Bond platform
BondScanner review
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.
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Key facts
- Legal entity
- Sustvest Broking Pvt Ltd (CIN U66120HR2024PTC119856), Gurgaon source
- Group or backers
- Broking arm of SustVest (formerly SolarGridX). Parent raised a $1.7 million pre-Series A led by Inflection Point Ventures and Antler. reported source
- SEBI registration
- INZ000320834 (stock broker) source
- NSE OBPP status
- Enabled since 7th Oct 2025 source
- BSE OBPP status
- Not listed source
- Where your bonds sit
- In your own NSDL or CDSL demat source
- Minimum investment
- One unit of the bond; partly redeemed bonds traded at about ₹9,280 to ₹9,440 per unit on 17th Oct 2026 source
- Fees and markup
- No brokerage or service fee; acts as principal and may earn spreads or markups, size not disclosed. Statutory charges paid by the client. source
- Yield shown as
- Shown as "yield" on deal pages; basis not stated source
- Selling before maturity
- No buyback or sell feature described; to sell you transfer bonds to the clearing corporation pool source
- Settlement
- 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
- Credit range on shelf
- Marketing says 9% to 12% (site) and 7% to 14% (app title); live deals at 15% and 16% on 17th Oct 2026 source
- NRI access
- Not disclosed on the pages checked source
- Play Store (India)
- 4.49 from 749 ratings, read 17th Oct 2026 source
- App Store (India)
- 4.70 from 66 ratings, read 17th Oct 2026 source
- SEBI or exchange actions
- None found in a limited sweep on 17th Oct 2026 source
Sells: Corporate bondsG-secs
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
Watch out for
- 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
How does BondScanner make money?
BondScanner earns from the spread between what it pays for a bond and what it sells it to you for. Its homepage says it charges no brokerage or service fee and adds: "We operate on a principal basis and may earn revenue through spreads/mark-ups" (BondScanner). Statutory charges such as exchange fees and GST are paid by the client. Its terms allow it to act in several capacities, including proprietary trading, and say any transaction fee will be shown before execution (terms).
That makes the displayed yield net of the platform's margin, which is the norm across OBPPs but rarely stated this plainly. The size of the spread is not published. To estimate it, compare the same ISIN on another platform the same day; see why the same bond shows a different yield.
What is the link between BondScanner and Tap Invest?
Tap Invest says it has partnered with BondScanner for listed bonds and lists BondScanner under products in its site footer (Tap Invest). BondScanner's own footer names only Sustvest Broking (BondScanner). Tap Invest is not a registered OBPP and was named in a SEBI interim order in Nov 2024; see our Tap Invest page.
The corporate relationship is not established. CB Insights lists Hardik Bhatia as Sustvest's founder and CEO, while a contact database lists Tap Invest CEO Nishchay Nath as a BondScanner founder (CB Insights, RocketReach). Founder lists for SustVest also differ between Crunchbase and Tracxn (Crunchbase, Tracxn).
What kind of bonds does BondScanner sell?
BondScanner sells G-secs and corporate bonds, with guides on bond IPOs, SGBs and 54EC bonds on the site (BondScanner). Its marketing yield range shifts by page: 9% to 12% on the homepage, 7% to 14% in the Play Store app title (Play).
On 17th Oct 2026 two live deals were Hella Infra Market bonds at 15% and 16% yield, each shown as A-, senior secured, without naming the rating agency (deal page, deal page). Acuité rates the issuer A-, but India Ratings cut its NCDs to B+ Issuer Not Cooperating on 1st Oct 2026 (Acuité, India Ratings). From about 21st Nov 2026 SEBI requires platforms to show a Credit Risk-o-Meter based on the lowest rating (SEBI circular). This is a dated fact about the shelf, not a view on the bond; see is a 12% to 15% bond too good to be true.
Where do your bonds sit, and can you sell before maturity?
Bonds go to your own NSDL or CDSL demat. BondScanner places your trade on NSE's RFQ platform, your money goes to the clearing corporation's designated account, and trades are reported on NSE CBRICS (terms). You can pay by UPI up to ₹5 lakh or by net banking (deal page).
There is no buyback. To sell, the terms say you must promptly transfer the securities to the clearing corporation pool, and they flag liquidity risk (terms). Read can I sell a bond before maturity for how that plays out.
How big is BondScanner?
BondScanner's figures are self-reported, read on 17th Oct 2026: its Play listing says 1.2 lakh+ investors, ₹125 crore+ of bonds transacted and zero defaults to date (Play). The same listing shows 1 lakh+ downloads, so the investor count likely includes sign-ups who never invested. Trustpilot shows 4.2 from 8 reviews (Trustpilot).
The platform is young: Sustvest Broking was enabled on NSE on 7th Oct 2025 and is not on BSE's list (NSE list).
Questions people ask
Is BondScanner SEBI registered?
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.
Does BondScanner charge brokerage?
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.
Do I need a new demat for BondScanner?
No. Its terms say bonds settle into your own NSDL or CDSL demat.
Is BondScanner the same as Tap Invest?
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
- BondScanner homepage
- BondScanner terms and conditions
- BondScanner deal page INE0P6G07194, read 17th Oct 2026
- BondScanner deal page INE06E507579, read 17th Oct 2026
- BondScanner on Google Play
- BondScanner on the App Store (India)
- Tap Invest homepage
- Digital Terminal on SustVest's pre-Series A
- Crunchbase profile of SolarGridX (SustVest)
- Tracxn profile of SustVest
- CB Insights SustVest people
- RocketReach contact listing naming BondScanner founders
- India Ratings on Hella Infra Market, 1st Oct 2026
- Acuité rating page for Hella Infra Market Retail
- SEBI circular on the Credit Risk-o-Meter, 7th Oct 2026
- Trustpilot reviews of BondScanner
- NSE list of registered OBPPs, updated 14th Oct 2026
- BSE OBPP member list, file dated 24th Sep 2026