Government securities auction uses uniform-price method with reserved non-competitive retail allocation and prescribed settlement, allotment, and transfer rules. The re-issue of dated Government Stock will be sold by a uniform-price auction through the Reserve Bank of India, with payment by successful bidders on the date of re-issue including accrued interest from original issue. Up to five percent of the notified amount is reserved for non-competitive bids from eligible investors who submit a single bid through a sponsoring bank or primary dealer; non-competitive allotment is at the weighted average yield/price from competitive bidding and is subject to pro rata allocation if oversubscribed. Securities are issued in SGL form and sponsors must transfer holdings to clients within the prescribed timeframe.
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Provisions expressly mentioned in the judgment/order text.
Government securities auction uses uniform-price method with reserved non-competitive retail allocation and prescribed settlement, allotment, and transfer rules.
The re-issue of dated Government Stock will be sold by a uniform-price auction through the Reserve Bank of India, with payment by successful bidders on the date of re-issue including accrued interest from original issue. Up to five percent of the notified amount is reserved for non-competitive bids from eligible investors who submit a single bid through a sponsoring bank or primary dealer; non-competitive allotment is at the weighted average yield/price from competitive bidding and is subject to pro rata allocation if oversubscribed. Securities are issued in SGL form and sponsors must transfer holdings to clients within the prescribed timeframe.
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