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**Report on Special Auction for Sale/Reissue of Government Securities**
**1. Executive Summary:**
This report details a new policy notification by the Government of India, Department of Economic Affairs, regarding a special auction for the sale/reissue of Government Securities (GS). The core purpose is to sell/reissue 5.15 GS 2025 and 5.85 GS 2030 securities through the Reserve Bank of India (RBI). A key feature is the provision for non-competitive bidding, allowing wider participation, particularly for retail investors, up to 5% of the notified amount. The policy outlines the auction process, eligibility criteria for non-competitive bidders, and related operational guidelines.
**2. Introduction:**
This report provides an overview of the Government of India's policy regarding a special auction for the sale/reissue of Government Securities, based solely on the provided official notification. The report aims to inform the relevant industry regarding the policy details, key provisions, implementation aspects, and expected outcomes.
**3. Policy Overview:**
* **Core Objective(s):** The core objective is to facilitate the sale/reissue of two specific Government Securities: 5.15 GS 2025 and 5.85 GS 2030, as per the notification. A secondary objective is encouraging wider participation and retail holding of Government securities through non-competitive bidding.
**4. Background and Rationale:**
* **New Policy:** This is a new policy outlining the sale/reissue of specific government securities. The likely reason for this policy is to raise funds for the government through the issuance of securities, manage government debt, and provide investment opportunities to the public. The inclusion of non-competitive bidding suggests an aim to broaden investor participation, potentially including smaller investors who may not have the expertise or resources to engage in competitive bidding.
**5. Key Provisions / Changes:**
* **New Policy:** This policy establishes the following:
* **Sale/Reissue of Securities:** Notifies the sale/reissue of 5.15 GS 2025 and 5.85 GS 2030 Government Securities.
* **Auction Details:** Specifies the date of the auction (February 11, 2021), the auctioning body (Reserve Bank of India, Mumbai), and the auction method (price-based multiple price auction).
* **Notified Amount:** Sets the notified amount for each security (11,000 crore for each) with an option for the government to retain additional subscriptions up to 2,000 crore for each.
* **Non-Competitive Bidding:** Allows non-competitive bidding for up to 5% of the notified amount.
* **Eligibility for Non-Competitive Bidding:** Defines the eligibility criteria for non-competitive bidders, including those who do not maintain current accounts or SGL accounts with the RBI (with exceptions for RRBs and Cooperative Banks), a limit of two crore face value per bid, and submission of bids through a bank or PD.
* **Auction Procedure:** Details the process for submitting bids (electronically via the RBI's EKuber system), the timing for non-competitive and competitive bids, and the placement of auction results on the RBI website.
* **Payment and Interest:** Specifies the payment date (February 12, 2021), the accrual and payment of interest (half-yearly), and the repayment of securities at par on the maturity date.
* **Operational Guidelines:** Includes guidelines for non-competitive bidding, such as the requirement for a constituent subsidiary general ledger (CSGL) account, submission of a single consolidated bid by banks/PDs, allotment at the weighted average rate, and the process for transferring securities to clients.
**6. Target Audience and Stakeholders:**
Based on the provided text, the target audience and stakeholders include:
* Banks and Primary Dealers (PDs) who will act as intermediaries for competitive and non-competitive bids.
* Retail investors (individuals, firms, companies, corporate bodies, institutions, provident funds, and trusts) who are eligible for non-competitive bidding.
* The Reserve Bank of India (RBI), responsible for conducting the auction and managing the securities.
* The Government of India, specifically the Department of Economic Affairs, as the issuer of the securities.
* Regional Rural Banks (RRBs) and Cooperative Banks.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Reserve Bank of India (RBI) is the primary body responsible for conducting the auction and managing the securities. Banks and PDs play a crucial role as intermediaries. The Ministry of Finance, Department of Economic Affairs, is responsible for issuing the notification.
* **Timelines/Procedures:**
* Auction Date: February 11, 2021.
* 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: February 12, 2021.
* Transfer of securities to clients by banks/PDs: Within five working days from the date of issue (except in extraordinary circumstances).
* Bids must be submitted electronically through the RBI's e-Kuber system.
* Non-competitive bids must be consolidated and submitted by Banks or PDs on behalf of their constituents.
**8. Expected Outcomes / Impact of Changes:**
* The likely intended outcomes of this policy are:
* Successful sale/reissue of the specified Government Securities to raise funds for the government.
