## Report on Government of India Securities Reissue 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) and the associated Scheme for Non-Competitive Bidding Facility. The core purpose of this notification is to announce the auction and reissue of several Government Securities with varying maturities and coupon rates and to facilitate wider participation in these auctions through a non-competitive bidding scheme for retail investors. Key findings include details of the specific securities being offered, the auction process, and the eligibility criteria and operational guidelines for non-competitive bidding.
**2. Introduction:**
This report provides an overview of a specific notification issued by the Government of India concerning the sale and reissue of Government Securities, as well as the associated Scheme for Non-Competitive Bidding Facility. The report aims to inform the affected industry about the key provisions, procedures, and potential impact of this policy.
**3. Policy Overview:**
This is a *new policy announcement* detailing a specific sale and reissue of government securities and the rules for non-competitive bidding. The core objectives, as inferred from the provided text, are:
* To raise funds through the issuance of Government Securities.
* To encourage wider participation and retail holding of Government Securities, specifically targeting retail investors.
* To provide a facility for non-competitive bidding in the auctions of Government Securities.
**4. Background and Rationale:**
This notification addresses the need for the Government of India to raise funds through the issuance of Government Securities. The inclusion of the Non-Competitive Bidding Facility suggests a desire to broaden the investor base and make Government Securities more accessible to retail investors who may not have the expertise or resources to participate effectively in competitive bidding processes. This aims to diversify the sources of government funding.
**5. Key Provisions / Changes:**
This is a *new policy announcement* detailing the sale and reissue, and rules for retail participation.
* **Sale and Reissue of Government Securities:** The notification announces the sale and reissue of four Government Securities with varying maturities and coupon rates:
* 6.69 GS 2024 maturing on June 27, 2024
* 7.10 GS 2029 maturing on Apr 18, 2029
* 7.54 GS 2036 maturing on May 23, 2036
* 7.40 GS 2062 maturing on Sep 19, 2062
* **Auction Details:** The securities will be sold through an auction conducted by the Reserve Bank of India (RBI) on November 04, 2022. The method of auction is price based with uniform pricing for the first three and multiple pricing for the final security.
* **Non-Competitive Bidding Facility:**
* **Eligibility:** Open to retail investors who do not maintain a current account or SGL account with RBI and submit bids through an Aggregator/Facilitator or maintain Retail Direct Gilt Account. RRBs and Cooperative Banks are also included, even if they maintain accounts with RBI, specifically for dated securities.
* **Quantum:** A maximum of 5% of the notified amount of the sale is reserved for non-competitive bids from retail investors.
* **Bid Amount:** The minimum bid amount is ₹10,000 (face value), and in multiples thereof. The maximum bid amount is ₹2 crore (face value) per security per auction for retail investors.
* **Process:** Aggregators/Facilitators submit a single consolidated non-competitive bid on behalf of their constituents. Allotment is at the weighted average rate of yield/price emerging from the competitive bidding.
* **Accrued Interest:** Payment for the securities by successful bidders will include accrued interest from the date of original issue/last coupon payment date.
**6. Target Audience and Stakeholders:**
* **Retail Investors:** Individuals, firms, companies, corporate bodies, institutions, provident funds, trusts, and other entities interested in investing in Government Securities.
* **Scheduled Banks, Primary Dealers, and Specified Stock Exchanges:** Entities acting as Aggregators/Facilitators for non-competitive bidding.
* **Reserve Bank of India (RBI):** Responsible for conducting the auction and managing the issuance of securities.
* **Government of India:** Issuing the securities to raise funds.
* **Regional Rural Banks (RRBs) and Cooperative Banks:** Included in the non-competitive bidding scheme for dated securities.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Reserve Bank of India (RBI) is responsible for conducting the auction and managing the issuance of securities.
* **Timelines and Procedures:**
* Auction Date: November 04, 2022.
* Bidding 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: November 07, 2022.
* RBI will publish the auction results on its website on November 04, 2022.
