Comparison

Aspero vs IndiaBonds

Aspero and IndiaBonds are both on NSE and BSE with broad shelves that include government bonds, SGBs, tax-free and 54EC bonds, and both now run NSDL depository participants. Aspero shows a platform fee at purchase and was fined ₹1 lakh by SEBI; IndiaBonds advertises NRI access and has no penalty on record.

Verified 17th Oct 2026

Lean to Aspero if

You want the platform fee shown at checkout and a liquidity indicator on each bond.

Full Aspero review

Lean to IndiaBonds if

You invest as an NRI or HUF, or want a lower advertised entry point.

Full IndiaBonds review

Side by side

	Aspero	IndiaBonds
Legal entity	Aspero Markets Pvt Ltd (formerly Credavenue Securities Pvt Ltd), CIN U65990TN2021PTC144175, Chennai source	India Bond Pvt Ltd (CIN U67100MH2008PTC178990, incorporated 2008) source
Group or backers	Yubi group (formerly CredAvenue), founded 2020 by Gaurav Kumar. Aspero launched on 20th Oct 2023 as the rebrand of Yubi Invest. source	Co-founders Vishal Goenka and Aditi Mittal, who is also a director of AK Capital (a shareholding link is not verified). First external round of ₹32.5 cr on 25th Jun 2025 from unnamed individual investors. source
SEBI registration	INZ000310534 (stock broker), NSE member 90374, BSE 6810; also NSDL DP IN-DP-752-2023, merchant banker INM000012883, research analyst INH000010256 source	INZ000311637 (stock broker), NSE member 90316, BSE member 6811 source
NSE OBPP status	Enabled since 8th Oct 2024 (list as on 14th Oct 2026) source	Enabled since 25th Apr 2023 (list as on 14th Oct 2026) source
BSE OBPP status	Active since 28th Mar 2023 source	Active since 5th Apr 2023 source
Where your bonds sit	Conflicting: FAQ says your own CDSL demat, not a pooled account; Aspero's own DP licence is NSDL source	IndiaBonds runs its own NSDL DP (DP ID IN305103, registration IN-DP-855-2026), marketed as IB Demat New. Whether an existing demat can still be used was not verified. source
Minimum investment	₹10,000 advertised; live minimums from ₹10,051 to ₹1,00,269 on 17th Oct 2026 source	₹1,000 advertised; ₹10,000 face value bonds offered (e.g. Manba Finance at ₹9,980.42 on 17th Oct 2026) source
Fees and markup	A small platform fee shown at the time of purchase; amount not published. Whether the YTM is net of a spread is not disclosed. source	T&C allow brokerage, platform usage or subscription fees. Homepage bond cards carry an "Additional Yield via Bond Spread" label. Markup not disclosed. source
Yield shown as	YTM on listings source	YTM on listings source
Selling before maturity	Liquidity indicators per bond; no buyback promise and no exit fee schedule published source	Not verified: FAQ titles cover selling, but the answers render in the browser and could not be read source
Settlement	Venue and T+ cycle not stated on public pages source	Funds go only to the clearing corporation's designated account; T+ cycle not verified source
Credit range on shelf	Claims AA- to BBB; live list on 17th Oct 2026 included two BB+ bonds source	Interest of 5% to 12.2% stated. Homepage on 17th Oct 2026 showed CARE A-, Ind-Ra A- and CRISIL BBB+ bonds at 11.15% to 11.25% YTM. source
NRI access	Not disclosed source	Advertised on the site (as is HUF access) source
Play Store (India)	4.5 from 1,293 ratings, read 17th Oct 2026 source	4.4 from 3,703 ratings, read 17th Oct 2026 source
App Store (India)	4.61 from 51 ratings, read 17th Oct 2026 source	4.76 from 845 ratings, read 17th Oct 2026 source
SEBI or exchange actions	₹1 lakh penalty, order signed 4th Apr 2025, for orders not routed through the RFQ platform source	None found as of 17th Oct 2026 (search not exhaustive) source

Same bonds, which one shows the higher yield?

5 bonds were on both. Aspero showed the higher yield on 2, IndiaBonds on 3. On average IndiaBonds was 2 basis points higher. A higher yield on the same bond means a lower price. Read on 17th Oct 2026; quotes move daily, so check both apps before you buy.

Bond	Aspero	IndiaBonds	Higher
Navi Finserv Ltd. · INE342T07718	10.60%	10.20%	Aspero
KrazyBee Services Ltd. · INE07HK07882	10.00%	10.25%	IndiaBonds
Muthoot Mcred Ltd. · INE101Q07CB5	10.50%	10.70%	IndiaBonds
Greaves Finance Ltd · INE1QWF07105	10.85%	11.00%	IndiaBonds
EARLYSALARY SERVICES PRIVATE LIMITED · INE01YL07433	11.15%	11.05%	Aspero

Every bond on both platforms, by company: prices.

How they differ

Custody

Aspero holds NSDL DP registration IN-DP-752-2023, though its FAQ says bonds sit in your own CDSL demat. IndiaBonds registered NSDL DP IN-DP-855-2026 (DP ID IN305103) in 2026. Neither platform's demat requirement could be confirmed from a readable FAQ.

Fees and spread

Aspero shows a platform fee at purchase without publishing the rate. IndiaBonds' terms allow brokerage, platform or transaction fees, and its homepage carries an Additional Yield via Bond Spread label. Neither publishes a per-bond spread.

Shelf

Aspero claims AA- to BBB with yields of 9% to 13.5%, yet listed two BB+ bonds on 17th Oct 2026. IndiaBonds states 5% to 12.2% and showed A- and BBB+ bonds at about 11.2% on the same day; it also lists SDLs and Bond SIPs. Both have sold Satya MicroCapital paper: Aspero a 10.40% secured NCD in 2025, redeemed early in Feb 2026, and IndiaBonds a 14.20% subordinated bond in Apr 2025.

Group ties

Aspero belongs to the Yubi group, and its entity holds merchant banker and research analyst registrations. IndiaBonds' co-founder is a director of A.K. Capital, and its terms say related parties may earn fees from issuers. IndiaBonds also powers Upstox's bond offering.

Minimums, NRIs and exit

Aspero starts at ₹10,000; IndiaBonds advertises ₹1,000 and lists ₹10,000 face value bonds. IndiaBonds advertises NRI and HUF access; Aspero's NRI terms were not verified. Aspero offers liquidity indicators but no buyback, and IndiaBonds' sell terms could not be read.

Record

SEBI fined Aspero, then Credavenue Securities, ₹1 lakh on 4th Apr 2025 for orders not routed through the RFQ platform. No SEBI or exchange penalty against IndiaBonds was found. Aspero was enabled on BSE on 28th Mar 2023 and NSE on 8th Oct 2024; IndiaBonds on BSE on 5th Apr 2023 and NSE on 25th Apr 2023.

Questions people ask

Do Aspero and IndiaBonds sell government bonds?

Yes. Both list government bonds, SGBs, tax-free and 54EC bonds as well as corporate bonds. IndiaBonds also lists SDLs.

Which one has been penalised?

SEBI fined Aspero ₹1 lakh on 4th Apr 2025. No SEBI or exchange penalty against IndiaBonds was found.

Can NRIs use Aspero or IndiaBonds?

IndiaBonds advertises NRI access. Aspero's NRI terms could not be verified on 17th Oct 2026.