{ "publisher": "Compare Bond Platforms", "license": "CC BY 4.0", "licenseUrl": "https://creativecommons.org/licenses/by/4.0/", "generated": "2026-10-17", "cite": "Compare Bond Platforms (https://comparebondplatforms.com)", "platforms": [ { "slug": "5paisa", "name": "5paisa", "kind": "broker", "website": "https://www.5paisa.com", "oneLiner": "5paisa Capital has been an active OBPP on BSE since 14th Jun 2023; we could not verify a live public bond platform or its fees.", "verdict": "5paisa Capital is registered and active as an OBPP on BSE since 14th Jun 2023 and is not on NSE's list. We found no published bond product, fee or minimum, so treat its bond offering as unverified until you see terms in the app.", "verifiedAt": "2026-10-17", "status": "active", "products": [], "facts": [ { "key": "entity", "label": "Legal entity", "value": "5paisa Capital Ltd", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000010231 (stock broker)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 14th Jun 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Public bond platform not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Not verified; bid fee not found", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "minimum", "label": "Minimum investment", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed", "source": "https://cafemutual.com/news/cafe-alt/38742-who-are-the-registered-obpps-currently" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "exit", "label": "Selling before maturity", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "settlement", "label": "Settlement", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "play", "label": "Play Store (India)", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "ios", "label": "App Store (India)", "value": "Not verified", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ], "suits": [ "5paisa users willing to confirm bond terms in the app" ], "watchOut": [ "BSE only: not on NSE's OBPP list", "No published bond product, fee or minimum" ], "faqs": [ { "q": "Is 5paisa a SEBI registered bond platform?", "a": "5paisa Capital Ltd has been an active OBPP on BSE since 14th Jun 2023. It is not on NSE's OBPP list as on 14th Oct 2026." }, { "q": "What does 5paisa charge for bonds?", "a": "Not disclosed. We found no bond fee on any 5paisa page read in our research." }, { "q": "Can I buy T-bills on 5paisa?", "a": "Not verified. RBI Retail Direct, Zerodha and Fyers take T-bill bids with no bidding fee." } ], "sources": [ { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "Cafemutual: who are the registered OBPPs", "url": "https://cafemutual.com/news/cafe-alt/38742-who-are-the-registered-obpps-currently" } ] }, { "slug": "altifi", "name": "Altifi", "kind": "specialist", "website": "https://altifi.ai", "oneLiner": "Northern Arc's bond platform on NSE and BSE, with a wide product list, your own demat, and a parent that may sell to you.", "verdict": "Altifi suits investors who want a broad fixed income menu, from G-secs and T-bills to NCD IPOs, SDIs and 54EC bonds, settled into the demat they already have. The catches: its parent Northern Arc Capital may be the seller on the platform, its revenue model is not disclosed, and most corporate bonds cost about ₹1 lakh per unit despite a ₹1,000 headline.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec", "tbill", "sdl", "sgb", "54ec", "municipal", "sdi", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Northern Arc Securities Pvt Ltd (NASPL), CIN U66120TN2023PTC158583", "source": "https://altifi.ai/" }, { "key": "group", "label": "Group or backers", "value": "Wholly owned subsidiary of Northern Arc Capital Ltd, a listed NBFC (NSE: NORTHARC)", "source": "https://altifi.ai/" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000318831 (stock broker), NSE member 90387, BSE 6895; also AMFI ARN 311499 and APMI APRN04867", "source": "https://altifi.ai/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 25th Oct 2024 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 30th May 2025", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own demat with NSDL or CDSL", "source": "https://altifi.ai/bonds/corporate-bonds/aye-finance-limited/INE501X07745" }, { "key": "minimum", "label": "Minimum investment", "value": "Conflicting: bonds from ₹1,000 on the homepage; ₹10,000 at the 2021 launch; ₹99,347.38 for 1 unit of the Aye Finance bond on 17th Oct 2026", "source": "https://altifi.ai/" }, { "key": "fees", "label": "Fees and markup", "value": "Revenue model not disclosed; site says applicable fees are disclosed before you invest", "source": "https://altifi.ai/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM on bond pages (e.g. coupon 9.75%, YTM 10.45% for Aye Finance)", "source": "https://altifi.ai/bonds/corporate-bonds/aye-finance-limited/INE501X07745" }, { "key": "exit", "label": "Selling before maturity", "value": "Governed by the product's terms and market conditions; no buyback or exit fee found", "source": "https://altifi.ai/assets/docs/Terms-of-use.pdf" }, { "key": "settlement", "label": "Settlement", "value": "Through NSE Clearing and/or ICCL, with payments via RBI-regulated payment aggregators; T+ cycle not stated", "source": "https://altifi.ai/assets/docs/Terms-of-use.pdf" }, { "key": "credit", "label": "Credit range on shelf", "value": "Inventory returns of 8% to 14% per the footer, plus a 5.80% G-sec; example bond rated Ind-Ra A+", "source": "https://altifi.ai/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed", "source": "https://altifi.ai/" }, { "key": "play", "label": "Play Store (India)", "value": "4.5 from 266 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.northernarc.altifi" }, { "key": "ios", "label": "App Store (India)", "value": "4.63 from 27 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/altifi/id1622647294" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found as of 17th Oct 2026 (search not exhaustive)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Investors who want bonds in the demat they already have", "Buyers of T-bills, G-secs, SDLs, NCD IPOs or 54EC bonds in one place", "Investors comfortable with tickets of about ₹1 lakh per corporate bond" ], "watchOut": [ "Parent Northern Arc may be the seller of bonds on the platform", "Revenue model and any spread not disclosed", "₹1,000 headline minimum vs about ₹1 lakh per corporate bond unit", "No buyback", "Homepage NNPA figures describe the parent's loan book, not bonds sold on Altifi" ], "faqs": [ { "q": "Is Altifi SEBI registered?", "a": "Yes. Altifi is run by Northern Arc Securities Pvt Ltd, SEBI stock broker INZ000318831, enabled as an online bond platform on NSE since 25th Oct 2024 and Active on BSE since 30th May 2025." }, { "q": "Who owns Altifi?", "a": "Northern Arc Securities is a wholly owned subsidiary of Northern Arc Capital Ltd, a listed NBFC. Altifi discloses that Northern Arc Capital may also be a seller of securities on the platform." }, { "q": "Does Altifi charge fees?", "a": "Altifi does not publish its fees, spread or revenue model. Its site says applicable fees and charges are shown before you invest." }, { "q": "What is the minimum investment on Altifi?", "a": "The homepage advertises bonds from ₹1,000, but minimums vary by bond; 1 unit of an Aye Finance bond cost ₹99,347.38 on 17th Oct 2026." }, { "q": "Do I need a new demat for Altifi?", "a": "No. Altifi works with your own demat account at NSDL or CDSL." } ], "sources": [ { "label": "Altifi homepage", "url": "https://altifi.ai/" }, { "label": "Altifi about us", "url": "https://altifi.ai/sections/aboutus" }, { "label": "Altifi disclaimer and regulatory information", "url": "https://altifi.ai/assets/docs/Disclaimer-and-Regulatory-Information.pdf" }, { "label": "Altifi terms of use", "url": "https://altifi.ai/assets/docs/Terms-of-use.pdf" }, { "label": "Altifi investor complaints register", "url": "https://altifi.ai/assets/docs/Investor-Complaints.pdf" }, { "label": "Altifi Aye Finance bond page", "url": "https://altifi.ai/bonds/corporate-bonds/aye-finance-limited/INE501X07745" }, { "label": "Northern Arc press release on the Altifi launch, Jun 2021", "url": "https://www.northernarc.com/assets/uploads/pdf/AltiFi-Launch-Press-Release_Final-1626693898.pdf" }, { "label": "Archived Altifi Satya MicroCapital bond page", "url": "https://web.archive.org/web/20241111104439/https://altifi.ai/bonds/corporate-bonds/satya-micro-capital/INE982X07341" }, { "label": "Northern Arc on X, May 2023", "url": "https://x.com/_NorthernArc/status/1654033285217910784" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "CARE Ratings on TruCap Finance, 18th Jul 2025", "url": "https://www.careratings.com/upload/CompanyFiles/PR/202507180744_TruCap_Finance_Limited.pdf" }, { "label": "Catalyst Trusteeship TruCap status report, 23rd Oct 2025", "url": "https://catalysttrustee.com/wp-content/uploads/2025/11/13.-TruCap-Status-Report-23.10.2025-1.pdf" }, { "label": "Basunivesh on the TruCap default", "url": "https://www.basunivesh.com/trucap-bond-default-the-hidden-risk-of-high-yield-bonds/" }, { "label": "Altifi on Google Play", "url": "https://play.google.com/store/apps/details?id=com.northernarc.altifi" }, { "label": "Altifi on the App Store (India)", "url": "https://apps.apple.com/in/app/altifi/id1622647294" } ] }, { "slug": "angel-one", "name": "Angel One", "kind": "broker", "website": "https://www.angelone.in", "oneLiner": "Large broker enabled as an OBPP on NSE and BSE in Jul 2026; whether retail bond buying is live is unclear from its public pages.", "verdict": "Angel One has held OBPP enablement on both exchanges since mid Jul 2026, but its public record conflicts: a partner page says bonds are live, Aug 2026 press said the launch was months away, and its retail bonds page returned 404 on 17th Oct 2026. Fees, minimums and the rating floor are all unpublished.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "gsec", "corporate-bonds", "tax-free", "sgb" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Angel One Ltd", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000161534 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 14th Jul 2026", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 16th Jul 2026", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Conflicting: an undated partner page says bonds are live; press on 26th Aug 2026 said a launch was coming in the next few months. Retail launch date not verified", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://www.angelone.in/bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.angelone.in/bonds" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Partner page lists G-secs; bid fee not found", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "sgb", "label": "SGBs", "value": "Listed on the partner page; terms not stated", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.angelone.in/bonds" }, { "key": "minimum", "label": "Minimum investment", "value": "Not disclosed; the partner page FAQ asks the question but shows no answer", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed beyond a generic line that brokerage will not exceed the SEBI limit", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://www.angelone.in/bonds" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "Not disclosed", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "settlement", "label": "Settlement", "value": "Not disclosed; no venue or settlement day stated", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "credit", "label": "Credit range on shelf", "value": "Partner page says credit rated issuers only; no investment grade floor stated", "source": "https://partnerassist.angelone.in/products/bonds" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.angelone.in/bonds" }, { "key": "play", "label": "Play Store (India)", "value": "4.4 from 19.2 lakh reviews, 10 crore+ downloads, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.msf.angelmobile" }, { "key": "ios", "label": "App Store (India)", "value": "4.45 from 1,76,403 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/angel-one-stocks-mutual-fund/id1060530981" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Angel One users willing to wait for published bond terms" ], "watchOut": [ "Conflicting signals on whether retail bond buying is live", "No published minimum, fee, spread or settlement terms", "No stated rating floor beyond credit rated issuers" ], "faqs": [ { "q": "Is Angel One a SEBI registered bond platform?", "a": "Yes. Angel One Ltd was enabled as an OBPP on NSE on 14th Jul 2026 and on BSE on 16th Jul 2026." }, { "q": "Are bonds live on Angel One?", "a": "Sources conflict. A partner page says bonds are live, while Aug 2026 press said a launch was months away, and the retail bonds page returned 404 on 17th Oct 2026." }, { "q": "What is the minimum to buy a bond on Angel One?", "a": "Not disclosed. Angel One's partner page lists the question in its FAQ but gives no answer." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Free Press Journal, 26th Aug 2026: Zerodha and Angel One get SEBI nod for corporate bonds", "url": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds" }, { "label": "Angel One partner page on bonds (undated)", "url": "https://partnerassist.angelone.in/products/bonds" }, { "label": "angelone.in/bonds (404 on 17th Oct 2026)", "url": "https://www.angelone.in/bonds" }, { "label": "SEBI NCS Master Circular, 15th Oct 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1760532257519.pdf" }, { "label": "SEBI circular on the Credit Risk-o-Meter, Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Angel One on Google Play", "url": "https://play.google.com/store/apps/details?id=com.msf.angelmobile" }, { "label": "Angel One on the App Store", "url": "https://apps.apple.com/in/app/angel-one-stocks-mutual-fund/id1060530981" } ] }, { "slug": "aspero", "name": "Aspero", "kind": "specialist", "website": "https://www.aspero.in", "oneLiner": "Yubi group bond platform on NSE and BSE with about 220 listed bonds, a platform fee at purchase and a shelf reaching BB+.", "verdict": "Aspero suits investors who want a large listed shelf, including government, tax-free and 54EC bonds, with a fee shown at purchase rather than hidden. The catches: its shelf runs below the AA- to BBB band it advertises, it offers no buyback, and SEBI fined it ₹1 lakh in Apr 2025 for not routing orders through RFQ.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "gsec", "sgb", "tax-free", "54ec", "municipal" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Aspero Markets Pvt Ltd (formerly Credavenue Securities Pvt Ltd), CIN U65990TN2021PTC144175, Chennai", "source": "https://www.aspero.in/about" }, { "key": "group", "label": "Group or backers", "value": "Yubi group (formerly CredAvenue), founded 2020 by Gaurav Kumar. Aspero launched on 20th Oct 2023 as the rebrand of Yubi Invest.", "source": "https://www.businesstoday.in/amp/latest/corporate/story/yubi-group-launches-aspero-to-disrupt-fixed-income-securities-for-retail-investors-in-india-402789-2023-10-20" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000310534 (stock broker), NSE member 90374, BSE 6810; also NSDL DP IN-DP-752-2023, merchant banker INM000012883, research analyst INH000010256", "source": "https://www.aspero.in/about" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 8th Oct 2024 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 28th Mar 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Conflicting: FAQ says your own CDSL demat, not a pooled account; Aspero's own DP licence is NSDL", "source": "https://www.aspero.in/" }, { "key": "minimum", "label": "Minimum investment", "value": "₹10,000 advertised; live minimums from ₹10,051 to ₹1,00,269 on 17th Oct 2026", "source": "https://www.aspero.in/" }, { "key": "fees", "label": "Fees and markup", "value": "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": "https://www.aspero.in/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM on listings", "source": "https://web.archive.org/web/20260611071438/https://www.aspero.in/satya-microcapital-limited-ncd/" }, { "key": "exit", "label": "Selling before maturity", "value": "Liquidity indicators per bond; no buyback promise and no exit fee schedule published", "source": "https://www.aspero.in/" }, { "key": "settlement", "label": "Settlement", "value": "Venue and T+ cycle not stated on public pages", "source": "https://www.aspero.in/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Claims AA- to BBB; live list on 17th Oct 2026 included two BB+ bonds", "source": "https://www.aspero.in/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed", "source": "https://www.aspero.in/" }, { "key": "play", "label": "Play Store (India)", "value": "4.5 from 1,293 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.yubi.android.my.yubi.invest" }, { "key": "ios", "label": "App Store (India)", "value": "4.61 from 51 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/aspero-bonds-upto-13-returns/id6447065580" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "₹1 lakh penalty, order signed 4th Apr 2025, for orders not routed through the RFQ platform", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/apr-2025/1743761103360_1.pdf" } ], "suits": [ "Investors who want a fee shown at purchase", "Buyers of government, tax-free or 54EC bonds next to corporate bonds", "Investors who want liquidity indicators before buying" ], "watchOut": [ "Live shelf includes BB+ bonds below its stated AA- to BBB band", "Lists Hella Infra Market showing only the Acuité A-", "Platform fee amount not published", "No buyback", "SEBI penalty in Apr 2025 for off-RFQ execution", "Custody wording conflicts (CDSL vs NSDL)" ], "faqs": [ { "q": "Is Aspero SEBI registered?", "a": "Yes. Aspero Markets Pvt Ltd (formerly Credavenue Securities) holds SEBI stock broker registration INZ000310534 and is an online bond platform on BSE (Active since 28th Mar 2023) and NSE (enabled since 8th Oct 2024)." }, { "q": "Has SEBI fined Aspero?", "a": "Yes. A SEBI order signed on 4th Apr 2025 fined it ₹1 lakh because orders placed on the platform were not routed through the exchange RFQ. Its directors were not held liable." }, { "q": "Does Aspero charge a fee?", "a": "Yes. Aspero charges a small platform fee shown at the time of purchase, but it does not publish the amount." }, { "q": "Does Aspero sell bonds rated below BBB?", "a": "Yes. Although Aspero claims an AA- to BBB range, its live list on 17th Oct 2026 included two BB+ bonds, Samunnati Finance and RDC Concreteindia, and Hella Infra Market NCDs that India Ratings rates B+ Issuer Not Cooperating." }, { "q": "Can you sell Aspero bonds before maturity?", "a": "Aspero offers no buyback. It shows liquidity indicators for each bond, and an early sale depends on finding a buyer." } ], "sources": [ { "label": "Aspero homepage and FAQ", "url": "https://www.aspero.in/" }, { "label": "Aspero about page", "url": "https://www.aspero.in/about" }, { "label": "Aspero terms and conditions", "url": "https://www.aspero.in/terms-and-conditions" }, { "label": "Aspero contact", "url": "https://www.aspero.in/contact" }, { "label": "Aspero governance (complaint data)", "url": "https://www.aspero.in/governance" }, { "label": "Aspero AGS Transact listing", "url": "https://www.aspero.in/invest/bond/ags-transact-technologies-limited/ine583l07011" }, { "label": "Archived Aspero Satya MicroCapital NCD page", "url": "https://web.archive.org/web/20260611071438/https://www.aspero.in/satya-microcapital-limited-ncd/" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI adjudication order against Credavenue Securities, Apr 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/apr-2025/1743761103360_1.pdf" }, { "label": "SEBI adjudication order against Fourdegreewater Services (Wint), Nov 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2025/1763731202909_1.pdf" }, { "label": "India Ratings on Hella Infra Market, 1st Oct 2026", "url": "https://www.indiaratings.co.in/pressReleases/GetPressreleaseData?pressReleaseId=86007" }, { "label": "Acuité on Hella Infra Market", "url": "https://connect.acuite.in/fcompany-details/HELLA_INFRA_MARKET_RETAIL_PRIVATE_LIMITED/3rd_Sep_26" }, { "label": "SEBI Credit Risk-o-Meter circular, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Outlook Business on BluSmart bondholders", "url": "https://www.outlookbusiness.com/corporate/blusmart-bondholders-raise-repayment-concerns-as-operations-halt-heres-what-company-owes" }, { "label": "M&A Critique on AGS Transact insolvency", "url": "https://mnacritique.mergersindia.com/news/nclt-admits-ags-transact-for-insolvency/" }, { "label": "Business Today on Yubi launching Aspero, 20th Oct 2023", "url": "https://www.businesstoday.in/amp/latest/corporate/story/yubi-group-launches-aspero-to-disrupt-fixed-income-securities-for-retail-investors-in-india-402789-2023-10-20" }, { "label": "Inc42 on Yubi fundraise, Nov 2025", "url": "https://inc42.com/buzz/fintech-unicorn-yubi-raises-inr-411-cr-to-expand-overseas/" }, { "label": "Aspero on Google Play", "url": "https://play.google.com/store/apps/details?id=com.yubi.android.my.yubi.invest" }, { "label": "Aspero on the App Store (India)", "url": "https://apps.apple.com/in/app/aspero-bonds-upto-13-returns/id6447065580" } ] }, { "slug": "bondbay", "name": "Bondbay", "kind": "specialist", "website": "https://www.bondbay.in", "oneLiner": "BSE enabled bond platform of Dexif Security Broking whose website was offline on 17th Oct 2026, with no closure notice.", "verdict": "Bondbay is still shown as an Active OBPP in BSE's file dated 24th Sep 2026, but its website, terms page and the broker's own site all returned errors on 17th Oct 2026. With no public notice of closure or outage, there is no live service to review.", "verifiedAt": "2026-10-17", "status": "offline", "products": [ "corporate-bonds" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Dexif Security Broking Pvt Ltd (CIN U66120DL2024PTC425140), incorporated 11th Jan 2024", "source": "https://www.filesure.in/company/dexif-security-broking-private-limited/U66120DL2024PTC425140?tab=about" }, { "key": "group", "label": "Group or backers", "value": "Dexif group, founded 2022 by Deepank Bhandari and Tushar Sharma; $4 million seed from RTP Global in May 2024", "source": "https://inc42.com/buzz/ex-blinkit-execs-startup-dexif-bags-4-mn-to-streamline-bonds-trading/", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000320338 (stock broker), per its terms of use", "source": "https://www.bondbay.in/assets/docs/Terms%20of%20Use.pdf" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not listed", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 11th Dec 2024, in the file dated 24th Sep 2026", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verifiable; site and terms offline", "source": "https://bondbay.in/" }, { "key": "minimum", "label": "Minimum investment", "value": "₹1,000, per the homepage archived on 18th Feb 2026", "source": "http://web.archive.org/web/20260218090755/https://bondbay.in/" }, { "key": "fees", "label": "Fees and markup", "value": "In May 2024 Dexif said it charged companies raising money through NCDs and investors who sell; current terms not available", "source": "https://inc42.com/buzz/ex-blinkit-execs-startup-dexif-bags-4-mn-to-streamline-bonds-trading/", "confidence": "reported" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not verifiable; site offline", "source": "https://bondbay.in/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not verifiable; site offline", "source": "https://bondbay.in/" }, { "key": "settlement", "label": "Settlement", "value": "Not verifiable; site offline", "source": "https://bondbay.in/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Advertised returns up to 15%, per the homepage archived on 18th Feb 2026", "source": "http://web.archive.org/web/20260218090755/https://bondbay.in/" }, { "key": "nri", "label": "NRI access", "value": "Not verifiable; site offline", "source": "https://bondbay.in/" }, { "key": "play", "label": "Play Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://play.google.com/store/search?q=bondbay&c=apps" }, { "key": "ios", "label": "App Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://play.google.com/store/search?q=bondbay&c=apps" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found in a limited sweep", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ], "suits": [ "Existing Bondbay customers checking the platform's status" ], "watchOut": [ "Website, terms and broker site all offline on 17th Oct 2026", "No public closure, surrender or merger notice found", "BSE only; not on NSE's OBPP list" ], "faqs": [ { "q": "Has Bondbay shut down?", "a": "Its websites were offline on 17th Oct 2026, but no closure notice has been published and BSE's file dated 24th Sep 2026 still lists Dexif Security Broking as an active OBPP." }, { "q": "Is Bondbay SEBI registered?", "a": "Dexif Security Broking Pvt Ltd, which runs Bondbay, states SEBI stock broker registration INZ000320338 and was activated as an OBPP on BSE on 11th Dec 2024. It is not on NSE's OBPP list." }, { "q": "Where can a Bondbay customer complain?", "a": "OBPPs follow the stock broker grievance framework, so complaints can go to SEBI's SCORES and BSE's grievance process. BSE's OBPP file lists a compliance contact for Dexif." } ], "sources": [ { "label": "bondbay.in, checked 17th Oct 2026", "url": "https://bondbay.in/" }, { "label": "dexifbroking.com, checked 17th Oct 2026", "url": "https://www.dexifbroking.com/" }, { "label": "Bondbay homepage archived 18th Feb 2026", "url": "http://web.archive.org/web/20260218090755/https://bondbay.in/" }, { "label": "Wayback Machine capture index for bondbay.in", "url": "http://web.archive.org/cdx/search/cdx?url=bondbay.in" }, { "label": "Bondbay terms of use (offline 17th Oct 2026)", "url": "https://www.bondbay.in/assets/docs/Terms%20of%20Use.pdf" }, { "label": "Prachay Securities site", "url": "https://prachay.com/" }, { "label": "Inc42 on Dexif's seed round, 2nd May 2024", "url": "https://inc42.com/buzz/ex-blinkit-execs-startup-dexif-bags-4-mn-to-streamline-bonds-trading/" }, { "label": "Tracxn profile of Dexif", "url": "https://tracxn.com/d/companies/dexif/__v8q6N9zhRp7QReCS45jchWLMNwLrhcd6tIKgcpQAR_A" }, { "label": "Filesure company record for Dexif Security Broking", "url": "https://www.filesure.in/company/dexif-security-broking-private-limited/U66120DL2024PTC425140?tab=about" }, { "label": "SEBI NCS Master Circular, 15th Oct 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1760532257519.pdf" }, { "label": "Google Play search for Bondbay", "url": "https://play.google.com/store/search?q=bondbay&c=apps" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ] }, { "slug": "bondbazaar", "name": "Bondbazaar", "kind": "specialist", "website": "https://www.bondbazaar.com", "oneLiner": "Bootstrapped Mumbai bond platform on NSE and BSE with G-secs from ₹100, its own CDSL demat and no stated brokerage.", "verdict": "Bondbazaar sells G-secs, SDLs, corporate bonds and bond IPOs with low stated entry amounts and no stated brokerage. The catch is that it puts your bonds in a Bondbazaar opened CDSL demat and does not disclose any spread in the yield it shows.