Comparison

GoldenPi vs IndiaBonds

GoldenPi and IndiaBonds are two of the oldest specialist platforms on both exchanges, with similarly broad shelves; the main difference is custody, since GoldenPi uses your existing demat and IndiaBonds now runs its own depository participant. IndiaBonds advertises NRI access; GoldenPi's NRI terms were not verified.

Verified 17th Oct 2026

Lean to GoldenPi if

You want bonds in the demat you already hold and a platform that says it charges no transaction fee.

Full GoldenPi review

Lean to IndiaBonds if

You invest as an NRI or HUF, want a lower advertised entry point, or already reach IndiaBonds through Upstox.

Full IndiaBonds review

Side by side

	GoldenPi	IndiaBonds
Legal entity	GoldenPi Securities Pvt Ltd (CIN U65990KA2022PTC164941), a wholly owned subsidiary of GoldenPi Technologies Pvt Ltd source	India Bond Pvt Ltd (CIN U67100MH2008PTC178990, incorporated 2008) source
Group or backers	Founded 2017 by Abhijit Roy and Samir Baran Pratihar; Zerodha's Rainmatter has invested. Oxyzo Financial Services announced a 100% acquisition on 19th May 2026 (about ₹42.4 cr share swap); closing not confirmed. 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	INZ000310732 (stock broker), NSE member 90331, BSE member 6809 source	INZ000311637 (stock broker), NSE member 90316, BSE member 6811 source
NSE OBPP status	Enabled, with enablement dated 31st Dec 2025 in the list as on 14th Oct 2026 (the file does not explain the late date) source	Enabled since 25th Apr 2023 (list as on 14th Oct 2026) source
BSE OBPP status	Active since 19th Apr 2023 source	Active since 5th Apr 2023 source
Where your bonds sit	In your own existing demat; no GoldenPi DP is disclosed 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 for corporate bonds, ₹1,000 for FDs 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	No transaction charge per its FAQ. Spread inside the price 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	Not disclosed source	YTM on listings source
Selling before maturity	Sell on BSE or NSE yourself, or ask GoldenPi's team to help find a buyer. No fee stated, no buyback promise. source	Not verified: FAQ titles cover selling, but the answers render in the browser and could not be read source
Settlement	Through the exchange clearing corporations, T+1 or T+2 per GoldenPi source	Funds go only to the clearing corporation's designated account; T+ cycle not verified source
Credit range on shelf	AAA to BBB (CRISIL, ICRA, CARE, India Ratings), corporate bond yields of 8% to 14%, per GoldenPi 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)	4.1 from 125 ratings, read 17th Oct 2026 source	4.4 from 3,703 ratings, read 17th Oct 2026 source
App Store (India)	4.3 from 30 ratings, read 17th Oct 2026 source	4.76 from 845 ratings, read 17th Oct 2026 source
SEBI or exchange actions	₹4.5 lakh in total (₹2 lakh on the company, ₹2.5 lakh on five directors), order dated 31st Jul 2025 or reported 1st Aug 2025, for trades outside RFQ and ads run without BSE approval source	None found as of 17th Oct 2026 (search not exhaustive) source

Same bonds, which one shows the higher yield?

3 bonds were on both. GoldenPi showed the higher yield on 0, IndiaBonds on 3. On average IndiaBonds was 14 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	GoldenPi	IndiaBonds	Higher
PIRAMAL · INE516Y07444	8.85%	9.15%	IndiaBonds
Navi Finserv · INE342T07668	10.40%	10.50%	IndiaBonds
Muthoot Fincorp · INE549K08590	10.50%	10.53%	IndiaBonds

Every bond on both platforms, by company: prices.

How they differ

Registration

IndiaBonds (India Bond Pvt Ltd, incorporated 2008, launched 2021) was enabled on BSE on 5th Apr 2023 and on NSE on 25th Apr 2023. GoldenPi Securities was enabled on BSE on 19th Apr 2023; NSE's file shows 31st Dec 2025, a gap the file does not explain.

Custody

GoldenPi settles bonds into your own demat and says your bonds and interest are unaffected if it shuts. IndiaBonds registered an NSDL depository participant in 2026 (DP ID IN305103); whether it requires that demat for every order was not verified.

Cost

GoldenPi's FAQ says it does not charge customers for any transaction. 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 and minimums

Both sell corporate bonds, NCD IPOs, G-secs, SDLs, SGBs, tax-free and 54EC bonds and distribute FDs. GoldenPi states a range of AAA to BBB with corporate yields of 8% to 14% and bonds from ₹10,000. IndiaBonds states 5% to 12.2%, a ₹1,000 minimum with ₹10,000 face value bonds, and adds Bond SIPs and baskets. IndiaBonds sold Satya MicroCapital's 14.20% subordinated bond in Apr 2025.

Exit

GoldenPi says you can sell on BSE or NSE or ask its team for help, with no fee stated. IndiaBonds' answers on selling could not be read.

Record and ties

SEBI fined GoldenPi and five directors ₹4.5 lakh in 2025 for off-RFQ trades and ads run without BSE approval. No penalty against IndiaBonds was found. GoldenPi Technologies developed and licensed IIFL Capital's bond platform, which SEBI fined ₹2 lakh in Oct 2026. Oxyzo announced in May 2026 that it would buy GoldenPi; completion was not confirmed by 17th Oct 2026. IndiaBonds' co-founder is a director of A.K. Capital, its terms say related parties may earn fees from issuers, and it has powered Upstox's bond offering since Aug 2025.

Questions people ask

Which keeps bonds in my own demat, GoldenPi or IndiaBonds?

GoldenPi settles bonds into your existing demat. IndiaBonds has run its own NSDL depository participant since 2026; whether it requires that demat for every order was not verified.

Do GoldenPi and IndiaBonds sell government bonds?

Yes. Both list G-secs, SDLs and SGBs alongside corporate bonds, tax-free bonds and 54EC bonds.

Has either platform been fined?

SEBI fined GoldenPi ₹2 lakh and five directors ₹2.5 lakh in 2025. No SEBI or exchange penalty against IndiaBonds was found.