Home
Bonds
Aspero Review
Bonds · Review

Aspero Review

An independent, sourced look at Aspero for Indian retail bond investors — registration, what it really costs, payout track record and the risks the platform doesn’t lead with.

Verified September 2026
Our verdict

Aspero is a legitimate, SEBI-registered stock broker and online bond platform on both BSE and NSE, run by Aspero Markets Pvt Ltd, a wholly owned subsidiary of the Yubi (CredAvenue) group, and the bonds you buy settle into your own demat account. Its strength is supply: Yubi's institutional debt business feeds a large shelf — 220 bonds claimed on its homepage in September 2026, mostly NBFC and corporate paper advertised at 9–13.5% — including 3- to 9-month bonds, and the same group is credited on 14 of Groww's 26 listed bonds. The caveats are real. SEBI fined it ₹1 lakh in April 2025 after finding that about half its listed-bond trades by value in 2023–24 bypassed the mandatory exchange RFQ route (the statutory minimum, with no investor loss found). It charges a 'small platform fee' whose size it does not publish, on top of a price spread you cannot see. Its own pages disagree on the minimum (₹10,000 vs ₹1,000) and on how low ratings go (BB+ bonds featured on the homepage vs 'AAA to BBB' in the app listings), and its 'zero default' claim cannot be checked because it publishes no list of bonds sold. It suits investors who can judge NBFC credit risk, compare the same bond's yield across platforms and hold to maturity; it is not for anyone who wants government bonds or capital safety.

Visit AsperoOfficial site · we don’t earn from this link
SEBI reg noINZ000310534 (Aspero Markets Pvt Ltd, formerly Credavenue Securities Pvt Ltd); stock broker since 30 Dec 2022
Bond platform (OBPP) statusBSE member 6810, active since 28 Mar 2023; NSE member 90374, enabled 8 Oct 2024 (exchange OBPP lists, Sep 2026)
Owner100% held by CredAvenue Pvt Ltd, the Yubi group (FY2024-25 annual return). The homepage says 'By Yubi Securities'; the registered entity is Aspero Markets Pvt Ltd
Other SEBI licencesNSDL depository participant IN-DP-752-2023; merchant banker INM000012883; research analyst INH000010256
Minimum investment₹10,000 per its homepage and an April 2026 group release; its App Store and Play Store listings still say ₹1,000. Bonds featured on the homepage needed about ₹10,000 to ₹1 lakh (25 Sep 2026)
Advertised yields'Fixed returns of 9–13.5% p.a.'; bonds featured on the homepage were rated A+ down to BB+ (25 Sep 2026)
Published fee'A small platform fee' shown at purchase — amount not published; any price spread is not disclosed
Scale (self-reported)Homepage (25 Sep 2026): '80,000+' / '84,000+' investors, '₹2,400 Cr invested', 220 bonds. Play Store: 5 lakh+ downloads
Regulatory recordSEBI ₹1 lakh penalty, 4 Apr 2025, for routing listed-bond trades outside the exchange RFQ platform and settling 7 SGB trades off-market (2023–24)
Investor complaintsAbout 25 received Apr 2025–Feb 2026 (3 in FY2024-25), none pending at end-Feb 2026, per its own disclosure

What you actually pay

Aspero's own messaging on fees has shifted. Its homepage FAQ (checked 25 Sep 2026) says: 'Aspero charges a small platform fee that is transparently displayed at the time of purchase. There are no hidden charges.' Its App Store and Play Store listings (both updated in September 2026) promise 'no hidden charges, no commission layers', and a May 2025 independent review recorded 'zero transaction fees or commissions'. We found no published rate card, so the size of the platform fee is visible only on the order screen — check it there before you pay.

The larger cost is usually invisible. Like other online bond platforms, Aspero sources bonds — largely through the Yubi group's institutional debt marketplace — and resells them to retail investors at a lower yield than it paid, keeping the difference. A 2024 profile written after an interview with Aspero's COO describes this sourcing spread as a main source of revenue; the '1.2 percentage point' figure often repeated from that profile was the writer's hypothetical example, not a number Aspero disclosed. Aspero does not show the spread per bond. Holistic Investment's review puts it plainly: platforms like Aspero 'earn through mark-ups, not transparent fees — always cross-check the final yield.'