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec", "sdl", "sgb", "tax-free", "54ec" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Bondbazaar Securities Pvt Ltd", "source": "https://www.bondbazaar.com/about-us" }, { "key": "group", "label": "Group or backers", "value": "Founded in 2020 by Suresh Darak; bootstrapped with no external equity as of Jul 2025. Board shown under Debtlife Holdings.", "source": "https://www.founderthesis.com/p/suresh-darak-the-unfunded-fintech", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000303236 (stock broker); also a CDSL DP, DP ID 12096100", "source": "https://www.bondbazaar.com/about-us" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 15th Mar 2023", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 10th Mar 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In a Bondbazaar opened CDSL demat; its FAQ says an existing demat cannot be linked", "source": "https://www.bondbazaar.com/faqs" }, { "key": "minimum", "label": "Minimum investment", "value": "₹100 for government securities and ₹1,000 for corporate bonds, per its FAQ; in practice one unit of the chosen bond", "source": "https://www.bondbazaar.com/faqs" }, { "key": "fees", "label": "Fees and markup", "value": "No brokerage, account opening or maintenance charges claimed. Terms reserve the right to levy charges. Any spread in the quoted yield is not disclosed.", "source": "https://www.bondbazaar.com/about-us" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed on the pages checked", "source": "https://www.bondbazaar.com/faqs" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on NSE or BSE, or ask its customer service team; at market prices if a buyer exists. No buyback.", "source": "https://www.bondbazaar.com/faqs" }, { "key": "settlement", "label": "Settlement", "value": "Exchange order book or RFQ, settled through ICCL or NSE Clearing pool accounts; cycle not stated", "source": "https://www.bondbazaar.com/faqs" }, { "key": "credit", "label": "Credit range on shelf", "value": "Advertised returns of 8% to 14%; a third-party review reports ratings from AAA to D", "source": "https://knowyourbrokerage.in/bonds/bondbazaar-review", "confidence": "reported" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed on the pages checked", "source": "https://www.bondbazaar.com/faqs" }, { "key": "play", "label": "Play Store (India)", "value": "4.2 from 179 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.bond_bazaar" }, { "key": "ios", "label": "App Store (India)", "value": "4.47 from 30 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/id6467102700" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found as of 25th Sep 2026 (third-party check)", "source": "https://knowyourbrokerage.in/bonds/bondbazaar-review", "confidence": "reported" } ], "suits": [ "Investors who want G-secs, SDLs and corporate bonds on one platform", "Small first tickets in government securities", "Buyers who are fine holding bonds in a separate CDSL demat" ], "watchOut": [ "Bonds go into a Bondbazaar opened demat, not your existing one", "Spread in the quoted yield is not disclosed", "No buyback; selling depends on a buyer on the exchange", "Leadership change in 2026 has not been explained publicly" ], "faqs": [ { "q": "Is Bondbazaar SEBI registered?", "a": "Yes. Bondbazaar Securities Pvt Ltd is a SEBI registered stock broker (INZ000303236), enabled as an OBPP on NSE since 15th Mar 2023 and active on BSE since 10th Mar 2023." }, { "q": "Can I link my existing demat to Bondbazaar?", "a": "Not at present, according to its FAQ. Bondbazaar opens a CDSL demat for you as its own depository participant." }, { "q": "Does Bondbazaar charge brokerage?", "a": "It says it charges no brokerage, account opening or maintenance fees. It does not disclose whether the quoted yield includes a margin for the platform." }, { "q": "What is the minimum investment on Bondbazaar?", "a": "Its FAQ says ₹100 for government securities and ₹1,000 for corporate bonds. The real minimum is one unit of the bond you pick, which can run to ₹1 lakh or more." } ], "sources": [ { "label": "Bondbazaar about page", "url": "https://www.bondbazaar.com/about-us" }, { "label": "Bondbazaar FAQs", "url": "https://www.bondbazaar.com/faqs" }, { "label": "Founder Thesis profile of Suresh Darak, 30th Jul 2025", "url": "https://www.founderthesis.com/p/suresh-darak-the-unfunded-fintech" }, { "label": "KnowYourBrokerage Bondbazaar review, 25th Sep 2026 (third party)", "url": "https://knowyourbrokerage.in/bonds/bondbazaar-review" }, { "label": "Tracxn profile of Bondbazaar", "url": "https://tracxn.com/d/companies/bondbazaar/__3_OVYCBmhmKbxRnLavYQ2-UmreNElSlh2yi4BxO0gBg" }, { "label": "Bondbazaar on Google Play", "url": "https://play.google.com/store/apps/details?id=com.bond_bazaar" }, { "label": "Bondbazaar on the App Store (India)", "url": "https://apps.apple.com/in/app/id6467102700" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ] }, { "slug": "bonds-kart", "name": "Bonds Kart", "kind": "specialist", "website": "https://bondskart.com", "oneLiner": "JM Financial's bond platform on NSE and BSE: a short list of mostly NBFC bonds, large tickets and 54EC bonds.", "verdict": "Bonds Kart is backed by a large listed financial group and lists 54EC bonds alongside corporate NCDs. The catches are big minimum tickets, a seller agreement with JM Financial's own NBFC, and no published fees, settlement or demat details.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "54ec", "tax-free" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "JM Financial Services Ltd (CIN U67120MH1998PLC115415)", "source": "https://bondskart.com/" }, { "key": "group", "label": "Group or backers", "value": "JM Financial group. Launched on 24th Nov 2021 by group NBFC JM Financial Products Ltd.", "source": "https://www.jmfl.com/media-center/press-release-detail-home?id=73" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000195834 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 2nd Mar 2023", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 15th Feb 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not disclosed; testimonials mention a designated DP", "source": "https://bondskart.com/" }, { "key": "minimum", "label": "Minimum investment", "value": "Per bond: listings from ₹99,427.67 to ₹10,72,575.34 on 17th Oct 2026; 54EC bonds ₹10,000 (IRFC) or ₹20,000 (PFC, REC)", "source": "https://bondskart.com/" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed. Has a seller agreement with group company JM Financial Products, whose bonds it may sell.", "source": "https://bondskart.com/terms-and-conditions" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM on listings", "source": "https://bondskart.com/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not disclosed today; the 2021 launch release promised the flexibility to sell", "source": "https://www.jmfl.com/media-center/press-release-detail-home?id=73" }, { "key": "settlement", "label": "Settlement", "value": "Not disclosed; the FAQ loads client side and could not be read", "source": "https://bondskart.com/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Conflicting: AAA to A- (about page) vs AA to AAA (home page and App Store); listed YTMs 8.87% to 12.51% on 17th Oct 2026", "source": "https://bondskart.com/about" }, { "key": "nri", "label": "NRI access", "value": "Has an NRI-eligible bond category; account terms not verified", "source": "https://bondskart.com/" }, { "key": "play", "label": "Play Store (India)", "value": "3.76 from 137 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.jm.bondskart" }, { "key": "ios", "label": "App Store (India)", "value": "4.75 from 8 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/id1587320428" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found specific to Bonds Kart in a limited sweep; group-level matters not researched", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Investors buying 54EC capital gains bonds", "Larger tickets of ₹1 lakh and above", "Buyers who want a large group behind the platform and an RM to call" ], "watchOut": [ "No ₹10,000 face value corporate bonds visible; tickets start near ₹1 lakh", "Group NBFC is a contracted seller on the platform", "Fees, settlement, demat and exit terms not published", "Its own pages disagree on the rating range" ], "faqs": [ { "q": "Is Bonds Kart SEBI registered?", "a": "Yes. Bonds Kart is run by JM Financial Services Ltd, a SEBI registered stock broker (INZ000195834), enabled as an OBPP on NSE since 2nd Mar 2023 and active on BSE since 15th Feb 2023." }, { "q": "Can I buy 54EC bonds on Bonds Kart?", "a": "Yes. On 17th Oct 2026 it listed IRFC 54EC bonds from ₹10,000 and PFC and REC 54EC bonds from ₹20,000." }, { "q": "Does Bonds Kart sell JM Financial's own bonds?", "a": "Its terms say it has a seller agreement with group company JM Financial Products Ltd and may sell bonds that company issues or supplies." }, { "q": "What is the minimum investment on Bonds Kart?", "a": "For corporate bonds, close to ₹1 lakh on 17th Oct 2026, since the cheapest listing was ₹99,427.67. 54EC bonds start at ₹10,000." } ], "sources": [ { "label": "Bonds Kart homepage", "url": "https://bondskart.com/" }, { "label": "Bonds Kart about page", "url": "https://bondskart.com/about" }, { "label": "Bonds Kart terms and conditions", "url": "https://bondskart.com/terms-and-conditions" }, { "label": "JM Financial launch press release, 24th Nov 2021", "url": "https://www.jmfl.com/media-center/press-release-detail-home?id=73" }, { "label": "Bonds Kart on Google Play", "url": "https://play.google.com/store/apps/details?id=com.jm.bondskart" }, { "label": "Bonds Kart on the App Store (India)", "url": "https://apps.apple.com/in/app/id1587320428" }, { "label": "Bonds Kart App Store description", "url": "https://apps.apple.com/us/app/id1587320428" }, { "label": "SEBI circular on the Credit Risk-o-Meter, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ] }, { "slug": "bondscanner", "name": "BondScanner", "kind": "specialist", "website": "https://bondscanner.com", "oneLiner": "NSE enabled since Oct 2025, BondScanner says plainly that it sells from inventory and earns a spread; bonds land in your own demat.", "verdict": "BondScanner is one of the few OBPPs that states in writing it earns through spreads, and it settles into the demat you already hold. The catches are that the spread size is not published, there is no buyback, and its live shelf on 17th Oct 2026 included high yield paper with a split rating showing only the higher grade.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "gsec" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Sustvest Broking Pvt Ltd (CIN U66120HR2024PTC119856), Gurgaon", "source": "https://bondscanner.com/deal-details/INE0P6G07194/5ELMA1QE93" }, { "key": "group", "label": "Group or backers", "value": "Broking arm of SustVest (formerly SolarGridX). Parent raised a $1.7 million pre-Series A led by Inflection Point Ventures and Antler.", "source": "https://digitalterminal.in/startup/sustvest-secures-17-million-in-pre-series-a-funding-led-by-inflection-point-ventures-and-antler", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000320834 (stock broker)", "source": "https://bondscanner.com/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 7th Oct 2025", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not listed", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own NSDL or CDSL demat", "source": "https://bondscanner.com/terms-and-conditions" }, { "key": "minimum", "label": "Minimum investment", "value": "One unit of the bond; partly redeemed bonds traded at about ₹9,280 to ₹9,440 per unit on 17th Oct 2026", "source": "https://bondscanner.com/deal-details/INE06E507579/SA799R5LXI" }, { "key": "fees", "label": "Fees and markup", "value": "No brokerage or service fee; acts as principal and may earn spreads or markups, size not disclosed. Statutory charges paid by the client.", "source": "https://bondscanner.com/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Shown as \"yield\" on deal pages; basis not stated", "source": "https://bondscanner.com/deal-details/INE0P6G07194/5ELMA1QE93" }, { "key": "exit", "label": "Selling before maturity", "value": "No buyback or sell feature described; to sell you transfer bonds to the clearing corporation pool", "source": "https://bondscanner.com/terms-and-conditions" }, { "key": "settlement", "label": "Settlement", "value": "NSE RFQ, funds to the clearing corporation's account, trades reported on NSE CBRICS; cycle not stated. Pay by UPI up to ₹5 lakh or net banking.", "source": "https://bondscanner.com/terms-and-conditions" }, { "key": "credit", "label": "Credit range on shelf", "value": "Marketing says 9% to 12% (site) and 7% to 14% (app title); live deals at 15% and 16% on 17th Oct 2026", "source": "https://bondscanner.com/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed on the pages checked", "source": "https://bondscanner.com/terms-and-conditions" }, { "key": "play", "label": "Play Store (India)", "value": "4.49 from 749 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.sustvest.bonds" }, { "key": "ios", "label": "App Store (India)", "value": "4.70 from 66 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/id6754909672" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found in a limited sweep on 17th Oct 2026", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Investors who want bonds in the demat they already hold", "Buyers who value a written admission of how the platform earns", "Small tickets in partly redeemed bonds trading below ₹10,000 a unit" ], "watchOut": [ "Spread is admitted but its size is not shown", "No buyback; exit depends on finding a buyer", "Deal pages showed only the higher rating on a split-rated issuer", "Young platform: NSE enabled only since 7th Oct 2025" ], "faqs": [ { "q": "Is BondScanner SEBI registered?", "a": "Yes. BondScanner is run by Sustvest Broking Pvt Ltd, a SEBI registered stock broker (INZ000320834) enabled as an OBPP on NSE since 7th Oct 2025. It is not on BSE's OBPP list." }, { "q": "Does BondScanner charge brokerage?", "a": "No brokerage or service fee. It states that it acts as principal and may earn through spreads or markups, so its margin is built into the price." }, { "q": "Do I need a new demat for BondScanner?", "a": "No. Its terms say bonds settle into your own NSDL or CDSL demat." }, { "q": "Is BondScanner the same as Tap Invest?", "a": "No. BondScanner is run by Sustvest Broking, a registered OBPP. Tap Invest, which is not registered, says it partners with BondScanner for listed bonds; the corporate link between the two is not documented." } ], "sources": [ { "label": "BondScanner homepage", "url": "https://bondscanner.com/" }, { "label": "BondScanner terms and conditions", "url": "https://bondscanner.com/terms-and-conditions" }, { "label": "BondScanner deal page INE0P6G07194, read 17th Oct 2026", "url": "https://bondscanner.com/deal-details/INE0P6G07194/5ELMA1QE93" }, { "label": "BondScanner deal page INE06E507579, read 17th Oct 2026", "url": "https://bondscanner.com/deal-details/INE06E507579/SA799R5LXI" }, { "label": "BondScanner on Google Play", "url": "https://play.google.com/store/apps/details?id=com.sustvest.bonds" }, { "label": "BondScanner on the App Store (India)", "url": "https://apps.apple.com/in/app/id6754909672" }, { "label": "Tap Invest homepage", "url": "https://tapinvest.in/" }, { "label": "Digital Terminal on SustVest's pre-Series A", "url": "https://digitalterminal.in/startup/sustvest-secures-17-million-in-pre-series-a-funding-led-by-inflection-point-ventures-and-antler" }, { "label": "Crunchbase profile of SolarGridX (SustVest)", "url": "https://www.crunchbase.com/organization/solargridx" }, { "label": "Tracxn profile of SustVest", "url": "https://tracxn.com/d/companies/sustvest/__AEO-BddBjfuZaG3HBglUcpQ618syrFXzJ5NdJMo2gdg" }, { "label": "CB Insights SustVest people", "url": "https://www.cbinsights.com/company/sustvest/people" }, { "label": "RocketReach contact listing naming BondScanner founders", "url": "https://rocketreach.co/soumya-kushwaha-email_764549651" }, { "label": "India Ratings on Hella Infra Market, 1st Oct 2026", "url": "https://www.indiaratings.co.in/pressReleases/GetPressreleaseData?pressReleaseId=86007" }, { "label": "Acuité rating page for Hella Infra Market Retail", "url": "https://connect.acuite.in/fcompany-details/HELLA_INFRA_MARKET_RETAIL_PRIVATE_LIMITED/3rd_Sep_26" }, { "label": "SEBI circular on the Credit Risk-o-Meter, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Trustpilot reviews of BondScanner", "url": "https://www.trustpilot.com/review/bondscanner.com" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ] }, { "slug": "dhan", "name": "Dhan", "kind": "broker", "website": "https://dhan.co", "oneLiner": "Discount broker enabled as an OBPP on NSE and BSE since 2024, with no live corporate bond platform we could find on 17th Oct 2026.", "verdict": "Dhan holds OBPP enablement on both exchanges yet, as far as we could find, sells no corporate bonds through it: its bonds page returned 404 and Aug 2026 press said it was preparing a launch. Its pricing page carries G-sec, T-bill and bond pledge lists, so you can hold and pledge them, but how you buy them on Dhan was not verified.", "verifiedAt": "2026-10-17", "status": "active", "products": [], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Raise Securities Pvt Ltd", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://dhan.co/pricing/" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000006031 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 2nd Aug 2024 (an earlier Cafemutual reading did not list Dhan on NSE)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 25th Sep 2024", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Not live as far as we found; press on 26th Aug 2026 said Dhan was reportedly preparing a launch", "source": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds", "confidence": "reported" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://dhan.co/pricing/" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://dhan.co/pricing/" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Not verified; the pricing page links a G-sec and T-bill pledge list, so they can be held at Dhan", "source": "https://dhan.co/pricing/" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://dhan.co/pricing/" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not applicable while no bond platform is live", "source": "https://dhan.co/bonds/" }, { "key": "minimum", "label": "Minimum investment", "value": "Not applicable", "source": "https://dhan.co/bonds/" }, { "key": "fees", "label": "Fees and markup", "value": "No bond, G-sec, T-bill, SGB or NCD line on the pricing page (17th Oct 2026)", "source": "https://dhan.co/pricing/" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://dhan.co/pricing/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not applicable", "source": "https://dhan.co/bonds/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not applicable", "source": "https://dhan.co/bonds/" }, { "key": "settlement", "label": "Settlement", "value": "Not applicable", "source": "https://dhan.co/bonds/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable", "source": "https://dhan.co/bonds/" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://dhan.co/pricing/" }, { "key": "play", "label": "Play Store (India)", "value": "4.7 from 65,400 reviews, 1 crore+ downloads, read 17th Oct 2026 (the US storefront shows 4.0)", "source": "https://play.google.com/store/apps/details?id=com.dhan.live" }, { "key": "ios", "label": "App Store (India)", "value": "3.17 from 1,528 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/dhan-share-market-trading-app/id1575318726" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Dhan users who hold G-secs or T-bills and want to pledge them" ], "watchOut": [ "No live corporate bond platform found despite OBPP enablement", "No bond charges published" ], "faqs": [ { "q": "Does Dhan sell corporate bonds?", "a": "Not that we could find on 17th Oct 2026. Its bonds page returned 404, and Aug 2026 press said Dhan was reportedly preparing a launch." }, { "q": "Is Dhan a SEBI registered bond platform?", "a": "Yes. Raise Securities Pvt Ltd is enabled as an OBPP on NSE since 2nd Aug 2024 and active on BSE since 25th Sep 2024." }, { "q": "Can I pledge G-secs and T-bills on Dhan?", "a": "Dhan publishes a G-sec and T-bill pledge list, so eligible holdings can be pledged. Pledge charges for them were not captured in our research." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Free Press Journal, 26th Aug 2026: Zerodha and Angel One get SEBI nod for corporate bonds", "url": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds" }, { "label": "Cafemutual: who are the registered OBPPs", "url": "https://cafemutual.com/news/cafe-alt/38742-who-are-the-registered-obpps-currently" }, { "label": "dhan.co/bonds (404 on 17th Oct 2026)", "url": "https://dhan.co/bonds/" }, { "label": "Dhan pricing", "url": "https://dhan.co/pricing/" }, { "label": "Dhan on Google Play", "url": "https://play.google.com/store/apps/details?id=com.dhan.live" }, { "label": "Dhan on the App Store", "url": "https://apps.apple.com/in/app/dhan-share-market-trading-app/id1575318726" } ] }, { "slug": "digifinn", "name": "Digifinn (formerly BondsIndia)", "kind": "specialist", "website": "https://www.digifinn.com", "oneLiner": "BondsIndia under a new name: an NSE and BSE enabled bond platform run by Launchpad Fintech, built around relationship managers.", "verdict": "Digifinn is the old BondsIndia, renamed on 17th Sep 2026, and it settles bonds into the demat you already have. The catches are thin cost disclosure, no sell-back facility and two different figures for its own minimum and its own scale.