Please refer to DMMD Circular No. 06 dated March 15, 2018 regarding the Master Circular on Auction of Government Securities.

As a step towards more market-driven pricing in the auction of government securities and diversification of the investor-base of government securities, the following changes are made in the Master Circular on Auction of Government Securities:

Ref No.	Current Rule	New Amended Rule
D- Participation in Competitive Auction
D-1	PDs will submit competitive bids, for both MTBs and PIBs, in terms of price (up to four decimal points). However, the bid price for long-term paper would be confined to a range of +/- 50 basis points from the respective tenor prices appearing on Reuters PKRV page on the last working day prior to bidding.	PDs will submit competitive bids, for both MTBs and PIBs, in terms of price (up to four decimal points).
E-Participation in Auction through Non-Competitive Bidding (NCBs)
E-4	Investors will be allowed to submit one bid in a single tenor, in case of submission of multiple bids in one tenor by single investor, all such bids would be treated as void. Further, the ceiling for one investor in a single tenor will be linked with pre-auction target i.e. 0.25% of the auction target subject to minimum of Rs. 25 million and maximum of Rs. 500 million.	Investors will be allowed to submit one bid in a single tenor, in case of submission of multiple bids in one tenor by single investor, all such bids would be treated as void. Further, the ceiling for one investor in a single tenor will be linked with pre-auction target i.e. 0.50%of the auction target subject to minimum of Rs. 25 million and maximum of Rs. 500 million.

The above amendment shall come into force with immediate effect. All other instructions on the subject will remain unchanged.