India will execute a ₹250 billion government securities conversion on November 17, 2025, to enhance debt portfolio management. This auction-based switch will exchange existing securities for new ones with different tenors, aiming to reduce borrowing costs and maintain market liquidity while remaining largely cash neutral on settlement.
India's central government is slated to carry out a significant conversion and switch of government securities valued at ₹250 billion on November 17, 2025. This move aims to optimize the government’s debt portfolio and manage financing costs effectively while maintaining market liquidity.
The operation involves exchanging existing government securities (source securities) for new or different securities (destination securities) via an auction process. The auction will follow a multiple-price format, where successful bids get accepted at their quoted prices. This switch/conversion process generally remains cash neutral, except for net accrued interest settlements.
Such conversions help the government refinance its debt by moving from higher-cost securities to potentially lower-cost or longer-maturity offerings, thereby supporting fiscal discipline. Market participants can expect participation on the e-Kuber platform, with all activities scheduled for completion on the designated date.
Notable Updates:
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The conversion/switch amount is ₹250 billion.
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Auction and settlement process are electronic and scheduled for November 17, 2025.
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The operation is designed to be broadly cash neutral, focusing on accrued interest adjustments.
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It includes multiple government securities being exchanged to optimize the debt maturity and interest profile.
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Facilitates improved liquidity and efficient management of public debt.
This announcement aligns with the National Stock Exchange (NSE) circular and reflects proactive debt management efforts by India’s central government and RBI.
Sources: National Stock Exchange of India (NSE) Circular, Reserve Bank of India (RBI) announcements.