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec", "sdl", "sgb", "tax-free", "mld", "54ec" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Launchpad Fintech Pvt Ltd (CIN U67100MH2020PTC425987); Digifinn is its brand, previously BondsIndia", "source": "https://www.digifinn.com/" }, { "key": "group", "label": "Group or backers", "value": "Founded in 2020 by Ankit Gupta. Its conflict disclosure names affiliates Eshiruss Financial Investments, Asvanta Advisors and Eshiruss Financial Consultants. External funding not disclosed.", "source": "https://www.digifinn.com/terms-and-conditions" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000296636 (stock broker, debt segment)", "source": "https://www.digifinn.com/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 5th Jun 2023 (file still shows bondsindia.com)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 15th Feb 2023 (file still shows a New Delhi address)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own demat with your existing DP, used for pay-in and pay-out through the clearing corporation", "source": "https://www.digifinn.com/terms-and-conditions" }, { "key": "minimum", "label": "Minimum investment", "value": "Conflicting: ₹1,000 in the FAQ, ₹10,000 on the about page", "source": "https://www.digifinn.com/about-us" }, { "key": "fees", "label": "Fees and markup", "value": "Zero brokerage claimed and no commissions built into pricing, per the platform. No fee schedule or spread published.", "source": "https://www.digifinn.com/faq" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed on the pages checked", "source": "https://www.digifinn.com/" }, { "key": "exit", "label": "Selling before maturity", "value": "No buyback or sell-back feature described; customer testimonials mention selling through relationship managers", "source": "https://www.digifinn.com/" }, { "key": "settlement", "label": "Settlement", "value": "Through Indian Clearing Corporation (ICCL); settlement cycle not stated", "source": "https://www.digifinn.com/about-us" }, { "key": "credit", "label": "Credit range on shelf", "value": "Rating range not published; returns marketed at 9% to 15%", "source": "https://www.digifinn.com/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed on the pages checked", "source": "https://www.digifinn.com/" }, { "key": "play", "label": "Play Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://www.digifinn.com/" }, { "key": "ios", "label": "App Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://www.digifinn.com/" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found in the sources checked. Its complaints register shows 16 complaints in financial year 2025 to 2026, all resolved.", "source": "https://www.digifinn.com/docs/investor-complaints-register-digifinn.pdf" } ], "suits": [ "Investors who want bonds credited to the demat they already use", "Buyers who prefer to deal with a relationship manager over an app", "Anyone looking for SGBs, tax-free bonds, SDLs and 54EC bonds in one place" ], "watchOut": [ "No published fee schedule or spread, and affiliates may hold interests in listed bonds", "No sell-back facility; exit depends on finding a buyer", "Minimum investment and scale figures conflict across its own pages", "No mobile app" ], "faqs": [ { "q": "Is Digifinn SEBI registered?", "a": "Yes. Launchpad Fintech Pvt Ltd, which runs Digifinn, is a SEBI registered stock broker (INZ000296636) and is enabled as an Online Bond Platform Provider on NSE since 5th Jun 2023 and active on BSE since 15th Feb 2023." }, { "q": "Did BondsIndia shut down?", "a": "No. BondsIndia was renamed Digifinn on 17th Sep 2026. The company, SEBI number and accounts carry on, and bondsindia.com redirects to digifinn.com." }, { "q": "Do I need a new demat account for Digifinn?", "a": "No. Digifinn's terms describe using your own demat with your existing DP for pay-in and pay-out through the clearing corporation." }, { "q": "Does Digifinn have an app?", "a": "We found no Digifinn or BondsIndia app on Google Play or the Indian App Store on 17th Oct 2026. The service runs on its website and through relationship managers." }, { "q": "What is the minimum investment on Digifinn?", "a": "Its own pages disagree: the FAQ says ₹1,000 and the about page says ₹10,000. The site adds that minimums depend on the issuer and the market lot available." } ], "sources": [ { "label": "Digifinn homepage", "url": "https://www.digifinn.com/" }, { "label": "Digifinn about page", "url": "https://www.digifinn.com/about-us" }, { "label": "Digifinn FAQ", "url": "https://www.digifinn.com/faq" }, { "label": "Digifinn terms and conditions", "url": "https://www.digifinn.com/terms-and-conditions" }, { "label": "Digifinn investor complaints register", "url": "https://www.digifinn.com/docs/investor-complaints-register-digifinn.pdf" }, { "label": "Digifinn market linked debentures page", "url": "https://www.digifinn.com/market-linked-debentures" }, { "label": "Rebrand press release, 17th Sep 2026 (Loktej)", "url": "https://www.loktej.com/article/151669/bondsindia-changed-its-name-to-digifin" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "CARE Ratings on TruCap Finance, 18th Jul 2025", "url": "https://www.careratings.com/upload/CompanyFiles/PR/202507180744_TruCap_Finance_Limited.pdf" }, { "label": "Catalyst Trusteeship TruCap status report, 23rd Oct 2025", "url": "https://catalysttrustee.com/wp-content/uploads/2025/11/13.-TruCap-Status-Report-23.10.2025-1.pdf" }, { "label": "Basunivesh on the TruCap default (secondary)", "url": "https://www.basunivesh.com/trucap-bond-default-the-hidden-risk-of-high-yield-bonds/" } ] }, { "slug": "fyers", "name": "Fyers", "kind": "broker", "website": "https://fyers.in", "oneLiner": "Discount broker charging nothing to bid for G-secs, T-bills or SDLs, with published bid windows; not a registered OBPP.", "verdict": "Fyers is one of two brokers in our research, with Zerodha, that charge no brokerage on G-sec, T-bill and SDL bids, and it publishes exact cut-off times for each auction. It does not sell corporate bonds through an OBPP, and selling before maturity costs ₹20 or 0.3% of the trade, whichever is lower, plus DP charges.", "verifiedAt": "2026-10-17", "status": "not-registered", "products": [ "gsec", "tbill", "sdl" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Not captured in our research", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "sebi", "label": "SEBI registration", "value": "Stock broker; registration number not captured in our research. Fyers is not an OBPP on either exchange list", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not on the BSE list (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "No: not a registered OBPP", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Yes; no brokerage or commission on applications (support article last updated 24th Sep 2026)", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not stated in the articles we read", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "minimum", "label": "Minimum investment", "value": "Not stated in the Fyers article; brokers quote ₹10,000 face value for non-competitive bids", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Bids: ₹0. Selling before maturity: ₹20 or 0.3% delivery brokerage, whichever is lower, plus DP charges", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Charged on sale; amount not captured in our research", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not stated", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on the exchange at ₹20 or 0.3% brokerage, whichever is lower, plus DP charges", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "settlement", "label": "Settlement", "value": "G-secs auction Fri, settle Mon; T-bills auction Wed, settle Thu; SDLs auction Tue, settle Wed", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable: government securities only", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "nri", "label": "NRI access", "value": "Via NRO non-PIS account", "source": "https://support.fyers.in/portal/en/kb/articles/can-i-pledge-bonds-corporate-g-secs-t-bills-sdls-sgbs-as-collateral-on-fyers", "confidence": "reported" }, { "key": "play", "label": "Play Store (India)", "value": "Not verified", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "ios", "label": "App Store (India)", "value": "Not verified", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" } ], "suits": [ "Bidding for T-bills, G-secs and SDLs without a fee", "Investors who want clear bid cut-off times", "Pledging G-secs and T-bills as margin" ], "watchOut": [ "No corporate bond platform", "Selling before maturity costs up to ₹20 brokerage plus DP charges", "SDLs not accepted for pledge" ], "faqs": [ { "q": "Does Fyers charge for T-bill bids?", "a": "No. Fyers charges no brokerage or commission for applying to G-secs, T-bills or SDLs." }, { "q": "What does it cost to sell a G-sec on Fyers before maturity?", "a": "Delivery brokerage of ₹20 or 0.3% of the trade, whichever is lower, plus DP charges." }, { "q": "When is the T-bill bid window on Fyers?", "a": "Monday 10:00 to Tuesday 17:00, for the Wednesday auction, with settlement on Thursday, per Fyers' article updated 24th Sep 2026." }, { "q": "Can I pledge SDLs on Fyers?", "a": "No. Fyers accepts G-secs and T-bills for pledge but not SDLs, per its support article of 25th Sep 2025." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Fyers support: charges and cut-off timings for bonds (updated 24th Sep 2026)", "url": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "label": "Fyers support: pledging bonds as collateral", "url": "https://support.fyers.in/portal/en/kb/articles/can-i-pledge-bonds-corporate-g-secs-t-bills-sdls-sgbs-as-collateral-on-fyers" }, { "label": "HDFC Securities G-sec page (non-competitive bid limits)", "url": "https://www.hdfcsec.com/g-sec-bonds" } ] }, { "slug": "goldenpi", "name": "GoldenPi", "kind": "specialist", "website": "https://goldenpi.com", "oneLiner": "NSE and BSE enabled bond platform with a wide shelf, from G-secs to 54EC bonds, that settles into your own existing demat.", "verdict": "GoldenPi suits investors who want a broad shelf (corporate bonds, NCD IPOs, G-secs, T-bills, SDLs, SGBs and 54EC bonds) delivered into the demat they already have. The catches: no buyback, an undisclosed spread inside the price, a ₹4.5 lakh SEBI penalty in 2025, and an announced sale to Oxyzo whose closing is unconfirmed.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec", "tbill", "sdl", "sgb", "54ec", "tax-free", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "GoldenPi Securities Pvt Ltd (CIN U65990KA2022PTC164941), a wholly owned subsidiary of GoldenPi Technologies Pvt Ltd", "source": "https://goldenpi.com/llms.txt" }, { "key": "group", "label": "Group or backers", "value": "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": "https://entrackr.com/news/oxyzo-to-acquire-goldenpi-enters-retail-fixed-income-investment-space-11852126", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000310732 (stock broker), NSE member 90331, BSE member 6809", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled, with enablement dated 31st Dec 2025 in the list as on 14th Oct 2026 (the file does not explain the late date)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 19th Apr 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own existing demat; no GoldenPi DP is disclosed", "source": "https://goldenpi.com/faq/about-goldenPi/what-happens-to-my-investment-if-GoldenPi-shuts-down" }, { "key": "minimum", "label": "Minimum investment", "value": "₹10,000 for corporate bonds, ₹1,000 for FDs", "source": "https://goldenpi.com/llms.txt" }, { "key": "fees", "label": "Fees and markup", "value": "No transaction charge per its FAQ. Spread inside the price is not disclosed.", "source": "https://goldenpi.com/faq/about-goldenPi/how-much-does-GoldenPi-charge-for-its-services" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed", "source": "https://goldenpi.com/llms.txt" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on BSE or NSE yourself, or ask GoldenPi's team to help find a buyer. No fee stated, no buyback promise.", "source": "https://goldenpi.com/faq/bonds-and-ncs/how-can-i-sell-bonds-before-the-maturity-date" }, { "key": "settlement", "label": "Settlement", "value": "Through the exchange clearing corporations, T+1 or T+2 per GoldenPi", "source": "https://goldenpi.com/llms.txt" }, { "key": "credit", "label": "Credit range on shelf", "value": "AAA to BBB (CRISIL, ICRA, CARE, India Ratings), corporate bond yields of 8% to 14%, per GoldenPi", "source": "https://goldenpi.com/llms.txt" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed", "source": "https://goldenpi.com/llms.txt" }, { "key": "play", "label": "Play Store (India)", "value": "4.1 from 125 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.goldenpi.gpimobileapp" }, { "key": "ios", "label": "App Store (India)", "value": "4.3 from 30 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/goldenpi-bonds-ipo-fds/id6758002360" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "₹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": "https://moneylife.in/article/sebi-fines-goldenpi-securities-and-directors-rs45-lakh-for-regulatory-breaches/77848.html", "confidence": "reported" } ], "suits": [ "Investors who want bonds in the demat they already have", "Buyers of G-secs, T-bills, SDLs, SGBs or 54EC bonds alongside corporate bonds", "NCD IPO applicants who use UPI (up to ₹5 lakh)" ], "watchOut": [ "No buyback: early exit depends on finding an exchange buyer", "Spread inside the price is not disclosed", "SEBI fined the company and five directors ₹4.5 lakh in 2025", "Announced sale to Oxyzo, a lender, not confirmed as closed", "Complaints rose from 21 in FY23-24 to 125 in FY25-26" ], "faqs": [ { "q": "Is GoldenPi SEBI registered?", "a": "Yes. GoldenPi Securities Pvt Ltd holds SEBI stock broker registration INZ000310732. It has been Active as an online bond platform on BSE since 19th Apr 2023 and is listed as enabled on NSE." }, { "q": "Has SEBI fined GoldenPi?", "a": "Yes. SEBI fined GoldenPi Securities ₹2 lakh and five directors ₹2.5 lakh, ₹4.5 lakh in all, in an order reported on 1st Aug 2025, for trades outside the RFQ platform and ads run without BSE approval." }, { "q": "Does GoldenPi charge any fees?", "a": "Its FAQ says it charges no transaction fee. Its income is the spread inside the price, which it does not disclose." }, { "q": "Are GoldenPi bonds held in my own demat?", "a": "Yes. GoldenPi says bonds sit in your own demat and interest goes to your bank even if GoldenPi shuts down. It does not open a separate demat for you." }, { "q": "Can I sell GoldenPi bonds before maturity?", "a": "There is no buyback. You can list the bonds for sale on BSE or NSE, or ask GoldenPi's team to help find a buyer; no fee is stated." }, { "q": "Has Oxyzo bought GoldenPi?", "a": "Oxyzo Financial Services announced a 100% acquisition of GoldenPi on 19th May 2026 in a share swap of about ₹42.4 cr. As of 17th Oct 2026 the closing was not confirmed." } ], "sources": [ { "label": "GoldenPi llms.txt (updated 2nd Oct 2026)", "url": "https://goldenpi.com/llms.txt" }, { "label": "GoldenPi FAQ: charges", "url": "https://goldenpi.com/faq/about-goldenPi/how-much-does-GoldenPi-charge-for-its-services" }, { "label": "GoldenPi FAQ: if GoldenPi shuts down", "url": "https://goldenpi.com/faq/about-goldenPi/what-happens-to-my-investment-if-GoldenPi-shuts-down" }, { "label": "GoldenPi FAQ: selling before maturity", "url": "https://goldenpi.com/faq/bonds-and-ncs/how-can-i-sell-bonds-before-the-maturity-date" }, { "label": "GoldenPi FAQ: relationship with Zerodha", "url": "https://goldenpi.com/faq/about-goldenPi/what-is-goldenPi's-relationship-with-Zerodha" }, { "label": "GoldenPi conflict of interest policy", "url": "https://s3.ap-south-1.amazonaws.com/static.webhost.goldenpi/Investor_Charter/Conflict+of+Interest.pdf" }, { "label": "GoldenPi regulatory disclosure", "url": "https://s3.ap-south-1.amazonaws.com/static.webhost.goldenpi/Investor_Charter/Regulatory+disclosure.pdf" }, { "label": "GoldenPi investor complaint report", "url": "https://s3.ap-south-1.amazonaws.com/static.webhost.goldenpi/Investor_Charter/Investor+Complaint+Report.pdf" }, { "label": "GoldenPi fixed deposits", "url": "https://goldenpi.com/fixed-deposits" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI order listing, GoldenPi Securities, Jul 2025", "url": "https://www.sebi.gov.in/enforcement/orders/jul-2025/adjudication-order-in-the-matter-of-goldenpi-securities-private-limited_95736.html" }, { "label": "Moneylife on SEBI fine on GoldenPi and directors", "url": "https://moneylife.in/article/sebi-fines-goldenpi-securities-and-directors-rs45-lakh-for-regulatory-breaches/77848.html" }, { "label": "Punjab Kesari on SEBI fine on IIFL Capital Services", "url": "https://english.punjabkesari.com/business/sebi-fines-iifl-capital-services-rs-2-lakh-for-online-bond-platform-violations" }, { "label": "Entrackr on Oxyzo to acquire GoldenPi", "url": "https://entrackr.com/news/oxyzo-to-acquire-goldenpi-enters-retail-fixed-income-investment-space-11852126" }, { "label": "Inc42 on Oxyzo and GoldenPi share swap", "url": "https://inc42.com/buzz/oxyzo-to-buy-debt-investment-platform-goldenpi-for-%e2%82%b942-cr/" }, { "label": "Oxyzo blog on the GoldenPi acquisition", "url": "https://www.oxyzo.in/resources/blogs/oxyzos-acquisition-of-goldenpi-technologies" }, { "label": "CARE Ratings on TruCap Finance, 18th Jul 2025", "url": "https://www.careratings.com/upload/CompanyFiles/PR/202507180744_TruCap_Finance_Limited.pdf" }, { "label": "Catalyst Trusteeship TruCap status report, 23rd Oct 2025", "url": "https://catalysttrustee.com/wp-content/uploads/2025/11/13.-TruCap-Status-Report-23.10.2025-1.pdf" }, { "label": "Basunivesh on the TruCap default", "url": "https://www.basunivesh.com/trucap-bond-default-the-hidden-risk-of-high-yield-bonds/" }, { "label": "TradingQnA: Charges to buy NCD through GoldenPi", "url": "https://tradingqna.com/t/charges-to-buy-ncd-through-goldenpi/150465" }, { "label": "GoldenPi on Google Play", "url": "https://play.google.com/store/apps/details?id=com.goldenpi.gpimobileapp" }, { "label": "GoldenPi on the App Store (India)", "url": "https://apps.apple.com/in/app/goldenpi-bonds-ipo-fds/id6758002360" } ] }, { "slug": "grip-invest", "name": "Grip Invest", "kind": "specialist", "website": "https://www.gripinvest.in", "oneLiner": "NSE enabled platform selling corporate bonds and securitised debt (SDIs), with a paid early exit after about 2 months.", "verdict": "Grip Invest suits investors who want a stated early exit: its Sell Bonds Anytime feature works after about 2 months for a 0.25% charge, though a sale is not guaranteed. The catches: its shelf includes securitised lease and loan pools, some of which have run into lessee defaults and delays, and NRIs cannot sign up.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "sdi", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Grip Broking Pvt Ltd (CIN U67120DL2023PTC410290)", "source": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "key": "group", "label": "Group or backers", "value": "Grip's FAQ calls the parent both Grip Invest Advisors Pvt Ltd and Grip Invest Technologies Pvt Ltd (conflict). Series B of about $10m led by Stride Ventures, dated Jan 2024 by CB Insights.", "source": "https://www.gripinvest.in/faq/grip-basics/rfq", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000312836 (stock broker), NSE member 90319; also AMFI ARN-315995 for mutual funds", "source": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 29th Aug 2023 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not listed (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "A demat is required; you can open one at onboarding with Grip's own NSDL DP (DP ID IN304877). Non-Grip demats are supported for sells.", "source": "https://www.gripinvest.in/faq/grip-basics/platform-overview" }, { "key": "minimum", "label": "Minimum investment", "value": "Conflicting: ₹1,000 (platform overview) vs ₹100 (corporate bonds FAQ). Some bonds have ₹10,000 or ₹1,00,000 face value. Corporate FDs from ₹1,000.", "source": "https://www.gripinvest.in/faq/asset-types/about-corporate-bonds" }, { "key": "fees", "label": "Fees and markup", "value": "No fee stated on buys; any spread is not disclosed. 0.25% charge on Sell Bonds Anytime, adjusted in the price offered.", "source": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed (site headline: up to 12.5% returns)", "source": "https://www.gripinvest.in/faq/grip-basics/platform-overview" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell Bonds Anytime after a minimum holding of about 2 months, 0.25% charge, settles in 1 working day; Grip cannot guarantee an immediate sale", "source": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "key": "settlement", "label": "Settlement", "value": "NSE and/or BSE RFQ through the clearing corporation. Pay by 4:30pm on T (net banking), 4:30pm on T+1 (UPI) or 2:30pm on T+1 (NEFT/RTGS).", "source": "https://www.gripinvest.in/faq/grip-basics/rfq" }, { "key": "credit", "label": "Credit range on shelf", "value": "Rating range not disclosed. SDIs have included a CRISIL BB- (SO) lease pool (Mar 2025).", "source": "https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PIRGSDI4Trust_March%2012_%202025_RR_364743.html" }, { "key": "nri", "label": "NRI access", "value": "Not allowed", "source": "https://www.gripinvest.in/faq/grip-basics/sign-up-%26-kyc" }, { "key": "play", "label": "Play Store (India)", "value": "4.5 from 2,329 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.gripinvest.app" }, { "key": "ios", "label": "App Store (India)", "value": "4.42 from 93 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/grip-invest-buy-bonds-fds/id6569232175" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found as of 17th Oct 2026 (search not exhaustive; NSE and BSE disciplinary lists not checked)", "source": "https://knowyourbrokerage.in/bonds/grip-invest-review", "confidence": "reported" } ], "suits": [ "Investors who want a stated exit route after about 2 months", "Investors interested in securitised lease, loan and invoice products", "Investors who want the option of keeping a non-Grip demat for sells" ], "watchOut": [ "NRIs cannot open an account", "Several lease and SDI deals have hit lessee defaults or delays", "Minimum investment stated as both ₹100 and ₹1,000", "Spread on purchases is not disclosed", "No phone support; email replies take 24 to 48 business hours" ], "faqs": [ { "q": "Is Grip Invest SEBI registered?", "a": "Yes. Grip Broking Pvt Ltd holds SEBI stock broker registration INZ000312836 and has been enabled as an online bond platform on NSE since 29th Aug 2023. It is not on BSE's OBPP list." }, { "q": "Has SEBI penalised Grip Invest?", "a": "No SEBI or exchange penalty against Grip Broking was found as of 17th Oct 2026. The search was not exhaustive." }, { "q": "Can you sell Grip bonds before maturity?", "a": "Yes, through Sell Bonds Anytime after a minimum holding of about 2 months. It carries a 0.25% charge and settles in 1 working day, but Grip says it cannot guarantee an immediate sale." }, { "q": "Does Grip Invest charge fees?", "a": "Grip states no fee on purchases, but any spread inside the price is not disclosed. Selling through Sell Bonds Anytime costs 0.25%, adjusted in the price." }, { "q": "Can NRIs invest on Grip Invest?", "a": "No. Grip's sign-up FAQ says NRIs are not allowed." }, { "q": "Have any Grip deals defaulted?", "a": "Several lease and SDI deals hit stress, including a BigSpoon lease in Sep 2023, a CRISIL BB- (SO) lease pool with a non-paying lessee in Mar 2025, and a delayed AGS Transact ATM lease SDI in 2025. Grip self-reports a zero default rate." } ], "sources": [ { "label": "Grip FAQ: Sell Bonds Anytime", "url": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "label": "Grip FAQ: platform overview", "url": "https://www.gripinvest.in/faq/grip-basics/platform-overview" }, { "label": "Grip FAQ: RFQ", "url": "https://www.gripinvest.in/faq/grip-basics/rfq" }, { "label": "Grip FAQ: sign-up and KYC", "url": "https://www.gripinvest.in/faq/grip-basics/sign-up-%26-kyc" }, { "label": "Grip FAQ: help and support", "url": "https://www.gripinvest.in/faq/grip-basics/help-%26-support" }, { "label": "Grip FAQ: corporate bonds", "url": "https://www.gripinvest.in/faq/asset-types/about-corporate-bonds" }, { "label": "Grip FAQ: corporate FDs", "url": "https://www.gripinvest.in/faq/asset-types/about-corporate-fds" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "CRISIL rating rationale, PIRG SDI 4 Trust, 12th Mar 2025", "url": "https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PIRGSDI4Trust_March%2012_%202025_RR_364743.html" }, { "label": "CARE Ratings on TruCap Finance, 18th Jul 2025", "url": "https://www.careratings.com/upload/CompanyFiles/PR/202507180744_TruCap_Finance_Limited.pdf" }, { "label": "Catalyst Trusteeship TruCap status report, 23rd Oct 2025", "url": "https://catalysttrustee.com/wp-content/uploads/2025/11/13.-TruCap-Status-Report-23.10.2025-1.pdf" }, { "label": "Forbes India on Grip Invest, 30th May 2024", "url": "https://www.forbesindia.com/article/take-one-big-story-of-the-day/grip-invest-taking-bonds-to-the-masses/93253/1" }, { "label": "YourStory on Grip action against BigSpoon", "url": "https://ts.yourstory.com/2023/09/grip-cloud-kitchen-kapil-mathrani-legal-action-indian-angel-network" }, { "label": "Outlook Business on BluSmart bondholders", "url": "https://www.outlookbusiness.com/corporate/blusmart-bondholders-raise-repayment-concerns-as-operations-halt-heres-what-company-owes" }, { "label": "MarketScreener on AGS Transact default", "url": "https://in.marketscreener.com/quote/stock/AGS-TRANSACT-TECHNOLOGIES-132481153/news/AGS-Transact-Technologies-Limited-and-Secure-Value-India-Limited-Announces-Default-in-Repayment-of-P-49104118/" }, { "label": "Random Dimes Grip Invest review (AGS NOC)", "url": "https://randomdimes.com/grip-invest-review-5-year-experience/" }, { "label": "M&A Critique on AGS Transact insolvency", "url": "https://mnacritique.mergersindia.com/news/nclt-admits-ags-transact-for-insolvency/" }, { "label": "Basunivesh on the TruCap default", "url": "https://www.basunivesh.com/trucap-bond-default-the-hidden-risk-of-high-yield-bonds/" }, { "label": "Business Standard on Grip ₹10,000 face value bonds", "url": "https://www.business-standard.com/finance/news/grip-invest-launches-first-privately-placed-rs-10-000-face-value-bonds-124082701264_1.html" }, { "label": "Business Standard on SEBI SDI minimum ticket", "url": "https://www.business-standard.com/markets/news/sebi-sets-1-crore-minimum-mandates-demat-for-securitised-debt-instruments-125050600846_1.html" }, { "label": "CXOToday on Grip SDI listing", "url": "https://cxotoday.com/media-coverage/grip-makes-investing-in-corporate-bonds-and-sdi-as-easy-as-investing-in-stocks/" }, { "label": "CXOToday on Grip OBPP licence", "url": "https://cxotoday.com/media-coverage/grip-secures-sebis-online-bond-platform-provider-obpp-licence-from-nse/" }, { "label": "CB Insights on Grip Invest", "url": "https://www.cbinsights.com/company/grip-invest" }, { "label": "Venture Intelligence on Grip Invest financials", "url": "https://news.ventureintelligence.com/private-equity/wealth-tech-firms-stable-money%2C-grip-invest%2C-bachatt-in-talks-to-raise-fresh-capital" }, { "label": "KnowYourBrokerage Grip Invest review", "url": "https://knowyourbrokerage.in/bonds/grip-invest-review" }, { "label": "Grip Invest on Google Play", "url": "https://play.google.com/store/apps/details?id=com.gripinvest.app" }, { "label": "Grip Invest on the App Store (India)", "url": "https://apps.apple.com/in/app/grip-invest-buy-bonds-fds/id6569232175" } ] }, { "slug": "groww", "name": "Groww", "kind": "broker", "website": "https://groww.in", "oneLiner": "Broker app selling NCD IPOs since Jul 2025 and listed corporate bonds through NSE's RFQ platform since May 2026.", "verdict": "Groww runs a live, exchange enabled bond desk inside the app many retail investors already use for shares, and the bonds land in that same demat. The catch is cost and credit: Groww publishes no bond fee or spread, and its shelf on 17th Oct 2026 ran down to A- rated paper with a 16% coupon.