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EXTRAORDINARY
PART I —Section 1
PUBLISHED BY AUTHORITY
No. 288] NEW DELHI, TUES DAY, NOVEMBER 14, 2023/KARTIKA 23, 194 5
CG-DL-E-14112023-250033
MINISTRY OF FINANCE
(Department of Econom ic Affairs )
(BUDGET DIVISION )
NOTIFICATION
New Delhi, the 13th November , 2023
Auction for Sale (re -issue) of Government Security (GS)
F.No.4(3 )-B(W&M)/202 3.—Government of India (GoI) hereby notifies sale ( re-issue ) of the following
Government Securities
GoI will have the option to ret ain 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, Mumb ai- 400 00 1 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, Mu mbai Office, Fort, Mumbai -400 001 on November 17,
2023 . Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking
Solution (E -Kuber) system on November 17 , 2023 . The no n-competitive bids should be subm itted 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 17 , 2023 .The payment by successful bidders will be on November 20, 2023 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 whic h accrued interest is due as me ntioned
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 repai d at par on date of maturity.
Name of the
Security Coupon rate
(%) Date of Last
Coupon payment Date up to which
accrued interest is due Date of Coupon
payments
(month / date)
7.37% GS 20 28 7.37 New Security Nov 19, 2023 Apr 23 and Oct 23
7.18% GS 2033 7.18 New Security Nov 19, 2023 Feb 14 and Aug 14
7.30% GS 20 53 7.30 New Security Nov 19, 2023 Dec 19 and Jun 19
By Order of the President of India
ASHISH VACHHAN I, Addl. Secy.
Name of the
Security Date of Original
Issue Tenure
(yy-mm-dd) Date of
Maturity Base Method Notified Amount
(in ₹ Crore)
7.37% GS 20 28 Oct 23, 2023 05-00-00 Oct 23 , 2028 Price Uniform 7,000
7.18% GS 2033 Aug 14, 2023 10-00-00 Aug 14, 2033 Price Uniform 13,000
7.30% GS 20 53 June 19 , 202 3 30-00-00 June 19 , 2053 Price Multiple 10,000
Annex
Scheme for Non -competitive Bidding Facility in the Auction of
Gove rnment 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. Defini tions : For the purpose of this scheme, the terms shall bear the meaning assigned to them as under:
a. Retail inve stor 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 Exc hange 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 recogni zed Stock Exchange, which hav e received No Objection
Certificate (NOC) from SEBI to act as aggregator/facilitator in the primary auction segment.
d. ‘Eligible Provide nt Funds’ are those non -government provident funds governed by the Provident Funds
Act, 1925 whose investment pattern is d ecided by the Government of India.
III. Eligibility :
a. Participation on a non -competitive basis in the auctions will be open to a retail i nvestor who:
i. Does not maintain current account (CA) or subsidiary General Ledger (SGL) account with the
Reserve Bank of Ind ia; and
ii. Submits the bid indirectly through an Aggregator/Facilitator permitted under the scheme; or
iii. Maintains the ‘Retail Direct Gilt Account’ (RDG Account) with 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 Indi a, 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 b y 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 b id for these entities.
IV. Quant um: 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 s ingle 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 accoun t with any of the depositori es or a gilt accoun5 under the constituent
subsidiary general ledger (CSGL) account of Aggregator/Facilitator or ‘Retail Direct Gilt Account’
(RDG Account) with RBI.
b. Under the Scheme, an investor can make only a single bid in an auction. An undertaking to the effect that
the investor i s 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 con stituents with submit a
single consolidated non -competiti ve 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) s ystem, non -competitive bid in physical form will not be accepted.
Allotment of Bids:
d. Allotment under the non -competitive segment to the Agg regator/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 transpare nt manner.
f. In case th e 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/Facilitato r has to clearly indicate at
the time of tenderi ng 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
subseq uently.
i. It will be the respo nsibility of the A ggregator/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 iss ue.
Commission/Brokerage cha rged 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, t he 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 clie nts to wards 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 , sho uld 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.
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