* Increased participation of retail investors in government securities through the non-competitive bidding process.
* Efficient management of government debt through the issuance and trading of securities.
* Provision of investment opportunities for various entities, including banks, PDs, and retail investors.
**9. Conclusion:**
The Government of India's policy regarding the special auction for the sale/reissue of Government Securities is a significant step towards raising funds, managing government debt, and promoting wider participation in the government securities market. The provision for non-competitive bidding is particularly noteworthy, as it aims to encourage retail investment and broaden the investor base. The detailed guidelines provided in the notification ensure a transparent and efficient auction process.
Key Entities Referenced
Reserve Bank of India: Central bank of India, involved in the sale and auction of Government Securities.
Mumbai, Maharashtra: City in India where the Reserve Bank of India office is located, responsible for conducting the auction.
Government Securities: Debt instruments issued by the Government of India.
Ministry of Finance: Government ministry responsible for economic affairs and the budget division, which issued the notification.
Department of Economic Affairs: A department under the Ministry of Finance responsible for the notification.
5.15 GS 2025: Government Security with a coupon rate of 5.15% maturing in 2025.
5.85 GS 2030: Government Security with a coupon rate of 5.85% maturing in 2030.
New Delhi: Location of the Ministry of Finance that issued the notification.
Rajat Kumar Mishra: Addl. Secy., signatory of the notification from the Ministry of Finance.
Government of India: The issuer of the Government Securities.
RBI Core Banking Solution EKuber System: Electronic system used for submitting bids in the auction.
General Notification F.No.42WM2018: A notification issued by the Government of India on March 27, 2018, specifying terms and conditions for the sale of securities.
Regional Rural Banks: Financial institutions eligible to participate in noncompetitive bidding under specific conditions.
Cooperative Banks: Financial institutions eligible to participate in noncompetitive bidding under specific conditions.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-डी.एलxx.x-GअI.D-E0x8x0x 22021-225009
CG-DL-E-08022021-225009
असाधारण
EXTRAORDINARY
भाग I—खण्ड 1
PART I—Section 1
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 48] नई दिल्ली, सोमिार, फरिरी 8, 2021/माघ 19, 1942
No. 48] NEW DELHI, MONDAY, FEBRUARY 8, 2021/MAGHA 19, 1942
जित्त मंत्रालय
(आर्थकि काय िजिभाग)
(बिट प्रभाग)
अजधसचू ना
नई दिल्ली, 8 फरिरी, 2021
सरकारी प्रजतभजू तयों (िी एस) की जबक्री (पनु र्नगि मि ) के जलए जििेष नीलामी
फा.स.ं 4(5)-बी(डब्ल् य एू ंडएम)/2020.—भारत सरकार एतिद्वारा नीचे दिए गए अनुसार सरकारी प्रजतभूजतयों की जबक्री
