The auction would be conducted for overseas investors at 'nse-ebid' platform for government debt securities, as per information provided by the bourse.
The total overseas investments in government debt securities through auction route has touched Rs 1,23,815 crore till yesterday, which is which is 99.5 er cent of total permitted limit of Rs 1,24,432 crore.
"Consequently, exchange shall conduct an auction for the allocation of unutilised debt limits on February 23, 2015," NSE said in a circular.
The auction will begin at 1530 hours and close at 1730 hours. A mock bidding session would be conducted on Friday, February 20, to check the system performance.
The debt auction quota give overseas investors the right to invest in debt up to the limit purchased.
Earlier this month, BSE had conducted auction for government bonds worth Rs 310 crore, which attracted bids to the tune of Rs 813 crore.
Foreign investors have so far put in over Rs 29,000 crore in the debt market in 2015. The equity market has also seen similar trends with overseas fund inflows of close to Rs 16,000 crore since the beginning of the year.

According to market experts, overseas investors have been pumping money in the country's debt market primarily on account of government's reforms agenda and the RBI's rate cut measure.
As per norms, foreign investors can purchase up to USD 25 billion in government debt without restrictions. Exchanges initiate the auction mechanism once overseas investors reach 90 percent of that limit.

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