Executive Summary:
This document from the Indian Ministry of Finance announces the sale/reissue of several Government Stocks via auction. The auction will be conducted by the Reserve Bank of India on August 10, 2018. It also details a scheme for non-competitive bidding to encourage wider participation in government securities.
Key Points / Main Content:
Government Stock Auction Details:
* Government of India is selling/reissuing Government Stocks.
* The auction date is August 10, 2018, conducted by the Reserve Bank of India (RBI) in Mumbai.
* Bids must be submitted electronically via the RBI's e-Kuber system.
* Payment by successful bidders is due on August 13, 2018.
* Interest will accrue on the nominal value and be paid half-yearly.
* Stocks will be repaid at par on the maturity date.
Auctioned Securities:
* 7.37 GS 2023: Auction Amount - ₹2,000 Crore, Maturity - April 16, 2023
* 7.17 GS 2028: Auction Amount - ₹4,000 Crore, Maturity - January 08, 2028
* 7.40 GS 2035: Auction Amount - ₹2,000 Crore, Maturity - September 09, 2035
* 7.72 GS 2055: Auction Amount - ₹4,000 Crore, Maturity - October 26, 2055
* The Government has the option to retain additional subscriptions up to ₹1,000 crore against any of the above securities.
Non-Competitive Bidding Scheme:
* Up to 5% of the notified amount will be allotted to eligible individuals and institutions via non-competitive bidding.
* Minimum bid is ₹10,000 face value, in multiples of ₹10,000.
* Non-competitive bids are submitted through banks or Primary Dealers (PDs).
* Regional Rural Banks (RRBs) and Cooperative Banks with SGL and current accounts can submit bids directly.
* Allotment is at the weighted average yield/price from the competitive bidding.
Bidding Timelines:
* Non-competitive bids: 10:30 a.m. to 11:30 a.m.
* Competitive bids: 10:30 a.m. to 12:00 noon.
Impact Analysis:
Eligible Individuals and Institutions:
* Impact: Opportunity to participate in Government Security auctions with a non-competitive bidding option, potentially increasing access to government securities.
* Action Required: Maintain a constituent subsidiary general ledger (CSGL) account with a bank or PD; submit bids through these entities (unless RRB/Cooperative Bank with SGL account); ensure single bid does not exceed ₹2 crore face value.
Banks and Primary Dealers (PDs):
* Impact: Required to facilitate non-competitive bidding for their constituents, submit consolidated bids, and manage security allocation.
* Action Required: Establish CSGL accounts for clients; submit consolidated non-competitive bids electronically; allocate securities transparently; pass on securities to clients within five working days; furnish information to the RBI as required.
Reserve Bank of India (RBI):
* Impact: Responsible for conducting the auction, displaying results, and issuing securities.
* Action Required: Conduct the auction; display results at the Fort, Mumbai office; credit securities to SGL/CSGL accounts of banks/PDs.
Key Entities Referenced
Ministry of Finance: The ministry responsible for the financial matters of the Government of India.
Department of Economic Affairs: A department within the Ministry of Finance.
Government Stock: Securities issued by the Government of India.
Reserve Bank of India: The central bank of India, responsible for conducting auctions of government stocks.
Mumbai, Maharashtra: The city and state where the Reserve Bank of India's office involved in the auction is located.
Arvind Shrivastava: Joint Secretary who signed the notification on behalf of the President of India.
General Notification F.No.42WM 2018: A notification issued by the Government of India, dated March 27, 2018, that specifies the terms and conditions for the sale of stock.
Scheme for Noncompetitive Bidding Facility in the Auctions of Government Securities: A scheme allowing eligible individuals and institutions to participate on a noncompetitive basis in select auctions of dated Government of India securities.
