Auction for Sale (Re-issue)of 5.87 Per cent Government Stock, 2010 under Market Stabilisation Scheme.

click here for IIIF manifest

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The Gazette of

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Tenure.—The Stock will be of seven-year tenure commencing from January 2, 2003. The stock will be repaid at par on January 2, 2010.

Date of issue and payment for the Stock—The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai Office on November 1, 2007. The payment by successful bidders will be on November 2, 2007, i.e., the date of issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the last coupon payment date i.e., July 2, 2007 to November 1, 2007.

7. Interest. —Interest at the rate of 5.87 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon paymenl and will be paid half yearly on January 2 and July 2.

By Order of the President of India L M. VAS, R. Secy.

ANNEX

Scheme for Non-competitive Bidding Facility in the

Auctions of Government Securities .

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MINLS1RY OF FINANCE (Department of Economic Affairs) (BUDGET DIVISION) NOTIFICATION New Delhi, the 29th October, 2007 Auction for Sale (Re-issue) of '5.87 per cent Government Stock, 2010' under Market Stabilisation Scheme

F. No. 4(1)-W & M/2007.—Government of India hereby notifies sale (re-issue) of '5.87 per cent Government Stock, 2010' for an aggregate amount of Rs. 3,000 crore (nominal) under the Market Stabilization Scheme. The sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification') as also the terms and conditions specified in the General Notification F. No. 4(9)-W & M/2000, dated May 6, 2002 issued by Government of India as amended from time to time.

Method of Issue.—The Government Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4(9)- W & M/2000, dated May 6, 2002 by a price based auction using multiple price auction method.

Allotment to Non-competitive Bidders.— Gov ernment Stock up to 5 per cent 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).

4. Place and date of auction.—The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, L Scope : With a view to encouraging wider participation and retail holding pf Government securities it is proposed to allow participation on "non-competitive" basis in select auctions of dated. Government of India (G01) securities. Accordingly, non-competitive bids up to 5 per cent of the notified amount will be accepted in the auctions of dated securities. The reserved amount will be within the notified amount.

IL Eligibility : Participation on a non-competitive basis in the auctions of dated GOI Securities will be open to investors who satisfy the following :

do not maintain Current Account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India. Exceptions : Regional Rural Banks (RRBs) and Co-operative Banks shall be covered under this Scheme in view of their statutory obligations. make a single bid for an amount not more than Rs. 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 Co-operative 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 Rs. 10,000 (face value) and thereafter in multiples in Rs. 10,000 as hitherto for dated stocks.

IV. Other Operational Guidelines :

It will not be mandatory for the retail investor to maintain a Constituent Subsidiary General Ledger (CSGL) account with the bank or PD through whom they wish to participate. However, an investor can make only a single bid under this scheme. An undertaking to the effect that the investor is making only a single bid will have to be obtained and kept on record by the bank or PD.

Each bank or PD on the basis of firm orders received from their constituents may submit application-wise bids through NDS. The firm orders received from others (i.e. non-constituents) may be submitted in physical application forms to the PDO. The physical application may be a single bid for the aggregate 2anount of all the customers. Particulars of individual customer viz. Name and amount shall be provided as an Annex to the bid.

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 hank or PD has received payment from their clients. In case the aggregate amount of bid is more than the reserved amount (5% of notified amount), pro raw 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.

In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

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.

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.

The bank or PD can recover up to six paise per Rs. 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.

Modalities for obtaining payment from clients towards cost of the securities, accrued interest wherever applicable and b ro k a g e/commission/service charges may he 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.

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.

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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NOTIFICATION

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New Delhi, the 29th October, 2007

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Auction for Sale (Re-issue) of '11.30 per cent

Government Stock, 2010'

under Market Stabilisation Scheme

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F. No. 4 (1)-W &M/2007(1).—Government of India hereby notifies sale (re-issue) of '11.30 per cent Government Stock, 2010' for an aggregate amount of Rs. 3,000 crore (nominal) under the Market Stabilization Scheme. The sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification') as also the terms and conditions specified in the General Notification F. No. 4(9)-W&M/2000, dated May 6, 2002 issued by Government of India as amended from time to time.

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Method of Issue.—The Government Stock will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 in the manner as prescribed in paragraph 5.1 of the General Notification F. No. 4 (9)-W & M12000, dated May 6, 2002 by a price based auction using multiple price auction method.

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Allotment to Non-competitive Bidders. — Government Stock up to 5 per cent 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).

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Place and date of auction.—The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on 1st November, 2007. The application form duly filled in with the bids should be submitted to the aforesaid office on 1st November, 2007, by 12.30 P.M. titfl t I itt chl4d1-4*-1- tc .4 4 vreiTe*1 **we* *94* rikta*-T

Tenure.—The Stock will be of ten-year tenure commencing from July 28, 2000. The stock will be repaid at par on July 28, 2010.

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6. Date of issue and payment for the Stock—The result of the auction shall be displayed by the Reserve Bank of India at its Fort, Mumbai office on November 1, 2007. The payment by successful bidders will be on November 2„ 2007, i.e., the date of issue. The payment for the Stock will include accrued interest on the nominal value of the Stock allotted in the auction from the last coupon payment date i.e., July 28, 2007 to November 1, 2007.

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7. Interest.—Interest at the rate of 11.30 per cent per annum will accrue on the nominal value of the Stock from the date of last coupon payment and will be paid half yearly on January, 28 and July, 28.

By Order of the Presidentof India

L M. VAS, it. 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 (G01) securities. Accordingly, non-competitive bids up to 5 per cent of the notified amount will be accepted in the auctions of dated securities. The reserved amount will be within the notified amount.

IL Eligibility : Participation on a non-competitive basis in the auctions of dated GOI Securities will be open to investors who satisfy the following :

do not maintain Current Account (CA) or Subsidiary General Ledger (SGL) account with the Reserve Bank of India.

Exceptions : Regional Rural Banks (RRBs) and Co- operative Banks shall be covered under this Scheme in view of their statutory obligations.

make a single bid for an amount not more than Rs. 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 Co- operative Banks that maintain SGL account and current account with the Reserve Bank of India shall be eligible to submit their non-competitive bids directly.

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 Rs. 10,000 (face value) and thereafter in multiples in Rs. 10,000 as hitherto for dated stocks.

Other Operational Guidelines :

1. It will not be mandatory for the retail investor to maintain a Constituent Subsidiary General Ledger (CSGL) account with the bank or PD through whom they wish to participate. However, an investor can make only a single bid under this scheme. An undertaking to the effect that the investor is making only a single bid will have to be obtained and kept on record by the bank or PD.

Each bank or PD on the basis of firm orders received from their constituents may submit application-wise bids through NDS. The firm orders received from others (Le. non-constituents) may be submitted in physical application forms to the PDO. The physical application may be a single bid for the aggregate amount of all the customer% Particulars of individual customer viz. Name and amount shall be provided as an Annex to the bid.

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.

In case the aggregate amoWit of bid is more than the reserved amount (5 per cent of notified amount), pro ratataillotment would be made. In case of partiablioUnents, it will be the responsibility of the bank or PD to appropriately allocate securities to their clients in a transparent manner.

In case the aggregate amount of bids is less than the reserved amount, the shortfall will be taken to competitive portion.

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.

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 up to six paise per Rs. 100 as brokerage/commission/ service charges for rendering this service to their clients. Such costs may be built into

8 THE GAZE 'I I b OF INDIA: EXTRAORDINARY [PART 1—Snc. 1]

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.

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.

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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