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Groww Invest Tech Pvt Ltd", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://groww.in/bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000301838 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 7th Nov 2025", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 9th Jul 2025", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Live since 25th May 2026, through NSE's RFQ platform", "source": "https://groww.in/updates/secondary-market-bonds-on-groww" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not described on Groww's bond pages; not verified", "source": "https://groww.in/bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Live since 24th Jul 2025; ₹10,000 minimum (₹1,000 a unit); applications 10 AM to 5 PM on market days", "source": "https://groww.in/updates/bond-ipos-on-groww" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Not offered on Groww's bonds page, which names G-secs only as a type of bond; T-bills and SDLs are not mentioned. Not verified elsewhere in the app", "source": "https://groww.in/bonds" }, { "key": "sgb", "label": "SGBs", "value": "Named on the bonds page only as a type of bond, not as a Groww product; not verified", "source": "https://groww.in/bonds" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your Groww demat; holdings appear in the NSDL or CDSL consolidated account statement", "source": "https://groww.in/pricing" }, { "key": "minimum", "label": "Minimum investment", "value": "Varies by bond; the bonds page gives ₹10,000 as an example", "source": "https://groww.in/bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed. The pricing page has no bond, G-sec, T-bill or SGB line, and does not say whether the displayed yield includes a spread", "source": "https://groww.in/pricing" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "₹3.5 depository plus ₹16.5 Groww plus GST per sell; the Groww part is ₹0 if the debit is under ₹100. AMC ₹0", "source": "https://groww.in/pricing" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not stated on the pages we read", "source": "https://groww.in/bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "The bonds page says listed bonds can be sold in the secondary market; no sell flow or buyback is published", "source": "https://groww.in/bonds" }, { "key": "settlement", "label": "Settlement", "value": "NSE RFQ is named as the venue; settlement day and clearing corporation are not stated", "source": "https://groww.in/updates/secondary-market-bonds-on-groww" }, { "key": "credit", "label": "Credit range on shelf", "value": "A- to AA on 17th Oct 2026, no stated floor; included Hella Infra Market Apr 2029 at a 16.00% coupon shown as A-", "source": "https://groww.in/bonds" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://groww.in/bonds" }, { "key": "play", "label": "Play Store (India)", "value": "4.8 from 25.1 lakh reviews, 10 crore+ downloads, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.nextbillion.groww" }, { "key": "ios", "label": "App Store (India)", "value": "4.67 from 2,15,828 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/groww-stocks-mutual-fund-ipo/id1404871703" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "No bond specific SEBI order or complaint found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Groww users who want corporate bonds in the demat they already have", "Applying to public NCD issues from ₹10,000", "Browsing secondary bonds with rating, payout and tenure filters" ], "watchOut": [ "No published bond fee or spread", "Shelf includes A- paper, with no stated rating floor", "No published sell flow or buyback for bonds", "G-sec, T-bill and SDL bids not shown on the bonds page" ], "faqs": [ { "q": "Is Groww a SEBI registered bond platform?", "a": "Yes. Groww Invest Tech Pvt Ltd is an enabled OBPP on NSE since 7th Nov 2025 and active on BSE since 9th Jul 2025, per the exchange lists read on 17th Oct 2026." }, { "q": "Do bonds bought on Groww sit in my own demat?", "a": "Yes. Bonds go into your Groww demat, and Groww tells users to check them in the NSDL or CDSL consolidated account statement." }, { "q": "What is the minimum to buy bonds on Groww?", "a": "NCD IPOs start at ₹10,000 (10 units of ₹1,000). For secondary bonds the minimum varies by bond; Groww gives ₹10,000 as an example and says some need more." }, { "q": "Does Groww charge brokerage on bonds?", "a": "Groww does not publish a bond fee or say whether the displayed yield includes a spread. Published charges are AMC ₹0 and a DP charge of ₹3.5 plus ₹16.5 plus GST on each sell." }, { "q": "Can I buy T-bills or G-secs on Groww?", "a": "Groww's bonds page does not list T-bills, SDLs or G-sec bids as Groww products, and we have not verified them elsewhere in the app. RBI Retail Direct and several brokers take non-competitive bids for them." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Groww: bond IPOs on Groww", "url": "https://groww.in/updates/bond-ipos-on-groww" }, { "label": "Groww: secondary market bonds on Groww, 25th May 2026", "url": "https://groww.in/updates/secondary-market-bonds-on-groww" }, { "label": "Groww bonds page", "url": "https://groww.in/bonds" }, { "label": "Groww pricing", "url": "https://groww.in/pricing" }, { "label": "Groww listing, Hella Infra Market Apr 2029", "url": "https://groww.in/bonds/corporate-bonds/INE06E507579" }, { "label": "India Ratings on Hella Infra Market, 1st Oct 2026", "url": "https://www.indiaratings.co.in/pressReleases/GetPressreleaseData?pressReleaseId=86007" }, { "label": "Acuité on Hella Infra Market", "url": "https://connect.acuite.in/fcompany-details/HELLA_INFRA_MARKET_RETAIL_PRIVATE_LIMITED/3rd_Sep_26" }, { "label": "SEBI circular on the Credit Risk-o-Meter, Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "SEBI NCS Master Circular, 15th Oct 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1760532257519.pdf" }, { "label": "NSE Clearing circular on RFQ settlement charges", "url": "https://nsearchives.nseindia.com/content/circulars/CMPT58707.pdf" }, { "label": "Outlook Money on SEBI chair and corporate bond liquidity", "url": "https://www.outlookmoney.com/invest/sebi-chairman-tuhin-kanta-pandey-highlights-four-major-gaps-in-corporate-bond-market" }, { "label": "Free Press Journal, 26th Aug 2026: Zerodha and Angel One get SEBI nod for corporate bonds", "url": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds" }, { "label": "Groww on Google Play", "url": "https://play.google.com/store/apps/details?id=com.nextbillion.groww" }, { "label": "Groww on the App Store", "url": "https://apps.apple.com/in/app/groww-stocks-mutual-fund-ipo/id1404871703" } ] }, { "slug": "hdfc-sky", "name": "HDFC Sky (HDFC Securities)", "kind": "broker", "website": "https://www.hdfcsec.com", "oneLiner": "HDFC Securities takes G-sec, T-bill and SDL bids at 0.06% brokerage; it is not on NSE's or BSE's OBPP list.", "verdict": "HDFC Securities accepts non-competitive bids for G-secs, T-bills and SDLs online, through the app, by phone or at a branch, charging 6 paise per ₹100 (0.06%) of the amount allotted, plus GST. It is not a registered OBPP on either exchange, and its page lists corporate bonds, SGBs, 54EC and RBI bonds without terms.", "verifiedAt": "2026-10-17", "status": "not-registered", "products": [ "gsec", "tbill", "sdl", "corporate-bonds", "sgb", "54ec" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "HDFC Securities (HDFC Sky is its app); full legal name not captured in our research", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "Stock broker; registration number not captured in our research. HDFC Securities is not an OBPP on either exchange list", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not on the BSE list (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "No: not a registered OBPP", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Corporate bonds and NCDs are listed on the G-sec page without detail; route not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Yes: online IPO section, app, phone dealing desk or branch; brokerage 6 paise per ₹100 (0.06%)", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "sgb", "label": "SGBs", "value": "Listed on the G-sec page without detail", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "minimum", "label": "Minimum investment", "value": "G-sec, T-bill and SDL bids: ₹10,000 face value and multiples; maximum ₹2 crore face value per security per auction for dated GoI securities", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "fees", "label": "Fees and markup", "value": "G-sec, T-bill and SDL bids: 0.06% plus GST. Other bonds: not stated", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not listed on the HDFC Sky support page we read", "source": "https://support.hdfcsky.com/cm8mr53d4gq30ab74xu19uh32.html" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not stated", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "Not stated", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "settlement", "label": "Settlement", "value": "Not applicable to RFQ; G-sec bids go through the exchange non-competitive scheme", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "play", "label": "Play Store (India)", "value": "Not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "ios", "label": "App Store (India)", "value": "Not verified", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://www.hdfcsec.com/g-sec-bonds" } ], "suits": [ "HDFC customers who want to bid for G-secs by phone or at a branch" ], "watchOut": [ "0.06% plus GST on every G-sec, T-bill and SDL allotment", "Not a registered OBPP, so no RFQ corporate bond shelf", "Corporate bonds, SGBs and 54EC listed without terms" ], "faqs": [ { "q": "What is the fee for T-bill bids on HDFC Sky?", "a": "HDFC Securities charges 6 paise per ₹100 (0.06%) plus GST on the amount allotted, about ₹70.80 on ₹1 lakh." }, { "q": "What is the minimum bid for G-secs at HDFC Securities?", "a": "₹10,000 face value and multiples, up to ₹2 crore face value per security per auction for dated Government of India securities." }, { "q": "Is HDFC Sky a SEBI registered bond platform?", "a": "No. HDFC Securities is a stock broker but is not on NSE's or BSE's OBPP list as of Oct 2026." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "HDFC Securities: G-sec and bonds page", "url": "https://www.hdfcsec.com/g-sec-bonds" }, { "label": "NSE non-competitive bidding", "url": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" }, { "label": "HDFC Sky support: AMC charges", "url": "https://support.hdfcsky.com/cm8mr53d4gq30ab74xu19uh32.html" } ] }, { "slug": "icici-direct", "name": "ICICI Direct", "kind": "broker", "website": "https://www.icicidirect.com", "oneLiner": "ICICI Securities' broking platform, among the first OBPPs, listing G-secs, SGBs, 54EC bonds, RBI Floating Rate Bonds and exchange bonds.", "verdict": "ICICI Direct has the widest government and tax bond counter among the broker apps we review, with 54EC bonds and RBI Floating Rate Savings Bonds online next to G-secs and SGBs. Its bond brokerage is not published beyond a promise to stay within SEBI's limit, and third party sites quote about 0.25% on NCDs.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "gsec", "sgb", "54ec", "corporate-bonds", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "ICICI Securities Ltd", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "ICICI group; the FD & Bonds menu distributes ICICI Bank and ICICI Home Finance FDs", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000183631 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 21st Apr 2023", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 15th Feb 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Enabled on both exchanges; launch date and terms of the RFQ bond flow not verified", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Exchange Traded Bonds appear in the FD & Bonds menu", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Government Securities appear in the FD & Bonds menu; bid fee not found", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "sgb", "label": "SGBs", "value": "SGB product page exists", "source": "https://www.icicidirect.com/fd-and-bonds/sovereign-gold-bond" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "minimum", "label": "Minimum investment", "value": "54EC bonds: ₹20,000 (2 bonds of ₹10,000). Other bonds not verified", "source": "https://www.icicidirect.com/bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Conflicting: the site says only that bond brokerage will not exceed the SEBI limit; an older FAQ said principal to principal deals carried no charges; third party sites list about 0.25% on NCDs", "source": "https://www.icicidirect.com/bonds", "confidence": "reported" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://www.icicidirect.com/bonds" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not verified", "source": "https://www.icicidirect.com/bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "An older, now unreachable FAQ allowed only purchase transactions on its corporate bond page; current sell terms not verified", "source": "http://content.icicidirect.com/FAQs/faq-CorporateBonds.asp", "confidence": "reported" }, { "key": "settlement", "label": "Settlement", "value": "Not verified for the current RFQ flow", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not verified; the older FAQ said issuers were chosen on yield, maturity, rating and liquidity", "source": "http://content.icicidirect.com/FAQs/faq-CorporateBonds.asp", "confidence": "reported" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.icicidirect.com/faqs/bonds" }, { "key": "play", "label": "Play Store (India)", "value": "ICICI Direct: 4.6 from 1.98 lakh reviews, 50 lakh+ downloads, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.icicidirect.idirectsuper" }, { "key": "ios", "label": "App Store (India)", "value": "ICICI Direct: 4.76 from 1,07,843 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/icici-direct-stocks-f-o-mf-ipo/id1642076943" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Investors who want 54EC bonds and RBI Floating Rate Savings Bonds online", "ICICI Bank customers who keep FDs and bonds in one place" ], "watchOut": [ "Bond brokerage not published; third party sites quote about 0.25% on NCDs", "Current sell terms for corporate bonds not published" ], "faqs": [ { "q": "Can I buy 54EC bonds on ICICI Direct?", "a": "Yes. ICICI Direct lists 54EC bonds of REC, PFC, IRFC and HUDCO at 5.25%, minimum ₹20,000 and maximum ₹50 lakh, with a 5 year lock-in." }, { "q": "Is ICICI Direct a SEBI registered bond platform?", "a": "Yes. ICICI Securities Ltd is active on BSE's OBPP list since 15th Feb 2023 and enabled on NSE's since 21st Apr 2023." }, { "q": "What brokerage does ICICI Direct charge on bonds?", "a": "ICICI Direct says only that it will not exceed the SEBI limit. Third party sites list about 0.25% on NCDs, which we could not confirm on an ICICI pricing page." }, { "q": "Can I buy RBI Floating Rate Savings Bonds on ICICI Direct?", "a": "Yes, ICICI Direct lists them online. They pay 8.05% for Jul to Dec 2026 and cannot be traded." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "ICICI Direct bonds FAQs and FD & Bonds menu", "url": "https://www.icicidirect.com/faqs/bonds" }, { "label": "ICICI Direct bonds page", "url": "https://www.icicidirect.com/bonds" }, { "label": "ICICI Direct Sovereign Gold Bond page", "url": "https://www.icicidirect.com/fd-and-bonds/sovereign-gold-bond" }, { "label": "Older ICICI Direct corporate bonds FAQ (unreachable)", "url": "http://content.icicidirect.com/FAQs/faq-CorporateBonds.asp" }, { "label": "Chittorgarh: ICICI Direct brokerage", "url": "https://www.chittorgarh.com/brokerage_charges/icicidirect/1/" }, { "label": "RBI press release on Floating Rate Savings Bonds rate, 1st Jul 2026", "url": "https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63065" }, { "label": "ICICI Direct on Google Play", "url": "https://play.google.com/store/apps/details?id=com.icicidirect.idirectsuper" }, { "label": "ICICI Direct on the App Store", "url": "https://apps.apple.com/in/app/icici-direct-stocks-f-o-mf-ipo/id1642076943" } ] }, { "slug": "incred-money", "name": "InCred Money (Bidd)", "kind": "specialist", "website": "https://www.biddeasy.com", "oneLiner": "InCred group's bond business, sold as Bidd and inside the InCred Money app, with a paid exit after 21 days.", "verdict": "InCred Money publishes a clear early exit price, 2% of the latest market price after 21 days, and settles into your own demat. The catches are a tangle of brands and entities, a shelf that includes InCred group's own MLDs, and a Bidd storefront that showed no bonds on 17th Oct 2026.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "mld", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Oro Financial Consultants Pvt Ltd is the registered broker; Alpha Fintech Pvt Ltd provides the platform and runs the InCred Money app, and is not an OBPP", "source": "https://learn.biddeasy.com/about/" }, { "key": "group", "label": "Group or backers", "value": "InCred group. InCred Capital bought Orowealth in an all-cash deal announced around 2nd Jan 2023.", "source": "https://inc42.com/buzz/incred-capital-acquires-wealth-management-startup-orowealth/" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000312534 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 22nd Aug 2024 (website listed as biddeasy.com)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 23rd Aug 2023 (website listed as incredmoney.com)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own demat, per a third-party review; not stated on the platform pages read", "source": "https://knowyourbrokerage.in/bonds/incred-money-review", "confidence": "reported" }, { "key": "minimum", "label": "Minimum investment", "value": "Conflicting: ₹10,000 (Bidd about page), ₹1,000 (Bidd homepage), about ₹1 lakh for bonds and MLDs (third party)", "source": "https://learn.biddeasy.com/about/" }, { "key": "fees", "label": "Fees and markup", "value": "Zero brokerage and zero commission claimed; the platform sets the offered yield and any spread is not disclosed", "source": "https://www.biddeasy.com/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "XIRR on its launch offer in 2023; current basis not verified", "source": "https://bonds.incredmoney.com/terms-of-use/" }, { "key": "exit", "label": "Selling before maturity", "value": "\"Anytime Liquidity\" after 21 days from the order date, at a cost of 2% of the latest mark to market price per unit", "source": "https://bonds.incredmoney.com/terms-of-use/" }, { "key": "settlement", "label": "Settlement", "value": "Not described on the pages read", "source": "https://knowyourbrokerage.in/bonds/incred-money-review" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not published; sells InCred group MLDs. Bidd showed no bonds available on 17th Oct 2026.", "source": "https://www.biddeasy.com/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed on the pages checked", "source": "https://learn.biddeasy.com/about/" }, { "key": "play", "label": "Play Store (India)", "value": "4.86 from 8,496 ratings, read 17th Oct 2026 (multi-product InCred Money app)", "source": "https://play.google.com/store/apps/details?id=com.incredmoney" }, { "key": "ios", "label": "App Store (India)", "value": "4.69 from 1,482 ratings, read 17th Oct 2026 (multi-product InCred Money app)", "source": "https://apps.apple.com/in/app/id6449935824" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "No SEBI order found as of Jul 2026 (third-party check)", "source": "https://knowyourbrokerage.in/bonds/incred-money-review", "confidence": "reported" } ], "suits": [ "Investors who want a stated, priced early exit", "Existing InCred Money app users who also hold FDs, gold or stocks there", "Buyers comfortable with group-issued MLDs on the shelf" ], "watchOut": [ "Two brands, two websites and at least three companies behind one OBPP licence", "InCred group paper on the shelf is a conflict of interest", "Bidd showed no bonds available on 17th Oct 2026", "Minimum investment and scale figures conflict" ], "faqs": [ { "q": "Is InCred Money SEBI registered for bonds?", "a": "Yes, through Oro Financial Consultants Pvt Ltd (INZ000312534), enabled as an OBPP on NSE since 22nd Aug 2024 and active on BSE since 23rd Aug 2023. Alpha Fintech, which runs the InCred Money app, is not itself an OBPP." }, { "q": "What is Bidd?", "a": "Bidd (biddeasy.com) is the bond storefront of the InCred group, launched in May 2023 with the Orowealth acquisition. It runs on the same OBPP licence as InCred Money's bond offering." }, { "q": "Can I sell bonds early on InCred Money?", "a": "Yes, after 21 days from your order, through its Anytime Liquidity feature, at a cost of 2% of the latest mark to market price per unit." }, { "q": "Does InCred Money sell its own group's products?", "a": "Yes. It has sold InCred group MLDs, which is a conflict of interest to weigh when the platform sets the offered yield." } ], "sources": [ { "label": "Bidd about page", "url": "https://learn.biddeasy.com/about/" }, { "label": "Bidd homepage", "url": "https://www.biddeasy.com/" }, { "label": "InCred Money bonds terms of use", "url": "https://bonds.incredmoney.com/terms-of-use/" }, { "label": "InCred Money announcements", "url": "https://www.incredmoney.com/announcement" }, { "label": "InCred Money homepage", "url": "https://www.incredmoney.com/" }, { "label": "Inc42 on InCred Capital buying Orowealth", "url": "https://inc42.com/buzz/incred-capital-acquires-wealth-management-startup-orowealth/" }, { "label": "Inc42 on InCred Money buying Stocko", "url": "https://inc42.com/buzz/incred-money-forays-into-retail-broking-with-stocko-acquisition/" }, { "label": "KnowYourBrokerage InCred Money review (third party)", "url": "https://knowyourbrokerage.in/bonds/incred-money-review" }, { "label": "InCred Money on Google Play", "url": "https://play.google.com/store/apps/details?id=com.incredmoney" }, { "label": "InCred Money on the App Store (India)", "url": "https://apps.apple.com/in/app/id6449935824" }, { "label": "Grip Invest FAQ on Sell Bonds Anytime", "url": "https://www.gripinvest.in/faq/grip-basics/sell-bonds-anytime" }, { "label": "Wint Wealth terms and conditions", "url": "https://www.wintwealth.com/terms-and-conditions/" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ] }, { "slug": "indiabonds", "name": "IndiaBonds", "kind": "specialist", "website": "https://www.indiabonds.com", "oneLiner": "NSE and BSE enabled bond platform with corporate, government, 54EC and tax-free bonds, open to NRIs, now running its own demat.", "verdict": "IndiaBonds suits investors who want a wide shelf, including G-secs, SDLs, SGBs and 54EC bonds, and NRIs, whom its site invites. The catches: its T&C allow fees and its yields carry an undisclosed spread, its exit terms could not be read, and in Apr 2025 it promoted a Satya MicroCapital subordinated bond whose issuer later breached a net-worth covenant.