* **Non-Competitive Bidding Specifics:** Aggregators/Facilitators must submit consolidated bids electronically and allocate securities to clients in a transparent manner in case of partial allotments. They can charge a brokerage/commission/service charge of up to six paise per ₹100.
**8. Expected Outcomes / Impact of Changes:**
* **Increased Retail Participation:** The Non-Competitive Bidding Facility aims to encourage greater participation from retail investors in the Government Securities market.
* **Diversified Investor Base:** Broadening the investor base could lead to more stable and predictable demand for Government Securities.
* **Efficient Funds Mobilization:** The auction process allows the Government of India to efficiently raise funds from the market.
* **Liquidity Enhancement:** The eligibility for "When Issued" trading enhances the liquidity of the securities.
**9. Conclusion:**
The Government of India's notification regarding the sale and reissue of Government Securities, coupled with the Non-Competitive Bidding Facility, is a significant step towards broadening retail investor participation in the government securities market. The notification outlines the specific details of the securities being offered, the auction process, and the operational guidelines for non-competitive bidding. This initiative aims to diversify the investor base, promote financial inclusion, and facilitate efficient funds mobilization for the government.
Key Entities Referenced
New Delhi: Place of publication of The Gazette of India
Government of India: The governing authority issuing the notification.
Ministry of Finance: The 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 Security: Generic term for government issued securities being reissued in the auction
Reserve Bank of India: The central bank of India, responsible for conducting the auction and issuing guidelines.
Mumbai Office, Fort, Mumbai: The specific branch office of Reserve Bank of India that will conduct the auction.
General Notification F.No.42WM2018: A general notification issued by the Government of India on March 27, 2018, that specifies the terms and conditions of the securities sale.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities Annex: Scheme outlining the process for non-competitive bids in government security auctions.
Retail Direct Gilt Account: Account with RBI for retail investors to directly invest in government securities
Provident Funds Act, 1925: The governing law for non-government provident funds.
Nepal Rashtra Bank: The central bank of Nepal, potentially eligible to participate in Treasury Bill auctions.
Royal Monetary Authority of Bhutan: The central bank of Bhutan, potentially eligible to participate in Treasury Bill auctions.
Treasury Bills: Short-term debt instruments issued by the Government of India.
Scheduled Bank: A bank included in the Second Schedule to the Reserve Bank of India Act, 1934.
Primary Dealer: Financial institutions authorized to underwrite and trade in government securities.
SEBI: Securities and Exchange Board of India, the regulatory body for stock exchanges in India.
Regional Rural Banks: Regional Rural Banks in India
EKuber: Reserve Bank of India Core Banking Solution
Ashish Vachhani: The Joint Secretary who signed the notification.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एल.-अ.-31102022-239952
xxxGIDExxx
CG-DL-E-31102022-239952
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 276] नई ददल्ली, सोमिार, अक्त बू र 31, 2022/कार्थतक 9, 1944
No. 276] NEW DELHI, MONDAY, OCTOBER 31, 2022/KARTIKA 9, 1944
जित्त मत्रं ालय
(आर्थथक काय यजिभाग)
(बजट प्रभाग)
अजधसचू ना
नई ददल्ली, 31 अक्तूबर, 2022
सरकारी प्रजतभजू त (जी एस) की जबक्री (पनु र्थनगमय ) के जलए नीलामी
फा. स.ं 4(3)-बी(डब्ल् य एू ंडएम)/2022.—भारत सरकार एतद्द्वारा नीचे ददए गए अनुसार सरकारी प्रजतभूजत, की जबक्री
(पनु र्थनगमय ) अजधसूजचत करती ह।ै
मूल जनगमय की मूल अिजध पररपक्वता की नीलामी का नीलामी की अ ज धसजूचत राजि
प्रजतभजूत का नाम
तारीख (िर्-यमाह-ददन) तारीख आधार जिजध (करोड़ ₹ म)ें