(पनु र्नगि मि ) अजधसूजचत करती है।
प्रजतभजूत का नाम मूल जनगमि की मूल अिजध पररपक्वता की नीलामी का नीलामी की अ ज ध सजूचत राजि
आधार जिजध (करोड़ ₹ म)ें
तारीख (िष-िमाह-दिन) तारीख
5.15% सरकारी प्रजतभूजत, 2025 09 निंबर, 2020 05-00-00 09 निंबर, 2025 मूल्य जिजिध 11,000
5.85% सरकारी प्रजतभूजत, 2030 01 दिसम्बर, 2020 10-00-00 01 दिसम्बर, 2030 मूल्य जिजिध 11,000
भारत सरकार के पास उपरोक्त प्रजतभूजतयों में से प्रत्येक के पररपेक्ष् य में 2,000 करोड़ ोपए तक अजतररक्त अजभिान बनाए रखने का
जिकल्प होगा। यह जबक्री इस अजधसूचना (जिसे 'जिजिष् ट अजधसूचना' कहा गया है) में उजल्लजखत ितों के अधीन होगी। उपयुिक् त
सरकारी प्रजतभूजतयां भारत सरकार द्वारा िारी सामान्य अजधसूचना एफ.संख्या.4(2)-डब् ल् यूएंडएम/2018, दिनांक 27 माचि, 2018 में
जनर्िष्टि जनयमों और ितों के अनुसार, भारतीय ररिि िबैंक, मुंबई कायािलय, फोटि, मुंबई -400001 के माध्यम से बेचा िाएगा।
784 GI/2021 (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 (अनबु धं ) के अनुसार, जबक्री की
अजधसूजचत राजि का 5 प्रजतित तक सरकारी प्रजतभूजतया ंपात्र व् यजक्तयों और संस्ट्थाओं को आबंरटत दकया िाएगा ।
नीलामी का स्ट्थान एि ंतारीख
3. यह नीलामी भारतीय ररििि बैंक, मुंबई कायािलय, फोटि, मुंबई-400001 द्वारा 11 फरिरी, 2021 को संचाजलत की िाएगी।
नीलामी हते ु बोजलयां भारतीय ररििि बैंक कोर बैंककंग सोल्यूिन (ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र में 11 फरिरी, 2021 को
प्रस्ट्तुत की िानी चाजहए। अप्रजतस्ट्पधी बोजलयां पिू ाह्ि न 10.30 बि े स े पूिाह्ि न 11.00 बि े के बीच और प्रजतस्ट्पधी बोजलयां पिू ािह्न
10.30 बि ेस ेपिू ािह्न 11.30 बि ेके बीच प्रस्ट्तुत की िानी चाजहए।
कब जनगजि मत कारोबार
4. ये प्रजतभूजतया,ं भारतीय ररििि बैंक द्वारा िारी दििाजनििे ों के अनुसार, 'कब जनगिजमत’ कारोबार के जलए पात्र होगा।
जनगमि की तारीख और प्रजतभजू तयों के जलए भगु तान
5. नीलामी का पररणाम भारतीय ररििि बैंक द्वारा अपने िेबसाइट (www.rbi.org.in) पर 11 फरिरी, 2021 को प्रिर्िित दकया
िाएगा। सफल बोलीिाताओं द्वारा भुगतान 12 फरिरी, 2021 अथाित् पनु र्नगि मि की तारीख को दकया िाएगा। प्रजतभूजतयों के जलए
भुगतान में नीलामी में आबंरटत प्रजतभूजतयों 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 तयों का पनु भुिगतान
6. मलू र्नगि मि /अजं तम कूपन भुगतान की तारीख से प्रजतभूजतयों के अंदकत मूल्य पर ब्याि प्रोद्भूत होगा तथा इसका भुगतान अधिि ार्षिक
आधार पर दकया िाएगा। प्रजतभूजतयों का पुनभुिगतान पररपक्वता की तारीख पर सममल्ू य पर दकया िाएगा।
प्रजतभजू त का नाम कूपन िर अजं तम कूपन भुगतान दकस तारीख तक प्रोद्भतू कूपन भुगतान की तारीख
ब्याि िये ह ै
(%) की तारीख )तारीख/माह(
5.15% सरकारी प्रजतभूजत, 2025 5.15 नई प्रजतभूजत 11 फरिरी, 2021 09 मई और 09 निंबर
5.85% सरकारी प्रजतभूजत, 5.85 नई प्रजतभूजत 11 फरिरी, 2021 01 िून और 01 दिसम्बर
2030
भारत के राष्ट्रपजत के आििे से
रित कुमार जमश्र, अपर सजचि
अनबु धं
सरकारी प्रजतभजू तयों की नीलामी म ेंअप्रजतस्ट्पधी बोली सजु िधा स्ट्कीम
I. कायक्षि त्रे : सरकारी प्रजतभूजतयों की व्यापक भागीिारी और खुिरा धाररता को प्रोत्साहन िने े की िजृष्ट से भारत सरकार की
दिनांदकत प्रजतभूजतयों की चयजनत नीलाजमयों में "अप्रजतस्ट्पधी" आधार पर भागीिारी की अनुमजत िने े का प्रस्ट्ताि दकया गया ह।ै