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PART I—Section 1
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((((आआआआ(cid:2)(cid:2)(cid:2)(cid:2)थथथथकककक ककककाााायययय (cid:7)(cid:7)(cid:7)(cid:7)ििििववववभभभभाााागगगग))))
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अअअअििििधधधधससससचचूूचचूू ननननाााा
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7.17% सरकारी (cid:1)ितभूित 2028 08 जनवरी, 2018 10-00-00 08 जनवरी, 2028 मू(cid:10)य िविवध 4,000
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क! जाएगी।
4602 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
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कककक(cid:14)(cid:14)(cid:14)(cid:14) ततततााााररररीीीीखखखख ((((ततततााााररररीीीीखखखख////ममममााााहहहह))))
7.37% सरकारी (cid:1)ितभूित 2023 7.37 नया 4टॉक 12 अग4त, 2018 16 अ(cid:12)टूबर और 16 अ(cid:1)ैल
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7.40% सरकारी (cid:1)ितभूित 2035 7.40 09 माच#, 2018 12 अग4त,,,, 2018 09 िसतंबर और 09 माच#
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IIIIIIII.... पपपपाााा2222तततताााा :::: भारत सरकार क! IदनाIंकत (cid:1)ितभूितय$ क! नीलािमय$ म’ अ(cid:1)ित4पधB आधार पर ऐसे िनवेशक$ के िलए भागीदारी खुली
होगी जो िन\िलिखत शत1 को पूरा करते ह:7
1. जो भारतीय %रजव# ब7क के पास चालू खाता (सीए) अथवा सहायक सामा:य बही (एसजीएल) खाता नह] रखते ह;7
अअअअपपपपववववाााादददद:::: [ेDीय ^ामीण ब7क$ (आरआरबी) और सहकारी ब7क$ को उनके सांिविधक दािय(व$ के दिृAगत इस 4क!म के अधीन शािमल
Iकया जाएगा।
2. जो (cid:1)ित नीलामी दो करोड़ (cid:30)पए (अंIकत मू(cid:10)य) से अनिधक रािश के िलए एक ही बोली लगाते ह;7
3. जो यह 4क!म (cid:1)दान करने वाले Iकसी एक ब7क अथवा (cid:1)ाथिमक डीलर के मा(cid:25)यम से अपनी बोली अ(cid:2)(cid:3)य(cid:5) (cid:6)प से (cid:1)4तुत करते ह7।
अअअअपपपपववववाााादददद:::: ऐसे [ेDीय ^ामीण ब7क (आरआरबी) तथा सहकारी ब7क जो भारतीय %रजव# ब7क म’ एस.जी.एल. खाता और चालू खाता
रखते ह,7 अपनी अ(cid:1)ित4पधB बोिलय$ को (cid:1)(य[ _प से (cid:1)4तुत करने के िलए पाD ह$गे।
IIIIIIIIIIII.... 4444ाााापपपपककककतततताााा:::: उपयु#) शत1 के अधीन "अ(cid:1)ित4पधB" आधार पर फम1, कंपिनय$, िनगिमत िनकाय$, सं4थाG, भिव0 य िनिधय$, :यास$ और
भारतीय %रजव# ब7क 9ारा यथा-िनधा#%रत Iकसी अ:य कंपनी सिहत Iकसी भी Yि) के िलए भागीदारी खुली ह।ै बोली दने ेक! :यूनतम रािश
10,000 (cid:30)पए (अंIकत मू(cid:10)य) और उसके बाद 10,000 (cid:30)पए के गुणज$ म’ होगी जैसा अब तक IदनाIंकत 4टॉक के िलए ह।ै
IIIIVVVV.... अअअअ3333यययय (cid:1)(cid:1)(cid:1)(cid:1)चचचचााााललललननननाााा6666ममममकककक (cid:17)(cid:17)(cid:17)(cid:17)ददददशशशशााााििििननननददददशश88शश88 ::::
1111.... खुदरा िनवेशक के िलए उस ब7क अथवा (cid:1)ाथिमक डीलर, िजनके मा(cid:25)यम से वे भाग लेना चाहत ेह,7 के पास एक संघटक सहायक
सामा:य बही (सीएसजीएल) खाता रखना अिनवाय# होगा। कोई भी िनवेशक इस 4क!म के अधीन IदनाIंकत (cid:1)ितभूित क! Iकसी
नीलामी म’ केवल एक बोली म’ भाग ले सकता ह।ै इस आशय का वचन Iक िनवेशक केवल एक बोली द ेरहा ह,ै ब7क अथवा (cid:1)ाथिमक
डीलर 9ारा (cid:1)ा‘ Iकया जाना और %रकाड# म’ रखा जाना होगा।