6.69% सरकारी प्रजतभूजत, 2024 27 जून, 2022 02-00-00 27 जून, 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 जसतंबर, 2022 मूल्य जिजिध 9,000
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 है) म ें उजल्लजखत ितों के अधीन होगी। उपयुयक् त सरकारी
7241 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
प्रजतभूजतया,ं 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 ररजिय बैंक, मुंबई कायायलय, फोटय, मुंबई - 400001 के माध्यम से बेची जाएंगी।
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 04 निम्बर, 2022 को संचाजलत की जाएगी।
नीलामी हते ु बोजलयां भारतीय ररजिय बैंक कोर बैंककग सोल्यूिन (ई-कुबेर) प्रणाली संबधं ी इलेक्रॉजनक प्रपत्र में 04 निम्बर, 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 बज ेसे पूिायह्न 11.30 बजे के बीच प्रस्ट्तुत की जानी चाजहए।
कब जनगजय मत कारोबार
4. यह प्रजतभूजत, भारतीय ररजिय बैंक द्वारा जारी ददिाजनदिे ों के अनुसार, 'कब जनगयजमत’ कारोबार के जलए पात्र होगा।
जनगमय की तारीख और प्रजतभजू त के जलए भुगतान
5. नीलामी का पररणाम भारतीय ररजिय बैंक द्वारा अपने िैबसाइट (www.rbi.org.in) पर 04 निम्बर, 2022 को प्रदर्थित दकया
जाएगा। सफल बोलीदाताओं द्वारा भुगतान 07 निम्बर, 2022 अथायत् 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।
जपछल ेकूपन भगु तान दकस तारीख तक प्रोद्भतू ब्याज कूपन भुगतान की तारीख
प्रजतभजूत का नाम कूपन दर (%)
देय ह ै
की तारीख (तारीख/माह(
6.69% सरकारी प्रजतभूजत, 2024 6.69 नई प्रजतभूजत 06 निम्बर, 2022 27 ददसम्बर और 27 जून
7.10% सरकारी प्रजतभूजत, 2029 7.10 18 अक्तूबर, 2022 06 निम्बर, 2022 18 अप्रैल और 18 अक्तूबर
7.54% सरकारी प्रजतभूजत, 2036 7.54 नई प्रजतभूजत 06 निम्बर, 2022 23 निम्बर और 23 मई
7.40% सरकारी प्रजतभूजत, 2062 7.40 नई प्रजतभूजत 06 निम्बर, 2022 19 माचय और 19 जसतम्बर
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. 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:ै[भाग I—खण् ड 1] भारत का राजपत्र : असाधारण 3
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 बकैं 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।ै
ग. 'जनर्ददष्ट स्ट्टॉक एक्सचेंज' का अथ य सेबी से मान्यताप्राप्त 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 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. 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 ररजि य बैंक के पास एसजीएल खाता और चालू खाता रखते ह,ैं 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 ररजि य 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।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
ख. योजना 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 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 बकैं 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। प्रजतभूजतया ं 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 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 िल्ु क 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।ै
ठ. यदद प्रजतभूजतयां जारी होन े 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 लाग ू हो, और दलाली/कमीिन/सेिा प्रभारों के जलए ग्राहक
से अनुबंध के अनुसार एग्रीगेटर/सुजिधाकताय द्वारा भुगतान प्राप्त करने के
तौर-तरीके तय दकए जा सकते हैं।
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 31st October, 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 ₹ 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
November 04, 2022. Bids for the auction should be submitted in electronic format on the Reserve Bank of
India Core Banking Solution (E-Kuber) system on November 04, 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
November 04, 2022.The payment by successful bidders will be on November 07, 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.
Name of the Coupon Date of Last Date up to which accrued Date of Coupon payments
Security rate (%) Coupon payment interest is due (month / date)
6.69% GS 2024 6.69 New Security Nov 06, 2022 Dec 27 and June 27
7.10% GS 2029 7.10 Oct 18, 2022 Nov 06, 2022 Apr 18 and Oct 18
7.54% GS 2036 7.54 New Security Nov 06, 2022 Nov 23 and May 23
7.40% GS 2062 7.40 New Security Nov 06, 2022 Mar 19 and Sep 19
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:
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
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.
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.