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec", "sdl", "sgb", "54ec", "tax-free", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "India Bond Pvt Ltd (CIN U67100MH2008PTC178990, incorporated 2008)", "source": "https://www.indiabonds.com/" }, { "key": "group", "label": "Group or backers", "value": "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": "https://www.indiabonds.com/about-us/" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000311637 (stock broker), NSE member 90316, BSE member 6811", "source": "https://www.indiabonds.com/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 25th Apr 2023 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 5th Apr 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "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": "https://www.indiabonds.com/" }, { "key": "minimum", "label": "Minimum investment", "value": "₹1,000 advertised; ₹10,000 face value bonds offered (e.g. Manba Finance at ₹9,980.42 on 17th Oct 2026)", "source": "https://www.indiabonds.com/" }, { "key": "fees", "label": "Fees and markup", "value": "T&C allow brokerage, platform usage or subscription fees. Homepage bond cards carry an \"Additional Yield via Bond Spread\" label. Markup not disclosed.", "source": "https://www.indiabonds.com/terms-and-conditions/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM on listings", "source": "https://www.indiabonds.com/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not verified: FAQ titles cover selling, but the answers render in the browser and could not be read", "source": "https://www.indiabonds.com/frequently-asked-questions.xml" }, { "key": "settlement", "label": "Settlement", "value": "Funds go only to the clearing corporation's designated account; T+ cycle not verified", "source": "https://www.indiabonds.com/terms-and-conditions/" }, { "key": "credit", "label": "Credit range on shelf", "value": "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": "https://www.indiabonds.com/" }, { "key": "nri", "label": "NRI access", "value": "Advertised on the site (as is HUF access)", "source": "https://www.indiabonds.com/" }, { "key": "play", "label": "Play Store (India)", "value": "4.4 from 3,703 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.indiabonds.mobile" }, { "key": "ios", "label": "App Store (India)", "value": "4.76 from 845 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/indiabonds-invest-in-bonds-fds/id6742879577" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found as of 17th Oct 2026 (search not exhaustive)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Investors who want government, 54EC and tax-free bonds next to corporate bonds", "NRIs and HUFs, which the site advertises", "Small tickets, with ₹10,000 face value bonds on the shelf" ], "watchOut": [ "Exit terms could not be read from the FAQ", "T&C allow brokerage or platform fees; spread not disclosed", "Related parties may earn fees from issuers it sells", "Promoted a Satya MicroCapital subordinated bond in Apr 2025", "Runs its own DP, registered in 2026; existing demat use not verified" ], "faqs": [ { "q": "Is IndiaBonds SEBI registered?", "a": "Yes. India Bond Pvt Ltd holds SEBI stock broker registration INZ000311637 and is enabled as an online bond platform on NSE (since 25th Apr 2023) and BSE (since 5th Apr 2023)." }, { "q": "Has SEBI penalised IndiaBonds?", "a": "No SEBI or exchange penalty against India Bond Pvt Ltd was found as of 17th Oct 2026. The search was not exhaustive." }, { "q": "Does IndiaBonds charge fees?", "a": "No per bond fee is published, but its T&C allow brokerage, platform usage or subscription fees, and its bond cards carry an Additional Yield via Bond Spread label. Any markup in the yield is not disclosed." }, { "q": "Can NRIs invest through IndiaBonds?", "a": "IndiaBonds advertises NRI and HUF access on its site." }, { "q": "Where are bonds bought on IndiaBonds held?", "a": "IndiaBonds runs its own NSDL depository participant (DP ID IN305103), marketed as IB Demat New. Whether an existing demat at another DP can still be used was not verified." }, { "q": "Did IndiaBonds sell Satya MicroCapital bonds?", "a": "Yes. In Apr 2025 it sold Satya MicroCapital's 14.20% subordinated debt (INE982X08091, CRISIL BBB+) at 14.25% YTM. Satya later breached a net-worth covenant on that bond but had paid all coupons through 12th Oct 2026." } ], "sources": [ { "label": "IndiaBonds homepage", "url": "https://www.indiabonds.com/" }, { "label": "IndiaBonds about us", "url": "https://www.indiabonds.com/about-us/" }, { "label": "IndiaBonds terms and conditions", "url": "https://www.indiabonds.com/terms-and-conditions/" }, { "label": "IndiaBonds fixed deposits", "url": "https://www.indiabonds.com/fixed-deposit/" }, { "label": "IndiaBonds FAQ index", "url": "https://www.indiabonds.com/frequently-asked-questions.xml" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Archived IndiaBonds Satya MicroCapital page, Apr 2025", "url": "https://web.archive.org/web/20250417063541/https://www.indiabonds.com/bond-details/INE982X08091/3ebce3c2-43de-40c0-904b-0ee0d1fe96e5/" }, { "label": "Satya MicroCapital annual report FY 2025-26", "url": "https://satyamicrocapital.com/wp-content/uploads/2026/09/Annual_Report_FY_2025-26.pdf" }, { "label": "ICRA rationale on Satya MicroCapital", "url": "https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/145583" }, { "label": "SEBI Credit Risk-o-Meter circular, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Entrackr on IndiaBonds maiden funding", "url": "https://entrackr.com/snippets/bond-investment-platform-indiabonds-raises-rs-325-cr-in-maiden-funding-9404893" }, { "label": "IBS Intelligence on IndiaBonds funding", "url": "https://ibsintelligence.com/ibsi-news/indiabonds-raises-3-77m-to-scale-digital-bond-investing-platform/" }, { "label": "Upstox community on bonds with IndiaBonds", "url": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "label": "sbicapsec.indiabonds.com", "url": "https://sbicapsec.indiabonds.com/" }, { "label": "KnowYourBrokerage GoldenPi review (TruCap platform list)", "url": "https://knowyourbrokerage.in/bonds/goldenpi-review" }, { "label": "Mint on TruCap default and bond portals (paywalled summary)", "url": "https://www.magzter.com/ar/stories/newspaper/Mint-Chennai/TRUCAP-DEFAULT-SPARKS-FRESH-CONCERNS-OVER-BOND-PORTALS" }, { "label": "IndiaBonds on Google Play", "url": "https://play.google.com/store/apps/details?id=com.indiabonds.mobile" }, { "label": "IndiaBonds on the App Store (India)", "url": "https://apps.apple.com/in/app/indiabonds-invest-in-bonds-fds/id6742879577" } ] }, { "slug": "indmoney", "name": "INDmoney", "kind": "broker", "website": "https://www.indmoney.com", "oneLiner": "INDmoney's broking entity Indstocks has been an active BSE OBPP since Jun 2023; its bond product terms could not be read.", "verdict": "INDmoney's broking company, Indstocks Pvt Ltd, has been an active OBPP on BSE since 8th Jun 2023 and is not on NSE's list. A bonds page exists but blocked automated reading on 17th Oct 2026, and we found no press coverage of a launch, so products, fees and minimums are unverified.", "verifiedAt": "2026-10-17", "status": "active", "products": [], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Indstocks Pvt Ltd (BSE's list gives INDmoney as its brand)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://www.indmoney.com/bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000305337 (stock broker)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 8th Jun 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Not verified; a bonds route exists but returned HTTP 403 to automated reading", "source": "https://www.indmoney.com/bonds" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "minimum", "label": "Minimum investment", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Not verified; no bond fee found", "source": "https://www.indmoney.com/bonds" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "settlement", "label": "Settlement", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.indmoney.com/bonds" }, { "key": "play", "label": "Play Store (India)", "value": "4.6 from 4.63 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 (the US storefront shows 4.7)", "source": "https://play.google.com/store/apps/details?id=in.indwealth" }, { "key": "ios", "label": "App Store (India)", "value": "4.71 from 1,07,878 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/indmoney-us-stocks-ipo-f-o/id1450178837" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ], "suits": [ "INDmoney users willing to check bond terms in the app themselves" ], "watchOut": [ "BSE only: not on NSE's OBPP list", "Products, fees and minimums not publicly readable" ], "faqs": [ { "q": "Is INDmoney a SEBI registered bond platform?", "a": "Its broking entity, Indstocks Pvt Ltd, has been an active OBPP on BSE since 8th Jun 2023. It is not on NSE's OBPP list as on 14th Oct 2026." }, { "q": "What bonds can I buy on INDmoney?", "a": "We could not verify it. INDmoney's bonds pages blocked automated reading on 17th Oct 2026, and no press coverage of a launch was found." }, { "q": "What does INDmoney charge for bonds?", "a": "Not verified. No bond fee was found on pages we could read." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI circular on the Credit Risk-o-Meter, Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "INDmoney bonds page (403 to automated reading on 17th Oct 2026)", "url": "https://www.indmoney.com/bonds" }, { "label": "INDmoney on Google Play", "url": "https://play.google.com/store/apps/details?id=in.indwealth" }, { "label": "INDmoney on the App Store", "url": "https://apps.apple.com/in/app/indmoney-us-stocks-ipo-f-o/id1450178837" } ] }, { "slug": "jiraaf", "name": "Jiraaf", "kind": "specialist", "website": "https://www.jiraaf.com", "oneLiner": "NSE and BSE enabled platform for corporate bonds and SDIs that settles into your own demat but offers no way to sell back.", "verdict": "Jiraaf suits investors who want bonds and securitised debt delivered into the demat they already use, with no platform fee. The catches: it does not help you sell before maturity, its yield rises with the number of units you buy, and its App Store seller is the company behind altGraaf, which SEBI named in a Nov 2024 interim order.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "gsec", "tbill", "sdl", "sgb", "sdi", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Jiraaf Platform Pvt Ltd", "source": "https://www.jiraaf.com/contact-us" }, { "key": "group", "label": "Group or backers", "value": "Founded 2021 by Saurav Ghosh and Vineet Agrawal; backers include Accel and Harmony Ventures. The App Store seller is AI Growth Pvt Ltd, owner of altGraaf.", "source": "https://apps.apple.com/in/app/jiraaf-bonds-fds/id6445845200" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000315538 (stock broker), NSE member 90355, BSE member 6835", "source": "https://www.jiraaf.com/contact-us" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 12th Dec 2023 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 16th Dec 2025", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your own existing demat at any DP", "source": "https://www.jiraaf.com/faq" }, { "key": "minimum", "label": "Minimum investment", "value": "About ₹1,000, varying by product", "source": "https://www.jiraaf.com/faq" }, { "key": "fees", "label": "Fees and markup", "value": "No service or platform fee at present; T&C reserve a fee above a threshold. Yield is tiered by quantity, spread not disclosed.", "source": "https://www.jiraaf.com/faq" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM for bonds (tiered by units bought); IRR for SDIs", "source": "https://www.jiraaf.com/products/sdi" }, { "key": "exit", "label": "Selling before maturity", "value": "No exit facility: Jiraaf does not help liquidate after purchase; you must find a buyer yourself", "source": "https://www.jiraaf.com/faq" }, { "key": "settlement", "label": "Settlement", "value": "T+1 for orders placed 00:00 to 15:30, T+2 for orders placed 15:45 to 23:59; UPI or net banking", "source": "https://www.jiraaf.com/faq" }, { "key": "credit", "label": "Credit range on shelf", "value": "Lowest grade not disclosed. Corporate bonds at 8% to 14%, SDIs at 8% to 15% IRR.", "source": "https://www.jiraaf.com/products/sdi" }, { "key": "nri", "label": "NRI access", "value": "Not allowed (Indian citizens only, no minors)", "source": "https://www.jiraaf.com/faq" }, { "key": "play", "label": "Play Store (India)", "value": "4.6 from 875 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.app.jiraaf" }, { "key": "ios", "label": "App Store (India)", "value": "4.41 from 164 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/jiraaf-bonds-fds/id6445845200" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None against Jiraaf Platform found. Sister company AI Growth Pvt Ltd (altGraaf) was named in SEBI's interim order of 18th Nov 2024; no final order found.", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" } ], "suits": [ "Investors who want bonds in the demat they already have", "Investors who plan to hold to maturity", "Larger tickets, since yield rises with units bought" ], "watchOut": [ "No platform help to sell before maturity", "Yield depends on quantity, so the platform sets the price", "App Store seller is altGraaf's owner, named in a SEBI interim order", "NRIs and minors cannot invest", "T&C reserve the right to charge a fee later" ], "faqs": [ { "q": "Is Jiraaf SEBI registered?", "a": "Yes. Jiraaf Platform Pvt Ltd holds SEBI stock broker registration INZ000315538 and is enabled as an online bond platform on NSE (since 12th Dec 2023) and BSE (since 16th Dec 2025)." }, { "q": "Is Jiraaf linked to altGraaf?", "a": "Jiraaf's App Store app is sold by AI Growth Pvt Ltd, which owns altGraaf and shares its two founders. SEBI named altGraaf in an interim order on 18th Nov 2024 for selling unlisted NCDs to the public; Jiraaf Platform itself was not a noticee." }, { "q": "Can you sell Jiraaf bonds before maturity?", "a": "Not through Jiraaf, which does not facilitate liquidation after purchase. The bonds sit in your own demat, so you can sell them elsewhere if you find a buyer." }, { "q": "Does Jiraaf charge any fees?", "a": "Jiraaf charges no service or platform fee at present, but its T&C reserve the right to charge one above a threshold. Its margin sits in the price, and its yield rises with the number of units you buy." }, { "q": "Can NRIs invest on Jiraaf?", "a": "No. Jiraaf accepts Indian citizens only, and not minors." } ], "sources": [ { "label": "Jiraaf contact us", "url": "https://www.jiraaf.com/contact-us" }, { "label": "Jiraaf about us", "url": "https://www.jiraaf.com/about-us" }, { "label": "Jiraaf FAQ", "url": "https://www.jiraaf.com/faq" }, { "label": "Jiraaf terms and conditions", "url": "https://www.jiraaf.com/terms-and-condition" }, { "label": "Jiraaf SDI product page", "url": "https://www.jiraaf.com/products/sdi" }, { "label": "Jiraaf fixed deposits", "url": "https://www.jiraaf.com/products/fixed-deposit" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI interim order against altGraaf, Tap Invest and Stable Investments, 18th Nov 2024", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" }, { "label": "SEBI PR 75/2025 caution on unregistered OBPPs", "url": "https://investor.sebi.gov.in/pdf/1763551749033.pdf" }, { "label": "Angel One news on the SEBI order", "url": "https://www.angelone.in/news/sebi-orders-immediate-halt-on-unlisted-bond-services-by-online-platforms" }, { "label": "Inc42 on SEBI barring 3 unregistered platforms", "url": "https://inc42.com/buzz/sebi-bars-3-unregistered-online-platforms-from-selling-ncds/" }, { "label": "Entrepreneur on Jiraaf Series A", "url": "https://india.entrepreneur.com/news-and-trends/jiraaf-raises-75-million-in-series-a-round-led-by-accel/429085" }, { "label": "The Trusted Insight on Jiraaf Series B", "url": "https://www.thetrustedinsight.com/investment-news/harmony-ventures-accel-lead-jiraafs-87-mn-series-b-round-20231012616/" }, { "label": "Ascendants on Jiraaf ₹44 cr round", "url": "https://ascendants.in/business-stories/jiraaf-funding-44-crore-accel-wealthtech/" }, { "label": "Venture Intelligence on Jiraaf ₹44 cr round", "url": "https://news.ventureintelligence.com/private-equity/fixed-income-investment-enabler-jiraaf-to-raise-rs.44-cr-from-aspire-financial,-accel,-others" }, { "label": "Caplight on Jiraaf", "url": "https://www.caplight.com/company/jiraaf" }, { "label": "Jiraaf on Google Play", "url": "https://play.google.com/store/apps/details?id=com.app.jiraaf" }, { "label": "Jiraaf on the App Store (India)", "url": "https://apps.apple.com/in/app/jiraaf-bonds-fds/id6445845200" } ] }, { "slug": "kotak-neo", "name": "Kotak Neo", "kind": "broker", "website": "https://www.kotakneo.com", "oneLiner": "Kotak Securities' app handles NCD applications, tax-free bonds on the exchange and SGBs; it is not a registered OBPP.", "verdict": "Kotak Neo's support pages cover NCD applications, buying and selling tax-free and tax saving bonds on the exchange, and SGBs, under a brokerage line that says only it will not exceed SEBI's limit. Kotak Securities is on neither exchange's OBPP list, and the bond support page does not mention G-secs or T-bills.", "verifiedAt": "2026-10-17", "status": "not-registered", "products": [ "ncd-ipo", "tax-free", "sgb" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Kotak Securities; full legal name not captured in our research", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "sebi", "label": "SEBI registration", "value": "Stock broker; registration number not captured in our research. Kotak Securities is not an OBPP on either exchange list", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not on the BSE list (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "No: not a registered OBPP", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Yes: buying and selling tax-free and tax saving bonds in the secondary market", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Yes: support section covers NCD applications", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Not mentioned on the bond support page; fee not found", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "sgb", "label": "SGBs", "value": "Covered in the support section", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "minimum", "label": "Minimum investment", "value": "Not stated", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed beyond a line that brokerage will not exceed the SEBI limit", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not stated", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "exit", "label": "Selling before maturity", "value": "Listed bonds can be sold on the exchange, per the support section", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "settlement", "label": "Settlement", "value": "Exchange order book", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable: no curated shelf", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "play", "label": "Play Store (India)", "value": "Not verified", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "ios", "label": "App Store (India)", "value": "Not verified", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" } ], "suits": [ "Kotak customers applying to public NCD issues", "Trading listed tax-free bonds and SGBs on the exchange" ], "watchOut": [ "Not a registered OBPP, so no RFQ corporate bond shelf", "Bond brokerage not published", "G-sec and T-bill bidding not documented on the bond page" ], "faqs": [ { "q": "Can I apply for NCD IPOs on Kotak Neo?", "a": "Yes. Kotak Neo's support section covers NCD applications." }, { "q": "Can I buy tax-free bonds on Kotak Neo?", "a": "Yes, listed tax-free bonds can be bought and sold on the exchange through Kotak Neo, per its support section." }, { "q": "Is Kotak Neo a SEBI registered bond platform?", "a": "No. Kotak Securities is not on NSE's or BSE's OBPP list as of Oct 2026, though it sells listed bonds on the exchange as a stock broker." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Kotak Neo support: NCDs and bonds", "url": "https://www.kotakneo.com/support/investment-products/ncds-and-bonds" } ] }, { "slug": "motilal-oswal", "name": "Motilal Oswal", "kind": "broker", "website": "https://bonds.motilaloswal.com", "oneLiner": "Motilal Oswal's bond site, launched 10th Mar 2026 for G-secs, PSU and corporate bonds; BSE active OBPP, Not enabled on NSE.", "verdict": "Motilal Oswal runs a separate bond site, bonds.motilaloswal.com, launched on 10th Mar 2026 and pitched by its executives at HNIs. It is an active OBPP on BSE but shows as Not enabled on NSE's 14th Oct 2026 list, and its minimums, pricing and exit terms were not readable.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "gsec", "corporate-bonds" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Motilal Oswal Financial Services Ltd (OBPP registrant); the platform was launched by Motilal Oswal Wealth Management", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Motilal Oswal group", "source": "https://cafemutual.com/news/tarraki/37188-motilal-oswal-wealth-management-launches-a-bonds-platform" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000158836 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Registered, status Not enabled (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 10th Jan 2024", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Bond platform launched 10th Mar 2026 by a BSE active OBPP; trade venue and settlement not stated", "source": "https://cafemutual.com/news/tarraki/37188-motilal-oswal-wealth-management-launches-a-bonds-platform" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Government securities offered on the bond platform; bid route and fee not verified", "source": "https://investmentguruindia.com/newsdetail/motilal-oswal-wealth-management-expands-access-to-fixed-income-through-its-bonds-platform949462" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "minimum", "label": "Minimum investment", "value": "Not disclosed in the launch release; site content is JS rendered and could not be read", "source": "https://bonds.motilaloswal.com/" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed", "source": "https://bonds.motilaloswal.com/" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://bonds.motilaloswal.com/" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not disclosed", "source": "https://bonds.motilaloswal.com/" }, { "key": "settlement", "label": "Settlement", "value": "Not disclosed", "source": "https://bonds.motilaloswal.com/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not disclosed", "source": "https://bonds.motilaloswal.com/" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://bonds.motilaloswal.com/" }, { "key": "play", "label": "Play Store (India)", "value": "MO RIISE: 4.0 from 1.45 lakh reviews, 1 crore+ downloads, read 17th Oct 2026 (the US storefront shows 3.8)", "source": "https://play.google.com/store/apps/details?id=com.mosl.mobile" }, { "key": "ios", "label": "App Store (India)", "value": "MO RIISE: 3.84 from 7,030 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/riise-stocks-by-motilal-oswal/id1055577451" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Motilal Oswal wealth clients who want bonds with their existing relationship" ], "watchOut": [ "Not enabled on NSE; BSE only in practice", "Minimum, pricing and exit terms not published in readable form" ], "faqs": [ { "q": "Is Motilal Oswal a SEBI registered bond platform?", "a": "Motilal Oswal Financial Services Ltd is an active OBPP on BSE since 10th Jan 2024, but NSE's list as on 14th Oct 2026 shows it as Not enabled." }, { "q": "When did Motilal Oswal launch its bond platform?", "a": "Motilal Oswal Wealth Management launched bonds.motilaloswal.com on 10th Mar 2026, offering government securities, PSU bonds and corporate bonds." }, { "q": "What is the minimum investment on Motilal Oswal's bond platform?", "a": "Not disclosed. The launch release gave no minimum, and the site's content could not be read on 17th Oct 2026." