The live operation of the module will be notified separately, it added. The PMO module has been suitably modified to facilitate auctions of dated securities with various features, RBI noted. First, all competitive bids to be submitted by participants in the new module during the specified time period as mentioned in the notifications. While non-competitive bids are to be submitted from the member terminal for CSGL account holders.
In case of non-CSGL account holders, the consolidated bids must be submitted to PDO in Mumbai along with details of bids, which includes name of the client and the amount, as an annexure, before the cut off time stated in the notification. Members have to ensure the eligibility criteria for non-competitive bids as notified by RBI, it added.
Primary dealers (PDs) have to submit underwriting bids in PDO-NDS during the underwriting auction period as per the notifications issued by RBI in regard to auctions of dated securities from time to time, it said. Members facing connectivity problems may submit physical bids by communicating the intention to do so by sending a fax request to PDO in Mumbai before the closure of the bid submission period.
The physical bid should be submitted within half an hour of close of the bid submission time as provided in NDS regulations. Same procedure will apply for underwriting bids by PDs. The new system provides online declaration of auction results; accordingly no physical allotment advice would be provided to the successful bidders, it said. To ensure smooth implementation of the enhanced PMO module, RBI has arranged presentation-cum demonstration sessions for market participants.