तद्नुसार, दिनांदकत प्रजतभूजतयों की नीलाजमयों में अजधसूजचत राजि के 5 प्रजतित तक की अप्रजतस्ट्पधी बोजलयां स्ट्िीकार की िाएंगी।
प्रारजक्षत राजि अजधसूजचत राजि के अन्तगति होगी।
II. पात्रता : भारत सरकार की दिनांदकत प्रजतभूजतयों की नीलाजमयों म ें अप्रजतस्ट्पधी आधार पर ऐसे जनिेिकों के जलए भागीिारी
खुली होगी िो जनम्नजलजखत ितों को पूरा करते ह:ैं
1. िो भारतीय ररििि बैंक के पास चालू खाता (सीए) अथिा सहायक सामान्य बही (एसिीएल) खाता नहीं रखते हैं;
अपिाि: क्षेत्रीय ग्रामीण बैंकों (आरआरबी) और सहकारी बैंकों को उनके सांजिजधक िाजयत्िों के िजृष्टगत इस स्ट्कीम के अधीन
िाजमल दकया िाएगा।
2. िो प्रजत नीलामी िो करोड़ ोपए (अंदकत मूल्य) से अनजधक राजि के जलए एक ही बोली लगाते ह;ैं[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3
3. िो यह स्ट्कीम प्रिान करने िाले दकसी एक बैंक अथिा प्राथजमक डीलर के माध्यम से अपनी बोली अप्रत्यक्ष रूप से प्रस्ट्तुत
करते ह।ैं
अपिाि: ऐसे क्षेत्रीय ग्रामीण बैंक (आरआरबी) तथा सहकारी बैंक िो भारतीय ररििि बैंक में एस.िी.एल.खाता और चालू खाता
रखते हैं, अपनी अप्रजतस्ट्पधी बोजलयों को प्रत्यक्ष रूप स ेप्रस्ट्तुत करने के जलए पात्र होंगे।
III. व्यापकता: उपयुिक्त ितों के अधीन "अप्रजतस्ट्पधी" आधार पर फमों, कंपजनयों, जनगजमत जनकायों, संस्ट्थाओं, भजिष् य जनजधयों,
न्यासों और भारतीय ररिि ि बैंक द्वारा यथा-जनधािररत दकसी अन्य कंपनी सजहत दकसी भी व्यजक्त के जलए भागीिारी खुली ह।ै बोली िने े
की न्यूनतम राजि 10,000 ोपए (अंदकत मूल्य) और उसके बाि 10,000 ोपए के गुणिों में होगी िैसा अब तक दिनांदकत स्ट्टॉक के
जलए ह।ै
IV. अन्य प्रचालनात्मक दििाजनििे :
1. खुिरा जनिेिक के जलए उस बैंक अथिा प्राथजमक डीलर, जिनके माध्यम से ि े भाग लेना चाहते ह,ैं के पास एक संघटक
सहायक सामान्य बही (सीएसिीएल) खाता रखना अजनिाय िहोगा। कोई भी जनिेिक इस स्ट्कीम के अधीन दिनांदकत प्रजतभूजत की
दकसी नीलामी में केिल एक बोली में भाग ले सकता है। इस आिय का िचन दक जनिेिक केिल एक बोली ि ेरहा है, बैंक अथिा
प्राथजमक डीलर द्वारा प्राप्त दकया िाना और ररकाडि में रखा िाना होगा।
2. अपने ग्राहकों से प्राप्त पक्के आडिर के आधार पर प्रत्येक बैंक अथिा प्राथजमक डीलर भारतीय ररििि बैंक कोर बैंककंग सोल्यूिन
(ई-कुबेर) प्रणाली संबंधी इलेक्रॉजनक प्रपत्र म ें अपन े ग्राहकों की ओर स े एक एकल समेदकत अप्रजतस्ट्पधी बोली प्रस्ट्तुत करेगा।
असाधारण पररजस्ट्थजतयों, िैसे भारतीय ररििि बैंक कोर बैंककंग सोल्यूिन (ई-कुबेर) प्रणाली में सामान्य गड़बड़ी को छोड़कर,
भौजतक रूप में अप्रजतस्ट्पधी बोली स्ट्िीकार नहीं की िाएगी।
3. बैंक अथिा प्राथजमक डीलर को अप्रजतस्ट्पधी खंड के अधीन आबंटन प्रजतलाभ/कीमत की उस भारांजित औसत िर पर
होगा, िो प्रजतस्ट्पधी बोली िने े के आधार पर नीलामी में सामन े आएगी। इस बात पर ध्यान दिए जबना दक बैंक अथिा प्राथजमक
डीलर ने अपने ग्राहकों स े भुगतान प्राप्त कर जलया ह ै या नहीं, जनगिम की तारीख को भुगतान प्राप्त करके बैंक या प्राथजमक डीलर
को प्रजतभूजतया ंिारी की िाएंगी।
4. ऐस े मामल े म,ें िहां बोली की राजि प्रारजक्षत राजि (अजधसूजचत राजि के 5 प्रजतित) से अजधक है यथानुपात आबंटन
दकया िाएगा। आंजिक आबंटनों के मामले में, यह बैंक अथिा प्राथजमक डीलरों का िाजयत्ि होगा दक िह अपन े ग्राहकों को
