What is an online bond platform provider (OBPP), and which ones are SEBI registered?

Q: What is an online bond platform provider (OBPP), and which ones are SEBI registered?

OBPP stands for Online Bond Platform Provider: a company registered with SEBI as a stock broker in the debt segment and enabled by NSE or BSE to sell listed bonds online, with every listed bond order routed through the exchange RFQ platform and settled by the clearing corporation into your demat. NSE's list as on 14th Oct 2026 had 43 entities (39 enabled) and BSE's 38 (35 active).

Online bond platforms exist under Regulation 51A of SEBI's NCS Regulations, notified on 9th Nov 2022, and SEBI's circular of 14th Nov 2022; the rules now sit in Chapter XXI of the NCS Master Circular (SEBI NCS Master Circular). Wint Wealth, GoldenPi, Grip Invest, IndiaBonds and Stable Bonds are OBPPs, and so are some broker apps, such as Groww and ICICI Direct.

What may an OBPP sell?

Allowed	Not allowed
Listed corporate bonds, municipal bonds and securitised debt instruments	Unlisted bonds (barred since 16th Jun 2023)
Bonds offered in a public issue that will be listed	Commercial paper
Listed G-secs, SDLs and T-bills, and listed SGBs	Unregulated products on the platform or under its brand
54EC bonds and IFSCA products (added 14th Aug 2026)
FDs and other products of SEBI, RBI, IRDAI, IFSCA or PFRDA, on a separate tab with a regulator disclaimer

Sources: SEBI NCS Master Circular, SEBI circular, 14th Aug 2026, Business Standard on the Jun 2023 circular.

How does a trade work?

All orders in listed debt must go through the RFQ platform of a recognised exchange and settle through its clearing corporation, so your money goes to the clearing corporation and the bonds come to a demat in your name. The platform must send an order receipt and a deal sheet, and complaints follow the stock broker process, including SCORES. NSE Clearing charges ₹5 per transaction per counterparty, plus taxes, on RFQ deals up to ₹50 lakh face value (NSE Clearing circular).

What must it show you?

For each bond: issuer and ISIN, secured or unsecured, seniority, rating with its date and rationale, face value, clean and dirty price, coupon, maturity, debenture trustee, current yield and YTM. There is no line for the platform's own markup, which is why the same bond can show different yields on 2 apps. From about 21st Nov 2026 every OBPP must also show a Credit Risk-o-Meter based on the lowest available rating (SEBI circular).

Which platforms are registered?

SEBI's OBPP page links to the 2 exchange lists. NSE's file as on 14th Oct 2026 had 43 entities, 39 enabled; Capri Global Securities, Motilal Oswal, NJ India Invest and Zerodha were Not enabled. BSE's file of 24th Sep 2026 had 38 rows, 35 active; Stable Broking was among 3 marked Inactive after voluntary closure (NSE, BSE). Our registry merges both, and how to check SEBI registration walks through matching an app to its row.

What does registration not cover?

The issuer's ability to pay. SEBI's caution of 19th Nov 2025 warned against unregistered platforms (SEBI PR 75/2025), but registered ones have been fined too: Aspero, GoldenPi, IIFL Capital and Wint each paid between ₹1 lakh and ₹4.5 lakh for settling trades off the RFQ platform. See are bond platforms safe and options by need, or compare 2 platforms directly, such as GoldenPi vs Stable Bonds or Grip Invest vs IndiaBonds.

What is still changing?

SEBI consulted in Aug 2026 on a stricter advertising code for OBPPs and on Fixed Income Channel Partners, who would bring clients to platforms for a commission reported to be capped at 2.5% (Cafemutual). Neither was final on 17th Oct 2026.