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Cafemutual: Motilal Oswal Wealth Management launches a bonds platform, 10th Mar 2026", "url": "https://cafemutual.com/news/tarraki/37188-motilal-oswal-wealth-management-launches-a-bonds-platform" }, { "label": "Investment Guru India: Motilal Oswal bond platform release", "url": "https://investmentguruindia.com/newsdetail/motilal-oswal-wealth-management-expands-access-to-fixed-income-through-its-bonds-platform949462" }, { "label": "bonds.motilaloswal.com", "url": "https://bonds.motilaloswal.com/" }, { "label": "SEBI NCS Master Circular, 15th Oct 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1760532257519.pdf" }, { "label": "MO RIISE on Google Play", "url": "https://play.google.com/store/apps/details?id=com.mosl.mobile" }, { "label": "MO RIISE on the App Store", "url": "https://apps.apple.com/in/app/riise-stocks-by-motilal-oswal/id1055577451" } ] }, { "slug": "paytm-money", "name": "Paytm Money", "kind": "broker", "website": "https://www.paytmmoney.com", "oneLiner": "Paytm Money has sold government, corporate and tax-free bonds from the exchange since May 2023; it is not a registered OBPP.", "verdict": "Paytm Money lists bonds from the NSE and BSE order books, uses limit orders by default and shows clean and dirty prices, which suits buyers who can read an order book. It is not a registered OBPP, and forum users have reported yield figures in the app that did not match a bond's actual terms.", "verifiedAt": "2026-10-17", "status": "not-registered", "products": [ "corporate-bonds", "gsec", "tax-free" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Not captured in our research", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "group", "label": "Group or backers", "value": "Paytm group", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "sebi", "label": "SEBI registration", "value": "Stock broker; registration number not captured in our research. Paytm Money is not an OBPP on either exchange list", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not on the NSE list (as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not on the BSE list (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "No: not a registered OBPP", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Yes, since 22nd May 2023; prices compared across NSE and BSE, limit orders by default", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Government bonds listed on the exchange are offered; primary bids not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "minimum", "label": "Minimum investment", "value": "Not stated", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed on any page read in our research", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "Not verified in our research", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Clean and dirty price shown; yield method not stated", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on the exchange order book, subject to a buyer", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "settlement", "label": "Settlement", "value": "Exchange cash segment", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "credit", "label": "Credit range on shelf", "value": "Whatever is listed; the app shows the lowest rating by default", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "play", "label": "Play Store (India)", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "ios", "label": "App Store (India)", "value": "Not verified", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" } ], "suits": [ "Buyers comfortable placing limit orders on exchange listed bonds", "Investors who want clean and dirty prices and record dates shown" ], "watchOut": [ "Not a registered OBPP", "Forum reports of misleading yield figures", "Bond fees not disclosed" ], "faqs": [ { "q": "Is Paytm Money a SEBI registered bond platform?", "a": "No. Paytm Money is not on NSE's or BSE's OBPP list as of Oct 2026. It sells bonds listed on the exchange order book as a stock broker." }, { "q": "Does Paytm Money show clean and dirty prices?", "a": "Yes. Since its May 2023 launch the bond section has shown clean and dirty prices, record dates and the lowest rating by default." }, { "q": "Why does a bond on Paytm Money show a very high yield?", "a": "Users have reported yields that did not match the bond, such as a zero coupon bond priced above its redemption value showing over 31% in Jun 2025. Check the price against the redemption value before buying." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI circular on the Credit Risk-o-Meter, Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Business Standard: Paytm Money launches bond investing, May 2023", "url": "https://www.business-standard.com/amp/finance/news/paytm-money-launches-bond-investing-on-platform-for-retail-investors-123052200659_1.html" }, { "label": "TradingQnA: unusually rising yield in a corporate bond, Jun 2025", "url": "https://tradingqna.com/t/unusually-rising-yield-in-corp-bond/182919" }, { "label": "TradingQnA: bond redemption shortfall, Nov 2023", "url": "https://tradingqna.com/t/bond-redemption-invested-9835-got-9500-instead-of-10-000-mystery-of-the-remaining-funds/155842" }, { "label": "TradingQnA: comparing GoldenPi, Wint Wealth and Grip Invest", "url": "https://tradingqna.com/t/comparing-goldenpi-wint-wealth-and-grip-invest/193407" }, { "label": "TradingQnA: challenge in investing via Wint Wealth (BSDA)", "url": "https://tradingqna.com/t/challenge-in-investing-via-wint-wealth/175108" } ] }, { "slug": "smest", "name": "SMEST", "kind": "specialist", "website": "https://smest.in", "oneLiner": "BSE only, web only bond platform from SMEST Capital that sells from its own inventory, with a ₹10,000 minimum.", "verdict": "SMEST is a BSE enabled OBPP with a large catalogue of bond pages and a relationship manager model, and it uses the demat you already have. The catch is that SMEST itself is the seller on your buy orders and publishes no fee schedule, markup or readable exit terms.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "ncd-ipo", "gsec" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "SMEST Capital Pvt Ltd, incorporated 2018", "source": "https://smest.in/about-us" }, { "key": "group", "label": "Group or backers", "value": "Founder and CEO Harsh Punjabee. One funding round per Tracxn, amount and investors not disclosed.", "source": "https://tracxn.com/d/companies/smest/__KMe09SSQA1tn1FlWEwPaLMCa1AoYGEQkf4eJHUa-G6Q", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000302039 (stock broker)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not listed", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active since 20th Sep 2023", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Appears to be your existing demat: its KYC list asks for a client master copy of it", "source": "https://smest.in/faqs" }, { "key": "minimum", "label": "Minimum investment", "value": "₹10,000", "source": "https://smest.in/" }, { "key": "fees", "label": "Fees and markup", "value": "Not disclosed. Terms show SMEST delivers the securities on client buy orders, so it sells from its own inventory.", "source": "https://smest.in/terms-of-use" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed on the pages checked", "source": "https://smest.in/" }, { "key": "exit", "label": "Selling before maturity", "value": "Not disclosed in readable form; the FAQ answer on selling loads client side and could not be read", "source": "https://smest.in/faqs" }, { "key": "settlement", "label": "Settlement", "value": "Through ICCL (BSE's clearing corporation); funds refunded by end of day if SMEST fails to deliver", "source": "https://smest.in/terms-of-use" }, { "key": "credit", "label": "Credit range on shelf", "value": "Advertises returns of 8% to 15%; rating range not published", "source": "https://smest.in/" }, { "key": "nri", "label": "NRI access", "value": "Its FAQ index has an NRI investing section; terms not verified", "source": "https://smest.in/faqs" }, { "key": "play", "label": "Play Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://play.google.com/store/search?q=smest&c=apps" }, { "key": "ios", "label": "App Store (India)", "value": "No app found, checked 17th Oct 2026", "source": "https://play.google.com/store/search?q=smest&c=apps" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None against SMEST found. Named as a third-party seller in SEBI's Oct 2026 order that fined IIFL Capital Services.", "source": "https://english.punjabkesari.com/business/sebi-fines-iifl-capital-services-rs-2-lakh-for-online-bond-platform-violations", "confidence": "reported" } ], "suits": [ "Investors who want to keep bonds in their existing demat", "Buyers who prefer a dedicated relationship manager and a website over an app", "Browsing a wide catalogue of individual bond pages" ], "watchOut": [ "SMEST is the seller on your buy orders and its markup is not disclosed", "BSE only; not on NSE's OBPP list", "Sell terms and fees are not published in readable form", "No mobile app" ], "faqs": [ { "q": "Is SMEST SEBI registered?", "a": "Yes. SMEST Capital Pvt Ltd is a SEBI registered stock broker (INZ000302039) and has been an active OBPP on BSE since 20th Sep 2023. It is not on NSE's OBPP list." }, { "q": "Does SMEST have an app?", "a": "We found no SMEST app on Google Play or the Indian App Store on 17th Oct 2026. It runs on its website." }, { "q": "How does SMEST make money?", "a": "SMEST does not publish fees. Its terms show that SMEST itself transfers the securities on client buy orders, so it earns from the price at which it sells." }, { "q": "What is the minimum investment on SMEST?", "a": "The site states a minimum of ₹10,000." } ], "sources": [ { "label": "SMEST homepage", "url": "https://smest.in/" }, { "label": "SMEST about page", "url": "https://smest.in/about-us" }, { "label": "SMEST terms of use", "url": "https://smest.in/terms-of-use" }, { "label": "SMEST FAQs", "url": "https://smest.in/faqs" }, { "label": "SMEST contact page", "url": "https://smest.in/contact-us" }, { "label": "SMEST bond sitemap", "url": "https://smest.in/sitemap-bond-details.xml" }, { "label": "SMEST Hella Infra Market bond page, read 17th Oct 2026", "url": "https://smest.in/bond-details/11.00-Hella-Infra-Market-Private-Limited-12-Apr-2029/INE06E507579" }, { "label": "India Ratings on Hella Infra Market, 1st Oct 2026", "url": "https://www.indiaratings.co.in/pressReleases/GetPressreleaseData?pressReleaseId=86007" }, { "label": "Acuité rating page for Hella Infra Market Retail", "url": "https://connect.acuite.in/fcompany-details/HELLA_INFRA_MARKET_RETAIL_PRIVATE_LIMITED/3rd_Sep_26" }, { "label": "SEBI circular on the Credit Risk-o-Meter, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Punjab Kesari (IANS) on SEBI's IIFL Capital order", "url": "https://english.punjabkesari.com/business/sebi-fines-iifl-capital-services-rs-2-lakh-for-online-bond-platform-violations" }, { "label": "Tracxn profile of SMEST", "url": "https://tracxn.com/d/companies/smest/__KMe09SSQA1tn1FlWEwPaLMCa1AoYGEQkf4eJHUa-G6Q" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ] }, { "slug": "stable-bonds", "name": "Stable Bonds", "kind": "specialist", "website": "https://stablebonds.in", "oneLiner": "Stable Money's NSE-only bond platform with its own CDSL demat, zero brokerage marketing and a sell feature that is not guaranteed.", "verdict": "Stable Bonds suits investors already using the Stable Money app for FDs who want listed bonds, including SDLs and PSU bonds, in the same app. The catches: bonds sit in a demat Stable opens for you, the sell anytime promise is qualified in the T&C, its spread is not itemised, and it closed its BSE OBPP business on 27th Nov 2025 without giving a reason.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "gsec", "sdl", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Stable Broking Pvt Ltd (formerly Stable Wealth Pvt Ltd), CIN U65990KA2023PTC170330", "source": "https://stablebonds.in/" }, { "key": "group", "label": "Group or backers", "value": "Wholly owned subsidiary of Stable-Alpha Technologies Pvt Ltd (Stable Money). $25 mn pre-Series C led by Peak XV in Feb 2026; founders Saurabh Jain and Harish Reddy.", "source": "https://india.entrepreneur.com/news-and-trends/peak-xv-leads-usd-25-mn-round-in-wealthtech-platform-stable/502791" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000314637 (stock broker), NSE member 90363; CDSL DP registration INDP7912025", "source": "https://stablebonds.in/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 20th Mar 2024 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Inactive: voluntary closure of OBPP business with effect from 27th Nov 2025 (BSE enabled 18th Oct 2023)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In a demat Stable Broking opens and maintains for you with its own CDSL DP", "source": "https://stablebonds.in/" }, { "key": "minimum", "label": "Minimum investment", "value": "Marketed as ₹100; live minimums on 17th Oct 2026 were about ₹10,000 (₹9,965 to ₹10,074) on some bonds and about ₹1 lakh on others", "source": "https://stablebonds.in/" }, { "key": "fees", "label": "Fees and markup", "value": "Zero brokerage advertised; strike-off additional YTM is a brokerage waiver per T&C. Third-party reviews say a spread is embedded in the price.", "source": "https://stablebonds.in/explore/compliance/term-and-condition", "confidence": "reported" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM", "source": "https://stablebonds.in/explore/compliance/term-and-condition" }, { "key": "exit", "label": "Selling before maturity", "value": "Marketed as sell anytime with zero exit fee; T&C say a sale is not guaranteed, some bonds have lock-ins, and a spread or penalty may apply after a zero-penalty period", "source": "https://stablebonds.in/explore/compliance/term-and-condition" }, { "key": "settlement", "label": "Settlement", "value": "NSE RFQ through the clearing corporation; funds go only to the clearing corporation account; T+ cycle not stated", "source": "https://stablebonds.in/explore/compliance/term-and-condition" }, { "key": "credit", "label": "Credit range on shelf", "value": "Ratings not shown on homepage cards. Yields ran from 4.75% to 11.90% on 17th Oct 2026.", "source": "https://stablebonds.in/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed", "source": "https://stablebonds.in/" }, { "key": "play", "label": "Play Store (India)", "value": "4.6 from 45,610 ratings (Stable Money app, FDs and bonds), read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=in.stablemoney.app" }, { "key": "ios", "label": "App Store (India)", "value": "4.73 from 4,320 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/stable-money-fds-bonds/id1663244497" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "No SEBI order against Stable Broking found as of 17th Oct 2026. Not the Stable Investments (Berkelium Technologies) named in SEBI's Nov 2024 interim order.", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" } ], "suits": [ "Stable Money users who want bonds next to their FDs", "Investors who want SDLs and PSU bonds in a consumer app", "Investors comfortable with a platform-opened CDSL demat" ], "watchOut": [ "Sell anytime is not guaranteed under the T&C", "Spread is not itemised; zero brokerage marketing", "₹100 marketing vs about ₹10,000 actual minimums", "Closed its BSE OBPP business on 27th Nov 2025 with no reason given", "User counts conflict: 40 lakh, 50 lakh and 60 lakh" ], "faqs": [ { "q": "Is Stable Bonds SEBI registered?", "a": "Yes. Stable Broking Pvt Ltd holds SEBI stock broker registration INZ000314637 and is enabled as an online bond platform on NSE since 20th Mar 2024. Its BSE OBPP business has been inactive since a voluntary closure on 27th Nov 2025." }, { "q": "Is Stable Bonds the Stable Investments that SEBI acted against?", "a": "No. SEBI's 18th Nov 2024 interim order named Stable Investments, run by Berkelium Technologies, a different company from Stable Broking." }, { "q": "Can you sell Stable bonds anytime?", "a": "Not on demand. The homepage markets sell anytime with zero exit fee, but the T&C say a sale is not guaranteed and depends on a buyer, some bonds have lock-ins, and a spread or penalty can apply after a zero-penalty period." }, { "q": "Does Stable Bonds charge brokerage?", "a": "It advertises zero brokerage. Third-party reviews say its margin is a spread embedded in the bond price, which Stable does not itemise." }, { "q": "Where are Stable bonds held?", "a": "In a CDSL demat that Stable Broking opens for you through its own depository participant." } ], "sources": [ { "label": "Stable Bonds homepage", "url": "https://stablebonds.in/" }, { "label": "Stable Bonds terms and conditions", "url": "https://stablebonds.in/explore/compliance/term-and-condition" }, { "label": "Stable Money homepage", "url": "https://stablemoney.in/" }, { "label": "Stable Money terms and conditions", "url": "https://stablemoney.in/compliance/terms-and-conditions" }, { "label": "Stable Money blog on SEBI registration", "url": "https://stablemoney.in/blog/is-stable-money-app-sebi-registered" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI interim order against altGraaf, Tap Invest and Stable Investments, 18th Nov 2024", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" }, { "label": "SEBI Credit Risk-o-Meter circular, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "Satya MicroCapital information memorandum on Stable's server", "url": "https://assets.stablemoney.in/bonds-assets/IM_Satya_18thjune.pdf" }, { "label": "Satya MicroCapital annual report FY 2025-26", "url": "https://satyamicrocapital.com/wp-content/uploads/2026/09/Annual_Report_FY_2025-26.pdf" }, { "label": "TradingQnA: Challenge in investing via Wint Wealth (BSDA)", "url": "https://tradingqna.com/t/challenge-in-investing-via-wint-wealth/175108" }, { "label": "KnowYourBrokerage Stable Money review", "url": "https://knowyourbrokerage.in/bonds/stable-money-review" }, { "label": "The Alt Investor profile of Stable Money", "url": "https://blog.thealtinvestor.in/company-profile-stable-money-sebi-registered-obpp" }, { "label": "Entrepreneur on Peak XV led round, Feb 2026", "url": "https://india.entrepreneur.com/news-and-trends/peak-xv-leads-usd-25-mn-round-in-wealthtech-platform-stable/502791" }, { "label": "Inc42 on Stable Money, Jun 2026", "url": "https://inc42.com/?p=560454" }, { "label": "Reddit: same bond, different YTM on Stable Money and Wint", "url": "https://www.reddit.com/r/personalfinanceindia/comments/1vl6cks/same_bond_different_ytm_on_stable_money_and_wint/" }, { "label": "Stable Money on Google Play", "url": "https://play.google.com/store/apps/details?id=in.stablemoney.app" }, { "label": "Stable Money on the App Store (India)", "url": "https://apps.apple.com/in/app/stable-money-fds-bonds/id1663244497" } ] }, { "slug": "tap-invest", "name": "Tap Invest (ultra)", "kind": "specialist", "website": "https://tapinvest.in", "oneLiner": "Not a registered bond platform. Tap Invest, now the ultra app, sells leasing and invoice deals and points bond buyers to BondScanner.", "verdict": "Tap Invest is not on NSE's or BSE's OBPP list and was named in a SEBI interim order on 18th Nov 2024 for selling unlisted NCDs to the public. Listed bonds reach its users only through a stated partnership with BondScanner, which is the registered entity, so that is where any bond trade actually happens.", "verifiedAt": "2026-10-17", "status": "not-registered", "products": [ "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Purple Petal Invest Pvt Ltd (App Store seller of Ultra by Tap); Google Play lists Fixdot Fintech Pvt Ltd as developer of the same app", "source": "https://apps.apple.com/us/app/ultra-by-tap/id6738425065" }, { "key": "group", "label": "Group or backers", "value": "Founded in 2021 by Nishchay Nath, Himanshu Chowdhary and Soumya Kushwaha; about $2.3 million raised, backers include QED Innovation Labs and Snow Leopard Capital", "source": "https://inc42.com/buzz/sebi-bars-3-unregistered-online-platforms-from-selling-ncds/", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "None stated on its site", "source": "https://tapinvest.in/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not listed", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not listed", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "Not applicable to its own products; listed bonds bought through BondScanner settle into your own demat", "source": "https://bondscanner.com/terms-and-conditions" }, { "key": "minimum", "label": "Minimum investment", "value": "Not shown on the site; about early 2025, ₹10,000 for invoice discounting and ₹20,000 for asset leasing", "source": "https://blog.thealtinvestor.in/company-profile-tap-invest-fixed-income-opportunities-platform", "confidence": "reported" }, { "key": "fees", "label": "Fees and markup", "value": "A leasing fee per deal; on its earlier bond deals, a spread between buy and sell yields", "source": "https://blog.thealtinvestor.in/company-profile-tap-invest-fixed-income-opportunities-platform", "confidence": "reported" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Site advertises 11% to 15% XIRR without defining it", "source": "https://tapinvest.in/" }, { "key": "exit", "label": "Selling before maturity", "value": "No formal secondary market; invoice discounting is marketed with early repayment options", "source": "https://play.google.com/store/apps/details?id=com.fixdot.ultra" }, { "key": "settlement", "label": "Settlement", "value": "Not applicable to its current non-securities products", "source": "https://tapinvest.in/products" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable; no bonds sold on its own platform", "source": "https://tapinvest.in/" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed on the pages checked", "source": "https://tapinvest.in/" }, { "key": "play", "label": "Play Store (India)", "value": "4.4 from 262 reviews for \"ultra : Fixed Returns Platform\", read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.fixdot.ultra" }, { "key": "ios", "label": "App Store (India)", "value": "3.99 from 71 ratings for \"Ultra by Tap\", read 17th Oct 2026", "source": "https://apps.apple.com/us/app/ultra-by-tap/id6738425065" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "SEBI interim ex parte order WTM/AB/DDHS/DDHS-SEC-1/30990/2024-25 of 18th Nov 2024 to cease and desist from offering securities to the public; no confirmatory or final order found", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" } ], "suits": [ "Not reviewed as a bond platform: it is not registered as one" ], "watchOut": [ "Not a SEBI registered OBPP on either exchange", "Named in a SEBI interim order on 18th Nov 2024; no final order found", "App publisher differs between Google Play and the App Store", "Asset leasing and invoice discounting are not SEBI regulated bonds" ], "faqs": [ { "q": "Is Tap Invest SEBI registered?", "a": "Tap Invest is not on NSE's or BSE's list of Online Bond Platform Providers, and its site states no SEBI registration. It says listed bonds are offered through a partnership with BondScanner, which is registered." }, { "q": "What is ultra by Tap?", "a": "ultra is Tap Invest's investor app, released on the App Store on 27th Nov 2024 by Purple Petal Invest. Google Play lists Fixdot Fintech Pvt Ltd as developer of the same app." }, { "q": "Was Tap Invest banned by SEBI?", "a": "SEBI's interim order of 18th Nov 2024 directed Purple Petal Invest, the operator of Tap Invest, to cease and desist from offering securities for public subscription or sale on its platform. We found no final order as of 17th Oct 2026." }, { "q": "Can I buy listed bonds through Tap Invest?", "a": "Only through BondScanner, which Tap Invest names as its partner. The trade then runs on BondScanner's platform and terms, as an NSE enabled OBPP." } ], "sources": [ { "label": "SEBI interim order of 18th Nov 2024", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2024/1731934203234_1.pdf" }, { "label": "SEBI PR 75/2025, caution on unregistered OBPPs", "url": "https://investor.sebi.gov.in/pdf/1763551749033.pdf" }, { "label": "SEBI NCS Master Circular, 15th Oct 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2025/1760532257519.pdf" }, { "label": "Tap Invest homepage", "url": "https://tapinvest.in/" }, { "label": "Tap Invest about page", "url": "https://tapinvest.in/about" }, { "label": "Tap Invest products page", "url": "https://tapinvest.in/products" }, { "label": "Ultra by Tap on the App Store", "url": "https://apps.apple.com/us/app/ultra-by-tap/id6738425065" }, { "label": "ultra on Google Play", "url": "https://play.google.com/store/apps/details?id=com.fixdot.ultra" }, { "label": "BondScanner homepage", "url": "https://bondscanner.com/" }, { "label": "BondScanner terms and conditions", "url": "https://bondscanner.com/terms-and-conditions" }, { "label": "Inc42 on the SEBI order, 19th Nov 2024", "url": "https://inc42.com/buzz/sebi-bars-3-unregistered-online-platforms-from-selling-ncds/" }, { "label": "The Alt Investor company profile of Tap Invest", "url": "https://blog.thealtinvestor.in/company-profile-tap-invest-fixed-income-opportunities-platform" }, { "label": "RocketReach contact listing naming BondScanner founders", "url": "https://rocketreach.co/soumya-kushwaha-email_764549651" }, { "label": "NSE list of registered OBPPs, updated 14th Oct 2026", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list, file dated 24th Sep 2026", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" } ] }, { "slug": "the-bond-project", "name": "The Bond Project", "kind": "tool", "website": "https://thebondproject.in", "oneLiner": "Bond data and order tool for 500+ listed bonds; orders go to your own Zerodha account at the exchange price, with no spread added.", "verdict": "The Bond Project sells no bonds of its own, so the price it shows is the exchange price with nothing built in; you pay a flat ₹100 for 30 days and your broker's charges instead of a spread you cannot see. The catches: it works only with Zerodha today, it is residents only, and exchange liquidity in many corporate bonds is thin.", "verifiedAt": "2026-10-17", "status": "active", "disclosure": "The team behind this site also builds The Bond Project. See [disclosures](/disclosures).", "products": [ "corporate-bonds", "gsec", "sdl", "sgb", "tax-free" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Fortyglyph Private Limited (CIN U66190MH2026PTC471341)", "source": "https://thebondproject.in/about" }, { "key": "group", "label": "Group or backers", "value": "Founded by Rubin Talati, who earlier built the retail bond platform at Paytm Money", "source": "https://thebondproject.in/about" }, { "key": "sebi", "label": "SEBI registration", "value": "None. It is a data and order routing tool, not a broker, OBPP or adviser; execution, KYC and custody stay with your broker", "source": "https://thebondproject.in/help" }, { "key": "nse", "label": "NSE OBPP status", "value": "Not applicable: orders go to the exchange order book through your broker", "source": "https://thebondproject.in/help" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not applicable", "source": "https://thebondproject.in/help" }, { "key": "custody", "label": "Where your bonds sit", "value": "Your existing Zerodha demat. The Bond Project never holds your money or