प्रजतभूजतयों का उजचत आबंटन एक पारििी तरीके से करें।
5. ऐस ेमामल ेमें िहां बोली राजि प्रारजक्षत राजि स ेकम हो, कमी को प्रजतस्ट्पधी भाग म ेंिाजमल दकया िाएगा।
6. प्रजतभूजत को भारतीय ररििि बैंक द्वारा केिल एसिीएल रूप म ें िारी दकया िाएगा। भारतीय ररििि बैंक इसे या तो बैंक
अथिा प्राथजमक डीलर के मुख्य एसिीएल खात े अथिा सीएसिीएल खाते में िमा करेगा,िैसादक उनके द्वारा जनििे दिया गया
ह।ै मुख्य एसिीएल खात े म ें िमा करने की सुजिधा एकमात्र उन जनिेिकों की सेिा के प्रयोिनाथ ि ह ै िो उनके घटक नहीं ह।ैं अतः
बैंक अथिा प्राथजमक डीलरों को अप्रजतस्ट्पधी बोजलयों की जनजििा िते े समय उनके एसिीएल खात े और सीएसिीएल खाते म ें
िमा होने िाली राजियों (अंदकत मूल्य) को स्ट्पष् ट रूप से ििािना होगा। बाि म ें जनिेिक के अनुरोध पर मुख्य एसिीएल खात े स े
िास्ट्तजिक रूप में की गई सुपुिगि ी स्ट्िीकायि ह।ै
7. यह बैंक अथिा प्राथजमक डीलर का िाजयत्ि ह ै दक िह ग्राहक को प्रजतभूजतया ं हस्ट्तांतररत करे। असाधारण पररजस्ट्थजतयों को
छोड़कर, ग्राहकों को प्रजतभूजतयों का अंतरण जनगिम की जतजथ से पांच कायि दििसों के भीतर पूरा दकया िाएगा।
8. बैंक अथिा प्राथजमक डीलर अपने ग्राहकों को यह सेिा िने े के जलए छह पैसे प्रजत सौ ोपए तक िलाली/कमीिन/सेिा प्रभार
के रूप में िसूल कर सकते ह।ैं ऐसी कीमत जबक्री मूल्य म ें िाजमल की िा सकती ह ै या ग्राहकों से अलग से िसूल की िा सकती ह।ै
ऐसे मामले में िहां प्रजतभूजतयों का अंतरण प्रजतभूजत की जनगिम जतजथ के बाि प्रभािी होता हो, बैंक या प्राथजमक डीलर को ग्राहक
द्वारा िये प्रजतफल राजि में जनगिम जतजथ से उपजचत ब्याि िाजमल होगा।
9. प्रजतभूजतयों की लागत, उपजचत ब्याि िहां भी लागू हो, तथा िलाली/कमीिन/सेिा प्रभारों के जलए ग्राहकों से भुगतान
प्राप्त करने की कायि-प्रणाली,बैंक या प्राथजमक डीलर द्वारा ग्राहक के साथ की गई सहमजत के अनुसार तैयार की िाएगी। यह
उल्लेखनीय ह ै दक दकसी अन्य लागत, िैसे जनजधकरण लागत को मल्ू य म ें िाजमल नहीं दकया िाना चाजहए या ग्राहकों से िसूल
नहीं दकया िाना चाजहए।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
V. बैंकों और प्राथजमक डीलरों को भारतीय ररिि ि बैंक (बैंक) द्वारा समय-समय पर मांगी गई योिना के तहत संचालनों से संबंजधत
सूचना जनधािररत समय सीमा के अतं गित बैंक को प्रस्ट्तुत करनी होगी।
VI. ऊपर उजल्लजखत दििाजनििे बैंक द्वारा समीक्षा के अधीन ह ैऔर तद्नुसार, िब भी आिश्यकता होगी, योिना को संिोजधत दकया
िाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 8th February, 2021
Special Auction for Sale (Re-issue) of Government Securities (GS)
F.No. 4(5)-B(W&M)/2020.—Government of India hereby notifies sale (Re-issue) of the following Government
Securities:
Name of the Date of Original Tenure Date of Auction Auction Notified Amount
Security Original Issue Maturity Basis Method
(yy-mm-dd) (in ₹ Crore)
5.15% GS 2025 Nov.09, 2020 05-00-00 Nov.09, 2025 Price Multiple 11,000
5.85% GS 2030 Dec.01, 2020 10-00-00 Dec.01, 2030 Price Multiple 11,000
Government of India will have the option to retain additional subscription up to ` 2,000 crore against each of the above
securities. 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 the Government of India.