2. अपने ^ाहक$ से (cid:1)ा‘ पaे आड#र के आधार पर (cid:1)(येक ब7क अथवा (cid:1)ाथिमक डीलर भारतीय %रजव# ब7क कोर ब7Jकग सो(cid:10)यूशन
(ई-कुबेर) (cid:1)णाली संबंधी इले(cid:12)Lॉिनक (cid:1)पD म’ अपने ^ाहक$ क! ओर से एक एकल समेIकत अ(cid:1)ित4पधB बोली (cid:1)4तुत करेगा।
असाधारण प%रि4थितय$, जैसे भारतीय %रजव# ब7क कोर ब7Jकग सो(cid:10)यूशन (ई-कुबेर) (cid:1)णाली म’ सामा:य गड़बड़ी को छोड़कर, भौितक
_प म’ अ(cid:1)ित4पधB बोली 4वीकार नह] क! जाएगी।
3. ब7क अथवा (cid:1)ाथिमक डीलर को अ(cid:1)ित4पधB खंड के अधीन आबंटन (cid:1)ितलाभ/क!मत क! उस भारांिशत औसत दर पर होगा,
जो (cid:1)ित4पधB बोली दने ेके आधार पर नीलामी म’ सामने आएगी। इस बात पर (cid:25)यान Iदए िबना Iक ब7क अथवा (cid:1)ाथिमक डीलर न े
अपने ^ाहक$ से भुगतान (cid:1)ा‘ कर िलया ह ैया नह], िनग#म क! तारीख को भुगतान (cid:1)ा‘ करके ब7क या (cid:1)ाथिमक डीलर को (cid:1)ितभूितया ं
जारी क! जाएंगी।
4. ऐसे मामले म’, जहां बोली क! रािश (cid:1)ारि[त रािश (अिधसूिचत रािश के 5 (cid:1)ितशत) से अिधक ह ै यथानुपात आबंटन Iकया
जाएगा। आंिशक आबंटन$ के मामले म’, यह ब7क अथवा (cid:1)ाथिमक डीलर$ का दािय(व होगा Iक वह अपने ^ाहक$ को (cid:1)ितभूितय$ का
उिचत आबंटन एक पारदशB तरीके से कर’।
5. ऐसे मामले म’ जहां बोली रािश (cid:1)ारि[त रािश से कम हो, कमी को (cid:1)ित4पधB भाग म’ शािमल Iकया जाएगा।
6. (cid:1)ितभूित को भारतीय %रजव# ब7क 9ारा केवल एसजीएल _प म’ जारी Iकया जाएगा। भारतीय %रजव# ब7क इसे या तो ब7क
अथवा (cid:1)ाथिमक डीलर के मु<य एसजीएल खात े अथवा सीएसजीएल खात े म’ जमा करेगा, जैसाIक उनके 9ारा िनदMश Iदया गया ह।ै
मु<य एसजीएल खाते म’ जमा करने क! सुिवधा एकमाD उन िनवेशक$ क! सेवा के (cid:1)योजनाथ # ह ै जो उनके घटक नह] ह।7 अतः ब7क
अथवा (cid:1)ाथिमक डीलर$ को अ(cid:1)ित4पधB बोिलय$ क! िनिवदा दते े समय उनके एसजीएल खात े और सीएसजीएल खात े म’ जमा होन े
वाली रािशय$ (अं(cid:9)कत मू(cid:14)य) को 4प0 ट _प से दशा#ना होगा। बाद म’ िनवेशक के अनुरोध पर मु<य एसजीएल खाते से वा4तिवक _प
म’ क! गई सुपुदग# ी 4वीकाय# ह।ै
7. यह ब7क अथवा (cid:1)ाथिमक डीलर का दािय(व ह ै Iक वह ^ाहक को (cid:1)ितभूितया ं ह4तांत%रत करे। असाधारण प%रि4थितय$ को
छोड़कर, ^ाहक$ को (cid:1)ितभूितय$ का अंतरण िनग#म क! ितिथ से पांच काय #Iदवस$ के भीतर पूरा Iकया जाएगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
8. ब7क अथवा (cid:1)ाथिमक डीलर अपने ^ाहक$ को यह सेवा दने े के िलए छह पैसे (cid:1)ित सौ (cid:30)पए तक दलाली/कमीशन/सेवा (cid:1)भार के
_प म’ वसूल कर सकते ह।7 ऐसी क!मत िब/! मू(cid:10)य म’ शािमल क! जा सकती है या ^ाहक$ से अलग से वसूल क! जा सकती ह।ै ऐस े
मामले म’ जहा ं (cid:1)ितभूितय$ का अंतरण (cid:1)ितभूित क! िनग#म ितिथ के बाद (cid:1)भावी होता हो, ब7क या (cid:1)ाथिमक डीलर को ^ाहक 9ारा
दये (cid:1)ितफल रािश म’ िनग#म ितिथ से उपिचत >याज शािमल होगा।
9. (cid:1)ितभूितय$ क! लागत, उपिचत >याज जहां भी लागू हो, तथा दलाली/कमीशन/सेवा (cid:1)भार$ के िलए ^ाहक$ से भुगतान (cid:1)ा‘
करने क! काय#-(cid:1)णाली, ब7क या (cid:1)ाथिमक डीलर 9ारा ^ाहक के साथ क! गई सहमित के अनुसार तैयार क! जाएगी। यह उ(cid:10)लेखनीय ह ै
Iक Iकसी अ:य लागत, जैसे िनिधकरण लागत को मू(cid:10)य म’ शािमल नह] Iकया जाना चािहए या ^ाहक$ से वसूल नह] Iकया जाना
चािहए।
VVVV.... ब7क$ और (cid:1)ाथिमक डीलर$ को भारतीय %रजव# ब7क (ब7क) 9ारा समय-समय पर मांगी गई योजना के तहत संचालन$ से संबंिधत सूचना
