In December 2025, the NITI Aayog released the “Deepening the Corporate Bond Market in India” report. According to the report, over the last decade, the size of India’s corporate bond market has grown from ₹17.5 lakh crore in FY15 to ₹53.6 lakh crore in FY25. The market has grown at a 12% CAGR, with the highest-ever fresh corporate bond issuances of ₹9.9 lakh crore last year (FY25).
As the size of the Indian economy grows, more companies will tap the bond markets for funding growth and other corporate purposes. It will create many investment opportunities for investors. Retail investors can participate in and benefit from the development of the corporate bond markets through Online Bond Platform Providers (OBPP).
In this article, we will understand what an OBPP is, which debt securities it offers, a list of some well-known SEBI-registered OBPPs, and whether you should invest through them.
What is an OBPP?
An Online Bond Platform Provider (OBPP) is a SEBI-regulated intermediary that brings debt securities issuers and investors together. They are fintech companies that facilitate the buying, selling, and management of listed debt securities online. Some of the products offered by an OBPP include corporate bonds, structured debt instruments (SDIs), Government securities (G-secs), Treasury Bills (T-Bills), State Development Loans (SDLs), municipal debt securities, sovereign gold bonds (SGBs), among others.
How does an OBPP work?
An OBPP is registered as a stockbroker in the debt segment of a stock exchange, such as the BSE or the NSE. It functions as a marketplace, listing details of various bonds, SDIs, and other investment options available to retail individuals.
To invest in a debt security through an OBPP, an individual must register by completing their Know Your Customer (KYC) verification and other formalities. Once registered, the investor can log in to their dashboard and view the listed debt securities.
The investor can click on any listed debt security to view all the details. If they decide to invest, they can go ahead with the transaction by making the payment. The debt security is transferred to the investor’s demat account. The investor can track the securities they have invested in through their dashboard.
For example, suppose an individual has invested in a corporate bond with a monthly payment. In this case, the individual can check the monthly payments received, the schedule for future payments, etc. On maturity, the bond will be redeemed, and the principal amount will be transferred to the investor’s bank account. The bond will be debited from the investor’s demat account.
What are the features of an OBPP?
Some of the important features of an OBPP include the following:
- It is SEBI-registered and regulated.
- It lists all debt securities available for investment in one place.
- The online platform makes investing in bonds accessible to people across the country at their fingertips.
- It offers transparent, real-time pricing, with transactions routed through a stock exchange like BSE or NSE.
List of OBPPs
Some of the OBPPs registered with the NSE include the following:
- Bondbazaar Securities Pvt. Ltd.
- Grip Broking Pvt. Ltd.
- Fourdegreewater Services Pvt. Ltd. (Wint Wealth)
- India Bond Pvt. Ltd. (IndiaBonds)
- Jiraaf Platform Pvt. Ltd.
- Launchpad Fintech Pvt. Ltd. (BondsIndia)
- Aspero Markets Pvt. Ltd.
- Raise Securities Pvt. Ltd. (Dhan)
- Sustvest Broking Pvt. Ltd. (BondScanner)
As per the OBPPIndia.com website, there are 29 OBPPs, and they have collectively enabled investments of more than Rs. 10,000 crores. For the complete list of OBPPs registered with the NSE and the BSE, check the SEBI website: https://www.sebi.gov.in/online-bond-platform-providers.html
To protect retail investors, SEBI has warned them not to deal with unregistered platforms.
Should you invest through an OBPP?
Till a few years ago, retail investors found it challenging to get access to quality bond issues, SDIs, etc. Access was limited to a section of affluent investors and institutions. However, the OBPPs have solved this challenge by bringing fixed-income investments within the reach of retail investors and making investing in these products as easy as a click of a button.
An OBPP is SEBI-regulated, routes orders through a stock exchange, credits the bond to your demat account, credits interest payments directly to your bank account, provides a track record of all investments in the dashboard, etc. At any stage, if an investor faces any issue, they can raise it with the platform through the ‘investor grievance redressal mechanism’. Hence, if you want to invest in a listed debt security, you may consider doing it through an OBPP.