Allotment to Non-competitive Bidders
2. The Government Securities 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 - 400001 on February 11,
2021. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking
Solution (E-Kuber) system on February 11, 2021. 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. These 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 February
11, 2021. The payment by successful bidders will be on February 12, 2021 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 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.
Name of the Coupon Date of Last Coupon Date upto which Date of Coupon[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 5
Security rate (%) payment accrued interest is due payments (month/date)
5.15% GS 2025 5.15 New Security February 11, 2021 May 09 and Nov.09
5.85% GS 2030 5.85 New Security February 11, 2021 June 01 and Dec.01
By Order of the President of India,
RAJAT KUMAR MISHRA, Addl. Secy.
Annex
Scheme for Non-competitive Bidding Facility in
the Auctions of Government Securities
I. Scope: With a view to encouraging wider participation and retail holding of Government securities, it is
proposed to allow participation on “non-competitive” basis in select auctions of dated Government of India (GoI)
securities. Accordingly, non-competitive bids up to 5 percent of the notified amount will be accepted in the auctions
of dated securities. The reserved amount will be within the notified amount.
II. Eligibility: Participation on a non-competitive basis in the auctions of dated GOI securities will be open to
investors who satisfy the following:
1. do not maintain current account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of
India. Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks shall be covered under this Scheme in view
of their statutory obligations.
2. make a single bid for an amount not more than ₹ two crore (face value) per auction
3. submit their bid indirectly through any one bank or PD offering this scheme.
Exceptions: Regional Rural Banks (RRBs) and Cooperative Banks that maintain SGL account and current account
with the Reserve Bank of India shall be eligible to submit their non-competitive bids directly.
III. Coverage: Subject to the conditions mentioned above, participation on “non-competitive” basis is open to any
person including firms, companies, corporate bodies, institutions, provident funds, trusts, and any other entity as may
be prescribed by RBI. The minimum amount for bidding will be ₹ 10,000 (face value) and thereafter in multiples in
₹ 10,000 as hitherto for dated stocks.
IV. Other Operational Guidelines:
1. The retail investor desirous of participating in the auction under the Scheme would be required to
maintain a constituent subsidiary general ledger (CSGL) account with the bank or PD through whom they
wish to participate. Under the Scheme, an investor can make only a single bid in an auction of a dated
security. An undertaking to the effect that the investor is making only a single bid will have to obtained and
kept on record by the bank or PD.
2. Each bank or PD on the basis of firm orders received from their constituents will submit a single
consolidated non-competitive bid on behalf of all its constituents for each security 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.
3. Allotment under the non-competitive segment to the bank or PD 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 bank or PD against payment on the date of issue irrespective of whether the bank or PD has
received payment from their clients or not.
4. 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 bank or PD to
appropriately allocate securities to their clients in a transparent manner.
5. In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to
competitive portion.
6. Security would be issued only in SGL form by RBI. RBI would credit either the main SGL account or
the CSGL account of the bank or PD as indicated by them. The facility for affording credit to the main SGL
account is for the sole purpose of servicing investors who are not their constituents. Therefore, the bank or PD
would have to indicate clearly at the time of tendering the non-competitive bids the amounts (face value) to6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1]
be credited to their SGL account and the CSGL account. Delivery in physical form from the main SGL
account is permissible at the instance of the investor subsequently.
7. It will be the responsibility of the bank or the PD to pass on the securities to their clients. Except in
extraordinary circumstances, the transfer of securities to the clients shall be completed within five working
days from the date of issue.
8. The bank or PD can recover upto 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. In case the transfer of securities is effected subsequent to the issue date of the security, the
consideration amount payable by the client to the bank or PD would also include accrued interest from the
date of issue.
9. 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 bank or PD as per agreement
with the client. It may be noted that no other costs such as funding costs should be built into the price or
recovered from the client.
V. Banks and PDs 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.
VI. 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.