bonds", "source": "https://thebondproject.in/pricing" }, { "key": "minimum", "label": "Minimum investment", "value": "No platform minimum; you trade the exchange lot of each bond", "source": "https://thebondproject.in/help" }, { "key": "fees", "label": "Fees and markup", "value": "₹100 for 30 days or ₹500 for 1 year, one-time, no autopay; no per-order fee and no spread. Your broker's brokerage and statutory charges apply", "source": "https://thebondproject.in/pricing" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Indicative YTM computed from the exchange price, pre-tax", "source": "https://thebondproject.in/help" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on the exchange order book through your broker at any time it is open; a Liquidity Indicator shows how actively each bond has traded", "source": "https://thebondproject.in/help" }, { "key": "settlement", "label": "Settlement", "value": "Exchange order book through Zerodha Kite; bonds settle into your own demat", "source": "https://thebondproject.in/help" }, { "key": "credit", "label": "Credit range on shelf", "value": "No curated shelf: the full listed universe of 500+ government, corporate, gold and tax-free bonds, with ratings from CRISIL, CARE, ICRA and others", "source": "https://thebondproject.in/" }, { "key": "nri", "label": "NRI access", "value": "No. Residents of India aged 18 or over", "source": "https://thebondproject.in/help" }, { "key": "play", "label": "Play Store (India)", "value": "No app; web platform", "source": "https://thebondproject.in/" }, { "key": "ios", "label": "App Store (India)", "value": "No app; web platform", "source": "https://thebondproject.in/" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None found; not a SEBI intermediary", "source": "https://thebondproject.in/help" } ], "suits": [ "Investors who want to see the price the market is actually trading at before they buy", "Anyone holding several bond apps who wants holdings, cash flows and yields in one view", "Zerodha users who want bonds in the demat they already have" ], "watchOut": [ "Works with Zerodha only today; other brokers are listed as in progress", "A subscription fee, even in months you do not trade", "Many corporate bonds trade rarely on the exchange, so a bond you want may have no seller that day", "No new NCD issues: it covers the secondary market only", "Not available to NRIs" ], "faqs": [ { "q": "Does The Bond Project add a spread to bond prices?", "a": "No. It sells no bonds of its own; it shows the exchange order book and sends your order to your own broker, so the price is the exchange price. Its only charge is the subscription." }, { "q": "How much does The Bond Project cost?", "a": "₹100 for 30 days or ₹500 for 1 year, paid once with no autopay, plus your broker's own charges. There is a 7-day refund window." }, { "q": "Which brokers does The Bond Project work with?", "a": "Zerodha only, as of 17th Oct 2026. Other brokers are listed as in progress." }, { "q": "Can NRIs use The Bond Project?", "a": "No. It is open to residents of India aged 18 or over." } ], "sources": [ { "label": "The Bond Project pricing", "url": "https://thebondproject.in/pricing" }, { "label": "The Bond Project about page", "url": "https://thebondproject.in/about" }, { "label": "The Bond Project help and FAQs", "url": "https://thebondproject.in/help" }, { "label": "The Bond Project home page", "url": "https://thebondproject.in/" } ] }, { "slug": "upstox", "name": "Upstox", "kind": "broker", "website": "https://upstox.com", "oneLiner": "Broker app selling listed bonds through an IndiaBonds tie-up since Aug 2025; its own OBPP was NSE enabled on 8th Oct 2026.", "verdict": "Upstox lets its users buy listed corporate, tax-free and government bonds without opening another account, but it charges 0.06% plus GST on G-sec, T-bill and SDL bids, which Zerodha, Fyers and RBI Retail Direct do not. Its own OBPP was enabled on NSE only on 8th Oct 2026, and it has not said which entity now executes bond orders.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "tax-free", "gsec", "tbill", "sdl" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Upstox Securities Pvt Ltd (formerly RKSV)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000315837 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 8th Oct 2026", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Active, enabled 25th Sep 2026", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Listed bonds live since 25th Aug 2025 in partnership with IndiaBonds; whether orders now run under Upstox's own OBPP is not verified", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Not verified", "source": "https://upstox.com/bonds/" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not verified", "source": "https://upstox.com/bonds/" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Yes, in the NCDs & Bonds section of investor mode; 0.06% of the allotment amount plus 18% GST", "source": "https://upstox.com/help-center/t-260857" }, { "key": "sgb", "label": "SGBs", "value": "Not verified", "source": "https://upstox.com/bonds/" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your Upstox account; an Upstox representative said no extra KYC is needed", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036", "confidence": "reported" }, { "key": "minimum", "label": "Minimum investment", "value": "Not disclosed", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "fees", "label": "Fees and markup", "value": "Corporate bonds: not disclosed beyond a generic line that brokerage will not exceed the SEBI limit. G-sec, T-bill and SDL bids: 0.06% of allotment plus GST", "source": "https://upstox.com/help-center/t-260857" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "₹20 plus GST (₹23.60), per Upstox's undated help article on T-bills, SDLs and G-secs", "source": "https://upstox.com/help-center/t-260857" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Not disclosed", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "exit", "label": "Selling before maturity", "value": "Launch post says bonds are tradable on exchanges with no exit penalty; no sell flow is described", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "settlement", "label": "Settlement", "value": "Not disclosed", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not disclosed", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "nri", "label": "NRI access", "value": "Not verified", "source": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "key": "play", "label": "Play Store (India)", "value": "4.3 from 4.97 lakh reviews, 1 crore+ downloads, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=in.upstox.app" }, { "key": "ios", "label": "App Store (India)", "value": "4.33 from 17,468 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/upstox-demat-stock-mf-ipo/id1584953620" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Upstox users who want corporate and tax-free bonds in their existing account", "Investors who prefer the IndiaBonds shelf inside a broker app" ], "watchOut": [ "0.06% plus GST on every G-sec, T-bill and SDL allotment", "Minimum, spread and rating range not disclosed", "Unclear whether IndiaBonds or Upstox now executes bond orders" ], "faqs": [ { "q": "Is Upstox a SEBI registered bond platform?", "a": "Yes. Upstox Securities Pvt Ltd is active on BSE's OBPP list since 25th Sep 2026 and enabled on NSE's since 8th Oct 2026." }, { "q": "Does Upstox sell bonds through IndiaBonds?", "a": "From 25th Aug 2025 Upstox sold listed bonds in partnership with IndiaBonds, and coverage of the alliance says transactions executed on IndiaBonds. Whether that changed after Upstox's own OBPP enablement is not public." }, { "q": "How much does Upstox charge for T-bill bids?", "a": "0.06% of the allotment amount plus 18% GST on that brokerage, about ₹70.80 on a ₹1 lakh allotment, plus a DP fee of ₹23.60 when securities are debited." }, { "q": "What is the minimum to buy a bond on Upstox?", "a": "Not disclosed. Upstox's launch post gives no minimum, and its bonds page returned 404 on 17th Oct 2026." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Upstox community: bonds live with IndiaBonds, 25th Aug 2025", "url": "https://community.upstox.com/t/beyond-equities-explore-trading-in-bonds/11036" }, { "label": "Planify: IndiaBonds alliance with Upstox", "url": "https://www.planify.in/planify-news/indiabonds-announces-strategic-alliance-with-upstox-to-offer-bond-investments-to-retail-investors/" }, { "label": "Upstox help: where to find G-secs, T-bills and SDLs", "url": "https://upstox.com/help-center/t-260850/" }, { "label": "Upstox help: charges for T-bills, SDLs and G-secs", "url": "https://upstox.com/help-center/t-260857" }, { "label": "upstox.com/bonds (404 on 17th Oct 2026)", "url": "https://upstox.com/bonds/" }, { "label": "TradingQnA: Zerodha waives G-sec bid fee", "url": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "label": "Fyers support: bond charges and cut-off times", "url": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "label": "Reddit: Upstox and G-sec pledging, Sep 2024", "url": "https://www.reddit.com/r/IndianStockMarket/comments/1fqgxps/why_upstox_doesnt_allow_to_pledge_gsec_while/" }, { "label": "Upstox on Google Play", "url": "https://play.google.com/store/apps/details?id=in.upstox.app" }, { "label": "Upstox on the App Store", "url": "https://apps.apple.com/in/app/upstox-demat-stock-mf-ipo/id1584953620" } ] }, { "slug": "wint-wealth", "name": "Wint Wealth", "kind": "specialist", "website": "https://www.wintwealth.com", "oneLiner": "NSE enabled bond platform that sells corporate bonds and FDs, holds your bonds in its own demat and buys them back at its discretion.", "verdict": "Wint Wealth suits investors who want a buy and sell-back flow inside one app, since it repurchases bonds bought on Wint at a price it sets. The catches: you must hold the bonds in a demat opened with Wint, its margin is not itemised, and SEBI fined it ₹1 lakh in Nov 2025 for settling most trades off the exchange RFQ platform.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "corporate-bonds", "fd" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Wint Securities Pvt Ltd (formerly Fourdegreewater Services Pvt Ltd). NSE's list still shows the old name.", "source": "https://www.wintwealth.com/about-us/" }, { "key": "group", "label": "Group or backers", "value": "Holding company Fourdegreewater Capital Pvt Ltd. ₹250 cr Series B on 14th Jan 2026 led by Vertex Ventures SEA & India, with Eight Roads, 3one4, Arkam and Rainmatter.", "source": "https://entrackr.com/news/wint-wealth-raises-rs-250-cr-in-series-b-round-10996768", "confidence": "reported" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000313632 (stock broker), NSE member 90328", "source": "https://www.wintwealth.com/about-us/" }, { "key": "nse", "label": "NSE OBPP status", "value": "Enabled since 16th Aug 2023 (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not listed (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "custody", "label": "Where your bonds sit", "value": "In a demat opened with Wint's own depository participant, DP ID IN304633 (DP registration INDP7592023)", "source": "https://www.wintwealth.com/about-us/" }, { "key": "minimum", "label": "Minimum investment", "value": "₹1,000 as advertised on the App Store", "source": "https://apps.apple.com/in/app/wintwealth-9-12-fixed-return/id6446472037" }, { "key": "fees", "label": "Fees and markup", "value": "No per bond fee published. Inc42 reported in May 2026 that Wint earns roughly 1% commission on each bond sold, built into the price.", "source": "https://inc42.com/startups/how-wint-wealth-built-the-new-age-bond-market/", "confidence": "reported" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "YTM, the measure its T&C use. Whether it is net of Wint's margin is not disclosed.", "source": "https://www.wintwealth.com/terms-and-conditions/" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell-back through Wint only for bonds bought on Wint and held in the Wint demat, at a YTM up to 1% lower than your purchase YTM, at Wint's sole discretion", "source": "https://www.wintwealth.com/terms-and-conditions/" }, { "key": "settlement", "label": "Settlement", "value": "Exchange RFQ through the clearing corporations, with you registered as an unregistered participant. T+ cycle not disclosed.", "source": "https://www.wintwealth.com/terms-and-conditions/" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not disclosed. A TradingQnA user posted a BBB+ bond on Wint in Apr 2026.", "source": "https://tradingqna.com/t/comparing-goldenpi-wint-wealth-and-grip-invest/193407", "confidence": "reported" }, { "key": "nri", "label": "NRI access", "value": "Not disclosed", "source": "https://www.wintwealth.com/terms-and-conditions/" }, { "key": "play", "label": "Play Store (India)", "value": "4.4 from 25,373 ratings, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.fourdegreewater.wintwealth" }, { "key": "ios", "label": "App Store (India)", "value": "4.71 from 2,700 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/wintwealth-9-12-fixed-return/id6446472037" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "₹1 lakh penalty, 21st Nov 2025, for settling trades off the RFQ platform", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2025/1763731202909_1.pdf" } ], "suits": [ "Investors who want to sell back through the same app", "Investors happy to hold bonds in a platform-opened demat", "First tickets from ₹1,000, as advertised" ], "watchOut": [ "Requires a demat with Wint's own DP; users report this can end BSDA status", "Sell-back price is set at Wint's discretion", "Margin is not itemised per bond", "SEBI penalty in Nov 2025 for off-RFQ settlement", "App Store name advertises a 9% to 12% fixed return" ], "faqs": [ { "q": "Is Wint Wealth SEBI registered?", "a": "Yes. Wint Securities Pvt Ltd (formerly Fourdegreewater Services Pvt Ltd) holds SEBI stock broker registration INZ000313632 and has been enabled as an online bond platform on NSE since 16th Aug 2023. It is not on BSE's OBPP list." }, { "q": "Has SEBI fined Wint Wealth?", "a": "Yes. On 21st Nov 2025 SEBI fined it ₹1 lakh after finding that 67.61% of trade value between 25th Jul 2023 and 30th Jun 2024 was settled off the exchange RFQ platform. Its directors were not penalised." }, { "q": "Can I sell Wint Wealth bonds before maturity?", "a": "Only back through Wint, and only for bonds bought on Wint and held in its demat. The T&C allow the sale at a YTM up to 1% lower than your purchase YTM, with the amount at Wint's sole discretion." }, { "q": "Can I use my existing demat with Wint Wealth?", "a": "Bonds go into a demat opened with Wint's own DP (IN304633). Users report that Wint replaced Zerodha demat linking with its own demat from Oct 2024, and that a second demat can end BSDA eligibility." }, { "q": "Does Wint Wealth charge a fee?", "a": "No per bond fee is published. Inc42 reported in May 2026 that Wint earns roughly 1% commission on each bond sold, built into the price you see." }, { "q": "Is Wint Wealth part of Zerodha?", "a": "No. It is a separate company. Zerodha's Rainmatter invested in its Series B in Jan 2026, and Nithin Kamath and Vasanth Kamath are named angel backers." } ], "sources": [ { "label": "Wint Wealth about page", "url": "https://www.wintwealth.com/about-us/" }, { "label": "Wint Wealth terms and conditions", "url": "https://www.wintwealth.com/terms-and-conditions/" }, { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "SEBI adjudication order against Fourdegreewater Services, 21st Nov 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/nov-2025/1763731202909_1.pdf" }, { "label": "SEBI order listing page", "url": "https://www.sebi.gov.in/enforcement/orders/nov-2025/adjudication-order-in-the-matter-of-inspection-of-fourdegreewater-services-private-limited-as-stock-broker-acting-as-an-online-bond-platform-provider_97884.html" }, { "label": "SEBI Credit Risk-o-Meter circular, 7th Oct 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1791436170839.pdf" }, { "label": "SEBI adjudication order against Credavenue Securities (Aspero), Apr 2025", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/apr-2025/1743761103360_1.pdf" }, { "label": "Moneylife on SEBI fine on GoldenPi Securities", "url": "https://moneylife.in/article/sebi-fines-goldenpi-securities-and-directors-rs45-lakh-for-regulatory-breaches/77848.html" }, { "label": "Inc42 on how Wint Wealth built its bond business", "url": "https://inc42.com/startups/how-wint-wealth-built-the-new-age-bond-market/" }, { "label": "Entrackr on Wint Wealth Series B", "url": "https://entrackr.com/news/wint-wealth-raises-rs-250-cr-in-series-b-round-10996768" }, { "label": "Vertex Ventures on Wint Wealth Series B", "url": "https://www.vertexventures.sg/news/wint-wealth-secures-rs-250-crore-in-series-b-funding/" }, { "label": "Wint Wealth on the App Store (India)", "url": "https://apps.apple.com/in/app/wintwealth-9-12-fixed-return/id6446472037" }, { "label": "Wint Wealth on Google Play", "url": "https://play.google.com/store/apps/details?id=com.fourdegreewater.wintwealth" }, { "label": "TradingQnA: Challenge in investing via Wint Wealth", "url": "https://tradingqna.com/t/challenge-in-investing-via-wint-wealth/175108" }, { "label": "TradingQnA: Comparing GoldenPi, Wint Wealth and Grip Invest", "url": "https://tradingqna.com/t/comparing-goldenpi-wint-wealth-and-grip-invest/193407" }, { "label": "TradingQnA: Wintwealth vs GoldenPi", "url": "https://tradingqna.com/t/wintwealth-vs-goldenpi/189535" }, { "label": "CARE Ratings on TruCap Finance, 18th Jul 2025", "url": "https://www.careratings.com/upload/CompanyFiles/PR/202507180744_TruCap_Finance_Limited.pdf" }, { "label": "Satya MicroCapital annual report FY 2025-26", "url": "https://satyamicrocapital.com/wp-content/uploads/2026/09/Annual_Report_FY_2025-26.pdf" }, { "label": "KnowYourBrokerage GoldenPi review (TruCap platform list)", "url": "https://knowyourbrokerage.in/bonds/goldenpi-review" }, { "label": "Mint on TruCap default and bond portals (paywalled summary)", "url": "https://www.magzter.com/ar/stories/newspaper/Mint-Chennai/TRUCAP-DEFAULT-SPARKS-FRESH-CONCERNS-OVER-BOND-PORTALS" }, { "label": "Wint Wealth homepage", "url": "https://www.wintwealth.com/" } ] }, { "slug": "zerodha", "name": "Zerodha", "kind": "broker", "website": "https://zerodha.com", "oneLiner": "Broker with free G-sec, T-bill and SDL bids and listed NCDs on the Kite order book; its OBPP is registered but Not enabled.", "verdict": "Zerodha is a low cost route to government securities: primary bids carry no fee since 1st Mar 2024 and land in your Zerodha demat. It does not sell corporate bonds through the RFQ platform yet, because NSE lists its OBPP as Not enabled on 14th Oct 2026, so corporate bonds on Zerodha means the Kite order book only.", "verifiedAt": "2026-10-17", "status": "not-enabled", "products": [ "gsec", "tbill", "sdl", "sgb", "corporate-bonds", "tax-free" ], "facts": [ { "key": "entity", "label": "Legal entity", "value": "Zerodha Broking Ltd", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "group", "label": "Group or backers", "value": "Not verified in our research", "source": "https://zerodha.com/charges" }, { "key": "sebi", "label": "SEBI registration", "value": "INZ000031633 (stock broker)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "nse", "label": "NSE OBPP status", "value": "Registered, status Not enabled (list as on 14th Oct 2026)", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "key": "bse", "label": "BSE OBPP status", "value": "Not on the BSE list (file dated 24th Sep 2026)", "source": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "key": "rfq", "label": "Corporate bonds via RFQ", "value": "Not live. Press on 26th Aug 2026 reported SEBI approval and internal testing, with no launch date", "source": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds", "confidence": "reported" }, { "key": "orderBook", "label": "Listed bonds on the exchange order book", "value": "Yes: listed NCDs, bonds and tax-free bonds on Kite, per Zerodha staff on 18th Apr 2026", "source": "https://tradingqna.com/t/bonds-and-bond-ipos/193338" }, { "key": "ncdIpo", "label": "NCD IPOs", "value": "Not available; Zerodha tells users to apply through net banking ASBA", "source": "https://tradingqna.com/t/bonds-and-bond-ipos/193338" }, { "key": "gsecBid", "label": "G-sec, T-bill and SDL bids", "value": "Yes, non-competitive bids on Kite; the 0.06% fee was waived from 1st Mar 2024", "source": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "key": "sgb", "label": "SGBs", "value": "Zerodha supports SGB bids and states STT does not apply to SGBs; no new tranche has been issued since Feb 2024", "source": "https://support.zerodha.com/category/mutual-funds/government-securities/articles/charges-gsecs" }, { "key": "custody", "label": "Where your bonds sit", "value": "In your Zerodha demat; G-secs bought in primary bids and held to maturity show in Coin", "source": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "key": "minimum", "label": "Minimum investment", "value": "Zerodha's own minimum not captured in our research; brokers quote ₹10,000 face value for non-competitive G-sec bids", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "fees", "label": "Fees and markup", "value": "G-sec, T-bill and SDL primary bids free; no brokerage on secondary purchases on Kite, exchange charges apply; STT not applicable to SGB, G-sec, T-bill and SGrB", "source": "https://support.zerodha.com/category/mutual-funds/government-securities/articles/charges-gsecs" }, { "key": "dpCharge", "label": "DP charge when you sell", "value": "₹15.34 per scrip (₹3.5 CDSL plus ₹9.5 Zerodha plus ₹2.34 GST), with an extra ₹0.25 CDSL discount on bond debits", "source": "https://zerodha.com/charges" }, { "key": "yieldBasis", "label": "Yield shown as", "value": "Coin and Console show the dirty price of a G-sec as your buy average", "source": "https://support.zerodha.com/category/trading-and-markets/general-kite/govt-securities" }, { "key": "exit", "label": "Selling before maturity", "value": "Sell on the exchange; costs the same as exiting any demat security", "source": "https://support.zerodha.com/category/mutual-funds/government-securities/articles/charges-gsecs" }, { "key": "settlement", "label": "Settlement", "value": "Exchange cash segment, where G-secs trade at the dirty price (NSE circular NSE/CMTR/39581)", "source": "https://www.nseindia.com/resources/exchange-communication-circulars" }, { "key": "credit", "label": "Credit range on shelf", "value": "Not applicable: no curated shelf; the order book carries whatever is listed", "source": "https://tradingqna.com/t/bonds-and-bond-ipos/193338" }, { "key": "nri", "label": "NRI access", "value": "Zerodha's G-sec help section has an NRI eligibility article; the rules were not captured in our research", "source": "https://support.zerodha.com/category/trading-and-markets/general-kite/govt-securities" }, { "key": "play", "label": "Play Store (India)", "value": "Kite: 4.4 from 3.94 lakh reviews, 1 crore+ downloads, read 17th Oct 2026", "source": "https://play.google.com/store/apps/details?id=com.zerodha.kite3" }, { "key": "ios", "label": "App Store (India)", "value": "Kite: 4.35 from 10,574 ratings, read 17th Oct 2026", "source": "https://apps.apple.com/in/app/zerodha-kite-trade-invest/id1449453802" }, { "key": "actions", "label": "SEBI or exchange actions", "value": "None bond specific found in our research", "source": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" } ], "suits": [ "Buying T-bills, G-secs and SDLs without a bid fee", "Keeping government securities in the same demat as shares", "Buying a specific listed NCD or tax-free bond with a limit order" ], "watchOut": [ "No RFQ corporate bond platform; OBPP is Not enabled", "No NCD IPO applications in the app", "Order book liquidity for most listed bonds is thin", "Exchange prices are dirty prices, so the buy average includes accrued interest" ], "faqs": [ { "q": "Is Zerodha a SEBI registered bond platform?", "a": "Zerodha Broking Ltd is on NSE's OBPP list but with status Not enabled as on 14th Oct 2026, and it is not on BSE's list. It can still sell listed bonds on the exchange order book and take G-sec bids as a stock broker." }, { "q": "Can I apply for NCD IPOs on Zerodha?", "a": "No. Zerodha staff said on 18th Apr 2026 that bond IPOs are not available on the platform and that users should apply through net banking ASBA." }, { "q": "Is there a fee for T-bill bids on Zerodha?", "a": "No. Zerodha waived its 0.06% fee on primary G-sec, T-bill and SDL bids from 1st Mar 2024. You still pay the DP charge of ₹15.34 per scrip if you sell before maturity." }, { "q": "Are GoldenPi and Wint Wealth part of Zerodha?", "a": "No. They are separate companies. Zerodha staff have pointed users to them for corporate bonds while Zerodha's own platform is not live." }, { "q": "Can I sell a G-sec bought on Zerodha before maturity?", "a": "Yes, on the exchange, at whatever price buyers offer. Zerodha says exiting costs the same as exiting any other demat security." } ], "sources": [ { "label": "NSE list of registered OBPPs (as on 14th Oct 2026)", "url": "https://nsearchives.nseindia.com/web/sites/default/files/inline-files/List_of_Registered_OBPPs_NSE.xlsx" }, { "label": "BSE OBPP member list (file dated 24th Sep 2026)", "url": "https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip" }, { "label": "Free Press Journal, 26th Aug 2026: Zerodha and Angel One get SEBI nod for corporate bonds", "url": "https://www.freepressjournal.in/business/zerodha-angel-one-get-sebi-nod-to-offer-corporate-bonds" }, { "label": "TradingQnA: bonds and bond IPOs on Zerodha, Apr 2026", "url": "https://tradingqna.com/t/bonds-and-bond-ipos/193338" }, { "label": "TradingQnA: brokerage on government bonds (Zerodha staff)", "url": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "label": "Zerodha support: charges for G-secs", "url": "https://support.zerodha.com/category/mutual-funds/government-securities/articles/charges-gsecs" }, { "label": "Zerodha charges", "url": "https://zerodha.com/charges" }, { "label": "Zerodha support: government securities", "url": "https://support.zerodha.com/category/trading-and-markets/general-kite/govt-securities" }, { "label": "TradingQnA: Zerodha corporate bonds platform, 2020 to 2022", "url": "https://tradingqna.com/t/introducing-the-zerodha-corporate-bonds-platform/81350" }, { "label": "TradingQnA: how to buy corporate bonds using Zerodha, Oct 2024", "url": "https://tradingqna.com/t/how-to-buy-corporate-bonds-using-zerodha/174455" }, { "label": "TradingQnA: bonds platform on Zerodha, 2026", "url": "https://tradingqna.com/t/190659" }, { "label": "TradingQnA: corporate bond fundamentals in Console, Sep 2026", "url": "https://tradingqna.com/t/160770" }, { "label": "TradingQnA: G-sec bids on Kite, Oct 2026", "url": "https://tradingqna.com/t/198551" }, { "label": "NSE non-competitive bidding", "url": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" }, { "label": "NSE circulars (NSE/CMTR/39581 and NSE/CMTR/45096)", "url": "https://www.nseindia.com/resources/exchange-communication-circulars" }, { "label": "NSE levies and stamp duty", "url": "https://nseindia.com/invest/first-time-investor-sebi-turnover-fees-stt-other-levies" }, { "label": "HDFC Securities G-sec page (non-competitive bid limits)", "url": "https://www.hdfcsec.com/g-sec-bonds" }, { "label": "Kite on Google Play", "url": "https://play.google.com/store/apps/details?id=com.zerodha.kite3" }, { "label": "Kite on the App Store", "url": "https://apps.apple.com/in/app/zerodha-kite-trade-invest/id1449453802" } ] }, { "slug": "54ec-bonds", "name": "54EC capital gains bonds", "kind": "government", "website": null, "oneLiner": "Capital gains bonds from REC, PFC, IRFC and HUDCO: 5.25%, 5 year lock-in, ₹50 lakh cap; OBPPs may sell them from 14th Aug 2026.", "verdict": "54EC bonds exist to shelter a capital gain under section 54EC (section 85 of the Income-tax Act 2025), and they pay 5.25% a year with a 5 year lock-in and no transfer or early exit. Since 14th Aug 2026 SEBI lets OBPPs sell them, but grievances stay with the issuer, not SEBI.