िनधा#%रत समय सीमा के अंतग#त ब7क को (cid:1)4तुत करनी होगी।
VVVVIIII.... ऊपर उि(cid:10)लिखत IदशािनदMश ब7क 9ारा समी[ा के अधीन ह ै और तQनुसार, जब भी आवbयकता होगी, योजना को संशोिधत Iकया
जाएगा।
MINISTRY OF FINANCE
(Department of Economic Affairs)
(BUDGET DIVISION)
NOTIFICATION
New Delhi, the 6th August, 2018
Auction for Sale (Re-issue) of Government Stock (GS)
F. No. 4(6)W&M/2018.—Government of India hereby notifies sale (re-issue) of the following
Government Stocks:
Name of the Date of Original Date of Auction Auction Notified
Security Original Issue Tenure Maturity Basis Method Amount
(yy-mm-dd) (in ` Crore)
7.37% GS 2023 Apr. 16, 2018 05-00-00 Apr. 16, 2023 Price Multiple 2,000
7.17% GS 2028 Jan. 08, 2018 10-00-00 Jan. 08, 2028 Price Multiple 4,000
7.40% GS 2035 Sep. 09, 2005 30-00-00 Sep. 09, 2035 Price Multiple 2,000
7.72% GS 2055 Oct. 26, 2015 40-00-00 Oct. 26, 2055 Price Multiple 4,000
Subject to the limit of ` 12,000 crore, being total notified amount, GoI will have the option to retain additional
subscription up to ` 1,000 crore each against any one or more of the above securities. The sale will be subject
to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Stock 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 Stock 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 August
10, 2018. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core
Banking Solution (E-Kuber) system on August 10, 2018. The non-competitive bids should be submitted
between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and
12.00 noon.¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 5
When Issued Trading
4. The Stocks 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 stock
5. The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on
August 10, 2018. The payment by successful bidders will be on August 13, 2018 i.e. the date of re-issue.
The payment for the Stocks will include accrued interest on the nominal value of the Stock 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 Stock
6. Interest will accrue on the nominal value of the Stock from the date of original issue/last coupon payment
and will be paid half yearly. The Stocks will be repaid at par on date of maturity.
Name of the Coupon Date of Last Date upto which Date of Coupon
Security rate (%) Coupon payment accrued interest is due payments
(month/date)
7.37% GS 2023 7.37 New Stock Aug. 12, 2018 Oct. 16 and Apr. 16
7.17% GS 2028 7.17 Jul. 08, 2018 Aug. 12, 2018 Jan. 08 and Jul. 08
7.40% GS 2035 7.40 Mar. 09, 2018 Aug. 12, 2018 Sep. 09 and Mar. 09
7.72% GS 2055 7.72 Apr. 26, 2018 Aug. 12, 2018 Oct. 26 and Apr. 26
By Order of the President of India,
ARVIND SHRIVASTAVA, Jt. 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 through6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
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) to 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.