Why does the same bond show a different yield on two apps?

Q: Why does the same bond show a different yield on two apps?

Many bond apps sell from their own inventory and build their margin into the price, and SEBI's list of what a platform must show for each bond includes clean price, dirty price and YTM but no line for the platform's own spread, so the same ISIN can show different yields on 2 apps on the same day. Gaps also come from comparing a clean price with a dirty one, or quotes taken at different times.

The usual reason is the platform's margin. Many bond apps buy bonds into their own book and resell them to you, and the yield you see is net of whatever spread they keep. SEBI requires platforms to show clean price, dirty price and YTM for every bond, but not the spread, so 2 apps can quote the same ISIN at different yields on the same morning and neither breaks a rule. A Reddit thread from 11th Aug 2026 asks exactly this about Stable Money and Wint Wealth (Reddit).

What do the platforms say about how they earn?

Platform	What it says about price or cost	Source
BondScanner	"We operate on a principal basis and may earn revenue through spreads/mark-ups"	BondScanner
Stable Bonds	The extra YTM shown with a strike-off comes from a brokerage waiver; advertises zero brokerage	Stable T&C
Jiraaf	YTM rises with quantity: 12.00% for 1 unit, 12.50% for 5 units or more	Jiraaf FAQ
Wint Wealth	About 1% commission per bond, reported by Inc42 in May 2026; not itemised	Inc42
SMEST	Client pays and SMEST delivers the security, a principal model	SMEST terms
Aspero	A small platform fee shown at purchase; amount not published	Aspero

A yield that changes with quantity, or a bonus yield funded by a brokerage waiver, shows the platform sets the price. A zero brokerage claim therefore does not mean zero cost.

Does SEBI make platforms disclose their spread?

No. The minimum disclosures for each bond in Annex XXIB of SEBI's NCS Master Circular cover issuer, ISIN, secured or unsecured status, seniority, rating, clean and dirty price, and current yield and YTM with their calculation, with the Credit Risk-o-Meter added from about 21st Nov 2026. None of it asks for the platform's markup (SEBI NCS Master Circular, Credit Risk-o-Meter circular). SEBI's Aug 2026 advertising consultation proposes none either (SEBI consultation paper). NSE and BSE did warn retail investors in a joint advisory in Jul 2025 that brokerage reversals and zero brokerage claims change the effective YTM you earn (NSE and BSE advisory).

Could it be clean price against dirty price?

Yes, if one quote includes accrued interest and the other does not. The exchange order book trades at the dirty price, while the RFQ platform that bond apps use quotes clean and adds accrued interest separately (NSE RFQ). One GoldenPi buyer asked why ₹10.21 lakh was charged for ₹10 lakh of face value; the difference was accrued interest (TradingQnA).

How do I compare 2 quotes myself?

Confirm both screens show the same ISIN, not just the same issuer.
Take both quotes at the same time; prices move during the day.
Compare the total you pay for the same face value, including accrued interest.
Check whether each yield is YTM or current yield.
Check the settlement date, since it changes accrued interest.
Check exit terms: Grip charges 0.25% on its sell feature, and Wint may buy back at a YTM up to 1% lower than you bought at (Grip, Wint T&C).

Will this site publish the gap?

We plan to publish a measured same-bond price panel that records the quote for the same ISIN on each platform on the same day, with the method published alongside. It is planned, not live.

Where can you see a price with no platform margin in it?

On the exchange order book. The bid and ask there come from other investors, not from a seller's inventory, so nothing is built into the price. Kite and other broker apps show it by exchange symbol; The Bond Project shows the same order book with yields and ratings beside each bond. The catch is liquidity: many corporate bonds have no quote on a given day.