय 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।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
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 है, तो आनुपाजतक आिंटन दकया
जाएगा। आंजिक आिंटन के मामले में, यह एग्रीगेटर/फैजसजलटेटर की जजम्मेदारी होगी दक िे अपने ग्राहकों को पारदिी
तरीके से प्रजतभूजतयों का उजचत आिंटन करें।
च. यदद बोली की कुल राजि आरजक्षत राजि से कम है, तो कमी को प्रजतस्ट्पधी जहस्ट्से में ले जाया जाएगा।
सरु क्षा का मद्दु ा:
छ. भारतीय ररजिय 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 सेिा प्रदान करने के जलए ब्रोकरेज/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 जा सकता ह ै या
ग्राहकों से अलग से िसूल दकया जा सकता ह।ै
ट. यदद प्रजतभूजतयां जारी होने की जतजथ के बाद प्रजतभूजतयों को स्ट्थानांतररत दकया जाता है, तो ग्राहक द्वारा
एग्रीगेटर/फैजसजलटेटर को दये प्रजतफल राजि में जारी होने की तारीख से अर्थजत ब्याज िाजमल होगा।
ठ. ग्राहकों से प्रजतभूजतयों की लागत, उपार्थजत ब्याज,जहां कहीं लागू हो,और दलाली/कमीिन/सेिाप्रभारों के जलए ग्राहक से
अनुबंध के अनुसार एग्रीगेटर/सुजिधाकताय द्वारा भुगतान प्राप्त करने के तौर-तरीके तय दकए जा सकते ह।ैं
ड. यह ध्यान ददया जा सकता ह ै 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 ररज़िय 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 है, तो योजना म ें
संिोधन दकया जाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 5th May, 2025
Auction for Sale (Issue/ Re-issue) of Government Security (GS)
F. No. 4(1)-B(W&M)/2025.—Government of India (GoI) hereby notifies sale (re-issue) of the following
Government Securities
Date of Original Tenure Date of Notified Amount
Name of the Security Base Method
Issue (yy-mm-dd) Maturity (in ₹ Crore)
6.92% GS 2039 Nov 18, 2024 15-00-00 Nov 18, 2039 Price Multiple 16,000
6.90% GS 2065 Apr 15, 2025 40-00-00 Apr 15, 2065 Price Multiple 16,000[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 5
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)–B(W&M)/2018, dated March 26, 2025 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
May 09, 2025. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core
Banking Solution (E-Kuber) system on May 09, 2025. 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
May 09, 2025.The payment by successful bidders will be on May 13, 2025 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 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.
Coupon Date of Last Coupon Date up to which Date of Coupon Payments
Name of the Security
rate (%) payment accrued interest is due (month / date)
6.92% GS 2039 6.92 New Security May 12, 2025 May 18 and Nov 18
6.90% GS 2065 6.90 New Security May 12, 2025 Oct 15 and Apr 15
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.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
III. Eligibility:
a. Participation on a non-competitive basis in the auctions will be open to a retail investor who:
1. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with the
Reserve Bank of India; and
2. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
3. 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
b. subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‘Retail Direct Gilt Account’
(RDG Account) with RBI.
c. 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:
d. 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:
e. 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.
f. 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.
g. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to
competitive portion.[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 7
Issue of Security:
h. 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.
i. Delivery in physical form from the Main SGL account is permissible at the instance of the investor
subsequently.
j. 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:
k. 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.
l. 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.
m. 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.
n. 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.