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "54ec" ], "facts": [ { "key": "issuers", "label": "Issuers", "value": "REC, PFC, IRFC and HUDCO, rated AAA", "source": "https://www.icicidirect.com/bonds" }, { "key": "rate", "label": "Interest rate", "value": "5.25% a year", "source": "https://www.icicidirect.com/bonds" }, { "key": "minimum", "label": "Minimum", "value": "₹20,000 (2 bonds of ₹10,000) at ICICI Direct; Bonds Kart shows ₹10,000 for IRFC and ₹20,000 for PFC and REC", "source": "https://www.icicidirect.com/bonds" }, { "key": "maximum", "label": "Maximum", "value": "500 bonds, ₹50 lakh", "source": "https://www.icicidirect.com/bonds" }, { "key": "lockIn", "label": "Lock-in", "value": "5 years; no premature redemption", "source": "https://www.icicidirect.com/bonds" }, { "key": "liquidity", "label": "Selling before maturity", "value": "Not possible: non-transferable and no premature redemption", "source": "https://www.icicidirect.com/bonds" }, { "key": "tax", "label": "Tax on interest", "value": "Taxed at your slab rate; no TDS", "source": "https://www.icicidirect.com/bonds" }, { "key": "section", "label": "Tax section", "value": "Section 54EC; section 85 of the Income-tax Act 2025", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786705729757.pdf" }, { "key": "obpp", "label": "Sold by OBPPs", "value": "Allowed from 14th Aug 2026, with a disclaimer that grievances lie with the issuer and disclosure of lock-in, limits and non-transferability", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786705729757.pdf" }, { "key": "whereToBuy", "label": "Where to buy online", "value": "ICICI Direct lists all four issuers; Bonds Kart lists IRFC, PFC and REC; HDFC Securities, IndiaBonds, Aspero and Altifi list 54EC bonds", "source": "https://www.icicidirect.com/bonds" }, { "key": "timeLimit", "label": "Time limit to invest after a sale", "value": "Not covered in our sources", "source": "https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786705729757.pdf" }, { "key": "frequency", "label": "Interest payment frequency", "value": "Not covered in our sources", "source": "https://www.icicidirect.com/bonds" }, { "key": "nri", "label": "NRI access", "value": "Not covered in our sources", "source": "https://www.icicidirect.com/bonds" } ], "suits": [ "Investors with an eligible capital gain who want the 54EC exemption" ], "watchOut": [ "5 year lock-in with no exit and no transfer", "Interest taxable at slab", "Grievances go to the issuer, not SEBI, even when bought on an OBPP", "Minimum differs by issuer and platform" ], "faqs": [ { "q": "What interest do 54EC bonds pay?", "a": "5.25% a year, per ICICI Direct's listing of REC, PFC, IRFC and HUDCO 54EC bonds." }, { "q": "What is the lock-in on 54EC bonds?", "a": "5 years. The bonds cannot be redeemed early or transferred." }, { "q": "How much can I invest in 54EC bonds?", "a": "Up to 500 bonds of ₹10,000, or ₹50 lakh. The minimum is ₹20,000 at ICICI Direct; Bonds Kart shows ₹10,000 for IRFC." }, { "q": "Is TDS deducted on 54EC bond interest?", "a": "No TDS is deducted, but the interest is taxable at your slab rate, per ICICI Direct." }, { "q": "Can online bond platforms sell 54EC bonds?", "a": "Yes. SEBI allowed OBPPs to offer 54EC bonds from 14th Aug 2026, with a disclaimer that grievances lie with the issuer, not SEBI." } ], "sources": [ { "label": "ICICI Direct bonds page (54EC terms)", "url": "https://www.icicidirect.com/bonds" }, { "label": "SEBI circular modifying the OBPP framework, 14th Aug 2026 (PDF)", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1786705729757.pdf" }, { "label": "SEBI circular modifying the OBPP framework, 14th Aug 2026", "url": "https://www.sebi.gov.in/legal/circulars/aug-2026/modification-in-the-regulatory-framework-for-online-bond-platform-providers-obpps-including-measures-for-promoting-ease-of-doing-business_103647.html" }, { "label": "SEBI consultation paper on OBPPs, 5th May 2026", "url": "https://www.sebi.gov.in/sebi_data/attachdocs/may-2026/1777961305138.pdf" }, { "label": "Bonds Kart home page", "url": "https://bondskart.com/" }, { "label": "IndiaBonds home page", "url": "https://www.indiabonds.com/" }, { "label": "Aspero home page", "url": "https://www.aspero.in/" }, { "label": "Altifi home page", "url": "https://altifi.ai/" }, { "label": "GoldenPi llms.txt", "url": "https://goldenpi.com/llms.txt" }, { "label": "Loktej: BondsIndia renamed Digifinn", "url": "https://www.loktej.com/article/151669/bondsindia-changed-its-name-to-digifin" }, { "label": "HDFC Securities G-sec page", "url": "https://www.hdfcsec.com/g-sec-bonds" } ] }, { "slug": "nse-gobid", "name": "NSE goBID", "kind": "government", "website": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm", "oneLiner": "NSE's non-competitive bidding route for G-secs, T-bills and SDLs; the goBID app was suspended from 30th Jul 2025, the web portal continues.", "verdict": "NSE pools retail bids for government securities and places one non-competitive bid with RBI, so every retail bidder gets the auction's weighted average price. You reach it through a broker or the goBID web portal; the goBID mobile app has been suspended since the end of 30th Jul 2025, and goBID's own fees were not confirmed.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "gsec", "tbill", "sdl" ], "facts": [ { "key": "operator", "label": "Run by", "value": "National Stock Exchange, as facilitator: it aggregates retail bids and submits one bid to RBI", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm", "confidence": "reported" }, { "key": "products", "label": "What you can buy", "value": "G-secs, T-bills and SDLs in primary auctions, non-competitive", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm", "confidence": "reported" }, { "key": "access", "label": "How you reach it", "value": "Through a stock broker (trading member) or the goBID web portal", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm", "confidence": "reported" }, { "key": "app", "label": "goBID app", "value": "Launched Dec 2018; temporarily discontinued from end of day 30th Jul 2025 until further notice (NSE circular of 29th Jul 2025)", "source": "https://nsearchives.nseindia.com/content/circulars/IPO69351.pdf", "confidence": "reported" }, { "key": "fees", "label": "Fees", "value": "goBID's own fee not confirmed. Broker fees run from ₹0 (Zerodha, Fyers) to 0.06% plus GST (Upstox, HDFC Securities)", "source": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "key": "minimum", "label": "Minimum", "value": "₹10,000 face value and multiples", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "maximum", "label": "Maximum", "value": "₹2 crore face value per security per auction for dated Government of India securities", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "allotment", "label": "Price you get", "value": "Weighted average price or yield of the auction", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm", "confidence": "reported" }, { "key": "reservation", "label": "Retail reservation", "value": "5% of each T-bill issue is reserved for non-competitive bids", "source": "https://www.hdfcsec.com/g-sec-bonds" }, { "key": "bidWindows", "label": "Bid windows", "value": "Set by each broker; Fyers, for example, takes T-bill bids Mon 10:00 to Tue 17:00 for the Wednesday auction", "source": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "key": "holding", "label": "Where your securities sit", "value": "In your demat when bought through a broker", "source": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "key": "liquidity", "label": "Selling before maturity", "value": "On the exchange cash segment, where G-secs and SDLs trade at the dirty price", "source": "https://www.nseindia.com/resources/exchange-communication-circulars" }, { "key": "nri", "label": "NRI access", "value": "Depends on the broker; not verified for goBID", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" }, { "key": "bseDirect", "label": "BSE Direct", "value": "Current status and fees not found in our research", "source": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" } ], "suits": [ "Investors who want government securities in the same demat as their shares", "Bidding through an existing broker without opening a new account" ], "watchOut": [ "goBID mobile app suspended since 30th Jul 2025", "Broker fees vary from ₹0 to 0.06% plus GST", "You get the auction average; you cannot choose your yield" ], "faqs": [ { "q": "Is the NSE goBID app still available?", "a": "No. NSE suspended the goBID mobile app from end of day 30th Jul 2025 until further notice. The goBID web portal continues." }, { "q": "What price do I get on a non-competitive bid?", "a": "The weighted average price or yield of the competitive auction. You cannot set your own yield." }, { "q": "What is the minimum bid through NSE's scheme?", "a": "₹10,000 face value and multiples, up to ₹2 crore face value per security per auction for dated Government of India securities, as quoted by brokers." }, { "q": "Do I pay a fee to bid through NSE?", "a": "goBID's own fee was not confirmed. Brokers charge between ₹0 (Zerodha, Fyers) and 0.06% plus GST (Upstox, HDFC Securities) on the allotment." } ], "sources": [ { "label": "NSE non-competitive bidding (search summary)", "url": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" }, { "label": "NSE circular IPO69351, 29th Jul 2025 (goBID app)", "url": "https://nsearchives.nseindia.com/content/circulars/IPO69351.pdf" }, { "label": "Business Standard: goBID app launch, Dec 2018", "url": "https://www.business-standard.com/amp/article/pf/nse-gobid-mobile-app-to-make-investing-in-g-secs-t-bills-more-convenient-118120401147_1.html" }, { "label": "HDFC Securities G-sec page (bid limits and T-bill reservation)", "url": "https://www.hdfcsec.com/g-sec-bonds" }, { "label": "Fyers support: charges and cut-off timings", "url": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "label": "TradingQnA: Zerodha waives G-sec bid fee", "url": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "label": "Upstox help: charges for T-bills, SDLs and G-secs", "url": "https://upstox.com/help-center/t-260857" }, { "label": "Zerodha charges", "url": "https://zerodha.com/charges" }, { "label": "NSE circulars (NSE/CMTR/39581, NSE/CMTR/45096)", "url": "https://www.nseindia.com/resources/exchange-communication-circulars" } ] }, { "slug": "rbi-floating-rate-bonds", "name": "RBI Floating Rate Savings Bonds", "kind": "government", "website": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896", "oneLiner": "RBI Floating Rate Savings Bonds 2020 (Taxable): 7 years, NSC rate plus 0.35% reset each half year, 8.05% for Jul to Dec 2026; not tradable.", "verdict": "RBI Floating Rate Savings Bonds pay 8.05% for 1st Jul to 31st Dec 2026, set at the NSC rate plus 0.35% and reset every 1st Jan and 1st Jul. The catch is that your money is locked: the bond runs 7 years and cannot be traded, pledged for a loan or transferred except to a nominee or heir, and the interest is taxable with TDS.", "verifiedAt": "2026-10-17", "status": "active", "products": [], "facts": [ { "key": "scheme", "label": "Scheme", "value": "Floating Rate Savings Bonds, 2020 (Taxable)", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "rate", "label": "Current rate", "value": "8.05% a year for 1st Jul to 31st Dec 2026 (NSC rate 7.70% plus 0.35%), payable 1st Jan 2027", "source": "https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63065" }, { "key": "reset", "label": "Rate reset", "value": "Every six months, on 1st Jan and 1st Jul", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "tenor", "label": "Tenor", "value": "7 years", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "whereToBuy", "label": "Where to buy", "value": "Agency bank branches (all Canara Bank branches, for example) and ICICI Direct online; availability on RBI Retail Direct not verified", "source": "https://canarabank.bank.in/floating-rate-savings-bond" }, { "key": "minimum", "label": "Minimum", "value": "Not covered in our sources", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "maximum", "label": "Maximum", "value": "Not covered in our sources", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "liquidity", "label": "Selling before maturity", "value": "Not tradable; not eligible as loan collateral; non-transferable except to a nominee or legal heir. Premature redemption rules not covered in our sources", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "tax", "label": "Tax", "value": "Interest is taxable and TDS applies", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "nri", "label": "NRI access", "value": "Not covered in our sources", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "key": "fees", "label": "Fees", "value": "Not covered in our sources", "source": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" } ], "suits": [ "Investors who can lock money away for 7 years and want a rate that moves with NSC" ], "watchOut": [ "Cannot be sold, traded or pledged", "Rate can fall at any half yearly reset", "Interest taxable with TDS" ], "faqs": [ { "q": "What is the current RBI Floating Rate Savings Bond rate?", "a": "8.05% a year for 1st Jul to 31st Dec 2026, set at the NSC rate of 7.70% plus 0.35%." }, { "q": "Is TDS deducted on RBI Floating Rate Savings Bonds?", "a": "Yes. The interest is taxable and TDS applies." }, { "q": "Can I sell RBI Floating Rate Savings Bonds on the stock exchange?", "a": "No. They are not tradable, cannot be pledged for a loan and can be transferred only to a nominee or legal heir." }, { "q": "Where can I buy RBI Floating Rate Savings Bonds online?", "a": "ICICI Direct lists them online, and agency bank branches such as Canara Bank sell them. Availability on RBI Retail Direct was not verified." } ], "sources": [ { "label": "RBI press release: Floating Rate Savings Bonds rate for Jul to Dec 2026", "url": "https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=63065" }, { "label": "RBI press release: Floating Rate Savings Bonds 2020 (Taxable) terms", "url": "https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50896" }, { "label": "Canara Bank: Floating Rate Savings Bond", "url": "https://canarabank.bank.in/floating-rate-savings-bond" }, { "label": "ICICI Direct bonds page", "url": "https://www.icicidirect.com/bonds" } ] }, { "slug": "rbi-retail-direct", "name": "RBI Retail Direct", "kind": "government", "website": "https://rbiretaildirect.org.in", "oneLiner": "RBI's own free gilt account for bidding in T-bills, G-secs, SDLs and SGBs and trading them on NDS-OM; no corporate bonds.", "verdict": "RBI Retail Direct is the no fee route to government securities: no account charge, no bidding fee, and holdings sit in a gilt account with RBI rather than a broker's demat. The trade-offs are no corporate bonds, a secondary market limited to NDS-OM's odd lot and RFQ segments, and payment gateway charges you bear yourself.", "verifiedAt": "2026-10-17", "status": "active", "products": [ "gsec", "tbill", "sdl", "sgb" ], "facts": [ { "key": "operator", "label": "Run by", "value": "Reserve Bank of India; grievances go to RBI's Public Debt Office, Mumbai", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "launched", "label": "Launched", "value": "Announced 12th Jul 2021 (Press Release 2021-2022/518); mobile app from May 2024", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "products", "label": "What you can buy", "value": "Primary: T-bills, dated G-secs, SDLs and SGBs, non-competitive, one bid per security. Secondary: NDS-OM odd lot and RFQ segments. No corporate bonds", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "fees", "label": "Fees", "value": "No fee to open or maintain the account and no fee on primary bids; payment gateway charges are borne by the investor", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "minimum", "label": "Minimum", "value": "₹10,000 and multiples; a ₹25,000 minimum was separately reported for the T-bill auto-bid feature (unverified against RBI)", "source": "https://www.outlookmoney.com/amp/story/news/how-to-open-an-rbi-retail-direct-gilt-account-know-its-functions-process-more-news-255873", "confidence": "reported" }, { "key": "maximum", "label": "Maximum", "value": "₹2 crore; secondary sources differ on whether that is per bid or per security", "source": "https://www.outlookmoney.com/amp/story/news/how-to-open-an-rbi-retail-direct-gilt-account-know-its-functions-process-more-news-255873", "confidence": "reported" }, { "key": "bidWindows", "label": "Bid windows", "value": "Not verified: RBI Retail Direct's FAQ is rendered by JavaScript and could not be read", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "autoBid", "label": "Auto-bidding", "value": "T-bill auto-bidding for investment and reinvestment since 6th Aug 2025, set by tenor, amount and frequency; needs a NACH mandate", "source": "https://www.business-standard.com/amp/markets/capital-market-news/rbi-introduces-auto-bidding-facilities-in-rbi-retail-direct-for-investment-and-re-investment-in-t-bills-125080600420_1.html" }, { "key": "holding", "label": "Where your securities sit", "value": "Retail Direct Gilt (RDG) account with RBI, single or joint; nomination up to two, pledge or lien, and gifting to other Retail Direct investors", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "liquidity", "label": "Selling before maturity", "value": "On NDS-OM odd lot and RFQ segments; proceeds go to the linked bank account. Trading hours and liquidity data not verified", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "tax", "label": "Tax", "value": "Interest at slab rate; T-bill gains treated as short-term capital gains at slab. TDS on G-sec interest not confirmed from a primary source", "source": "https://support.zerodha.com/category/trading-and-markets/kite-web-and-mobile/govt-securities/articles/gsecs-taxes", "confidence": "reported" }, { "key": "nri", "label": "NRI access", "value": "Non-residents eligible under FEMA 1999 can participate", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "eligibility", "label": "What you need", "value": "Rupee savings account in India, PAN, a KYC document, email and mobile number", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "key": "support", "label": "Support", "value": "Toll free 1800-267-7955, 10 am to 7 pm", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883", "confidence": "reported" }, { "key": "accounts", "label": "Accounts opened", "value": "Not found for 2026", "source": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" } ], "suits": [ "T-bill and G-sec buyers who want to pay no fee", "Holding government securities directly with RBI rather than in a demat", "Automating T-bill rollovers", "Eligible NRIs who want government securities" ], "watchOut": [ "No corporate bonds", "Selling depends on NDS-OM odd lot liquidity", "Payment gateway charges are yours to bear", "Securities cannot be moved from RDG to a demat, per a 2023 forum answer" ], "faqs": [ { "q": "Is RBI Retail Direct free?", "a": "Yes. There is no fee to open or maintain the account and no fee on primary bids. You bear any payment gateway charges." }, { "q": "Can I buy corporate bonds on RBI Retail Direct?", "a": "No. It covers T-bills, dated G-secs, SDLs and SGBs only." }, { "q": "What is the minimum investment on RBI Retail Direct?", "a": "₹10,000 and multiples, as reported by Outlook Money. A ₹25,000 minimum was separately reported for T-bill auto-bidding; we could not confirm it with RBI." }, { "q": "Can I move G-secs from RBI Retail Direct to my demat?", "a": "Per a 2023 TradingQnA answer, no: transfers into a Retail Direct Gilt account from a demat are allowed, but not out of it. The rule was not re-verified for 2026." }, { "q": "Does RBI Retail Direct have an app?", "a": "Yes. RBI launched a mobile app in May 2024, and T-bill auto-bidding was added on 6th Aug 2025." } ], "sources": [ { "label": "RBI press release on the Retail Direct scheme, 12th Jul 2021", "url": "https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51883" }, { "label": "Business Standard: RBI introduces T-bill auto-bidding, Aug 2025", "url": "https://www.business-standard.com/amp/markets/capital-market-news/rbi-introduces-auto-bidding-facilities-in-rbi-retail-direct-for-investment-and-re-investment-in-t-bills-125080600420_1.html" }, { "label": "Angel One explainer on T-bill auto-bidding", "url": "https://www.angelone.in/news/market-updates/rbi-streamlines-t-bill-investments-with-new-auto-bidding-feature" }, { "label": "Outlook Money: how to open an RBI Retail Direct gilt account", "url": "https://www.outlookmoney.com/amp/story/news/how-to-open-an-rbi-retail-direct-gilt-account-know-its-functions-process-more-news-255873" }, { "label": "Outlook Money: SIP for T-bills on Retail Direct", "url": "https://www.outlookmoney.com/invest/rbi-launches-sip-for-investing-in-treasury-bills-via-retail-direct-platform" }, { "label": "NSE non-competitive bidding", "url": "https://www.nseindia.com/products/content/debt/ncbp/about_ncbp.htm" }, { "label": "NSE circulars (NSE/CMTR/39581)", "url": "https://www.nseindia.com/resources/exchange-communication-circulars" }, { "label": "Outlook Money on SGB discontinuation", "url": "https://www.outlookmoney.com/invest/government-to-discontinue-sgb-fm-nirmala-sitharaman-says-yes-in-a-way-on-discontinuation-of-scheme" }, { "label": "Zerodha support: G-sec taxes", "url": "https://support.zerodha.com/category/trading-and-markets/kite-web-and-mobile/govt-securities/articles/gsecs-taxes" }, { "label": "TradingQnA: AMA on G-secs, T-bills and SDLs, 2023", "url": "https://tradingqna.com/t/ask-us-anything-about-investing-in-government-bonds-treasury-bills-t-bills-and-state-development-bonds-sdls/145036" }, { "label": "Reddit: an RBI Retail Direct T-bill investor, Nov 2024", "url": "https://www.reddit.com/r/personalfinanceindia/comments/1gy5808/i_have_rbi_direct_account_and_i_invest_in_the_t/" }, { "label": "TradingQnA: Zerodha waives G-sec bid fee", "url": "https://tradingqna.com/t/brokarage-in-government-bonds/145475" }, { "label": "Fyers support: bond charges", "url": "https://support.fyers.in/portal/en/kb/articles/what-are-the-charges-and-cut-off-timings-for-investing-in-bonds-via-fyers" }, { "label": "Upstox help: charges for T-bills, SDLs and G-secs", "url": "https://upstox.com/help-center/t-260857" }, { "label": "HDFC Securities G-sec page", "url": "https://www.hdfcsec.com/g-sec-bonds" } ] } ] }