RBI sets cut-off commission rates for government securities underwriting auction on July 10
Commission rates for Primary Dealers have been set in the Additional Competitive Underwriting (ACU) auction of Indian government securities maturing on July 10, 2026. This process applies to the 6.36% GS 2031 and 7.71% GS 2066 securities, which are also scheduled for auction on July 10, 2026.
Highlights
- RBI set the ACU cut-off commission at 0.27 paise per ₹100 on a total underwriting amount of ₹21,000 crore for 6.36% GS 2031.
- For the notified ₹11,000 crore of 7.71% GS 2066, the ACU cut-off commission was set at 0.66 paise per ₹100.
- The pre-issue underwriting arrangement for central government securities was completed and price signals clarified ahead of the auction scheduled for July 10, 2026.
This article was translated from the original. Read the original version by our correspondent here.
Underwriting Auction Rates and Scope
According to the RBI press release, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers in the Additional Competitive Underwriting auction held on July 10, 2026. This auction was conducted under the Additional Competitive Underwriting (ACU) mechanism for specified government securities.For the 6.36% GS 2031, the notified amount was ₹21,000 crore, the minimum underwriting commitment was ₹10,500 crore, and ₹10,500 crore was accepted in the additional competitive underwriting. The total underwriting for this security was ₹21,000 crore, and the ACU commission cut-off rate was set at 0.27 paise per ₹100.
For the 7.71% GS 2066, the notified amount was ₹11,000 crore, the minimum underwriting commitment was ₹5,502 crore, and ₹5,498 crore was accepted in the additional competitive underwriting. The total underwriting for this security was ₹11,000 crore, and the ACU commission cut-off rate was set at 0.66 paise per ₹100.
Impact on Government Borrowing Program
This underwriting arrangement clarifies the demand and risk-sharing framework ahead of the government securities sale, providing price signals for primary dealer participation. Different cut-off rates for different maturities reflect market risk perception and tenor-based valuation.The RBI has stated that the sale auction for these securities will be held on July 10, 2026. This completes the pre-issue arrangement for securities to be issued under the central government's market borrowing program.
Our previous report discussed the recent rally in Goldman Sachs (GS) shares and the increasing investor positioning ahead of the Q2 earnings report, where profitability, capital allocation, and guidance were the main focus. The article highlighted consolidation in the $1,024–$1,080 range based on technical indicators, support around $1,032, and potential breakout/downside scenarios.
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