Are the bonds I buy on a platform held in my own demat?

Every listed bond bought through an OBPP is held in a demat account in your name at NSDL or CDSL, not in a pooled platform account. Platforms differ on whose depository participant (DP) runs that account.

Which platforms use which demat?

Platform	Where your bonds sit
Altifi	Your own NSDL or CDSL demat
Aspero	Says your own CDSL demat, though its own DP licence is with NSDL
Bondbazaar	A Bondbazaar-opened CDSL demat; linking an existing demat is not offered
BondScanner	Your own demat
GoldenPi	Your own demat
Grip Invest	A Grip demat (NSDL DP IN304877) offered at sign-up; other demats supported for selling
Groww	Your Groww demat
IndiaBonds	Runs its own NSDL DP (IN305103); whether new users must use it was not verified
Jiraaf	Your own demat at any DP
Stable Bonds	A Stable-opened CDSL demat
Wint Wealth	A Wint demat, NSDL DP IN304633

Sources: Altifi, Aspero, Aspero about, Bondbazaar, BondScanner, GoldenPi, Grip, Groww, IndiaBonds, Jiraaf, Stable Bonds, Wint.

Is a platform-opened demat still mine?

Yes. It is an ordinary demat in your name with a depository, and its holdings appear in the consolidated account statement (CAS) from NSDL or CDSL, which is the simplest way to confirm what you own. When users were told by a platform that it was a demat just for bonds, forum replies pointed out it is a normal demat restricted to bonds that still counts as a demat (TradingQnA). GoldenPi's FAQ says bonds stay in your demat and interest keeps going to your bank even if GoldenPi shuts down (GoldenPi).

What changes when the platform runs the demat?

• Exit: Wint's sell-back works only for bonds bought through Wint and held in its demat (Wint terms). Moving bonds elsewhere means a demat transfer, a recurring forum topic (TradingQnA).
• BSDA: users report that opening Wint's demat would end their eligibility for a Basic Services Demat Account, and one reported Paytm Money converting an account to non-BSDA for holding more than one demat (TradingQnA). At Zerodha, BSDA means ₹0 AMC up to ₹4 lakh of holdings, against ₹300 a year plus GST for a regular account (Zerodha charges).
• History: users report that from Oct 2024 Wint required its own demat in place of linking a Zerodha demat (TradingQnA).
• Tracking: with bonds spread across demats, Reddit users ask how to see everything in one place and what happens if one app shuts (Reddit). The CAS covers every demat under your PAN.

How do I confirm where a bond went?

Read the deal sheet, which names the ISIN and the demat credited, then find the ISIN in your next CAS. Settlement is usually 1 to 2 working days; Jiraaf, for example, settles orders placed before 15:30 on T+1 (Jiraaf FAQ). Government securities bought on RBI Retail Direct sit in a gilt account at RBI, not in a demat (RBI).

For the BSDA question in detail, see do I need a new demat for every platform.