The practical check: compare the net yield to maturity for the same ISIN on Aspero and elsewhere. Groww is a useful reference because 14 of its 26 listed bonds (25 Sep 2026) are marked 'Powered by Yubi', the group that owns Aspero.

What it offers

Listed corporate bonds and NCDs, mostly from NBFCs and mid-sized companies, settled through the exchange RFQ platforms into your own demat account. On 25 Sep 2026 its homepage claimed 220 bonds and advertised 9–13.5% yields; the six bonds it featured were rated from A+ down to BB+ (below investment grade), although its app-store listings describe the shelf as 'AAA to BBB'. Recent app updates added short-tenure bonds of 3, 6 and 9 months, and after-market orders can be placed on weekends and holidays. Aspero's blog (April 2026) also describes applying for bond IPOs (public NCD issues) in the app. Its App Store listing still advertises fixed deposits, and 2025 reviews listed FDs from Mahindra Finance, Bajaj Finance, Shriram Finance, Suryoday SFB and Unity SFB, but its Play Store listing and homepage no longer mention FDs — check in the app. Not offered, as far as we could find: G-secs, T-bills or SDLs. Aspero told SEBI it stopped offering listed Sovereign Gold Bonds from 11 July 2024. Besides direct retail investors, Aspero serves wealth managers and financial advisers.

Returns: advertised vs reality

Advertised: 'Fixed returns of 9–13.5% p.a.' on its homepage (25 Sep 2026), 'Upto 13% Returns' in its App Store title and '9-13.5% Returns' on Google Play, with the tagline 'Predictable returns. More generous than an FD. Calmer than the market.'

The reality: These are pre-tax yields to maturity that assume the issuer pays every coupon and the principal on time. The top of the range comes from lower-rated NBFC and corporate paper — the homepage itself featured BB+ bonds, which are below investment grade — so a higher yield is payment for real credit risk. 'Fixed' is not 'guaranteed': Aspero's own Play Store listing says 'Fixed returns do not constitute guaranteed or assured returns', and in August 2026 SEBI proposed tighter conditions on phrases such as 'fixed returns' and 'predictable returns' in bond-platform ads. Interest is taxed at your slab rate — a 13% yield is roughly 9% after tax in the 30% bracket.

Payout & default track record

Unproven by independent data. Aspero's App Store listing claims bonds with a 'zero-default track record', and a March 2026 affiliate write-up of an Aspero presentation cites '₹12,595 crore listed bonds repaid since 2021 with zero defaults'. Both are self-reported and cannot be tested, because Aspero does not publish a list of the bonds it has sold. Coverage of the July 2025 TruCap Finance default named GoldenPi, Grip, AltiFi and BondsIndia as distributors, not Aspero. Coupons go from the issuer to your bank account, so a platform problem does not put the bonds in your demat at risk — but an issuer default would.

Can you exit early?

Better on paper than in practice. Aspero's Play Store listing says you can 'sell your bonds on the exchange any time after a 30-day holding period', with the caveat that 'selling is subject to buyer availability on the exchange', and its homepage says each bond shows a liquidity indicator. That is an exchange sale, not a guaranteed buyback: retail-sized lots of NBFC bonds trade thinly, and you may have to accept a lower price or wait. The 3-, 6- and 9-month bonds reduce the need to exit early. Plan to hold to maturity.

Pros & cons

Strengths
  • SEBI-registered broker and online bond platform on both BSE (since March 2023) and NSE (since October 2024); bonds settle into your own demat account, and the site footer lists every registration and grievance contact.
  • Deep supply from the Yubi group's institutional debt business: 220 bonds claimed on its homepage (25 Sep 2026), against 26 listed bonds on Groww.
  • Short 3-, 6- and 9-month bonds, after-market orders on weekends and holidays, and quick digital KYC.
  • Well capitalised for a broker: ₹422 crore paid-up capital and about ₹370 crore net worth, wholly owned by CredAvenue (FY2024-25 annual return).
  • Publishes monthly investor-complaint data: about 25 complaints from April 2025 to February 2026, none pending at the end — low against its claimed 80,000+ investors.
Watch-outs
  • SEBI fined it ₹1 lakh on 4 Apr 2025: during 2023–24, 1,010 listed-bond trades worth ₹1,190.85 crore (52% by value) went through the OTC route instead of the mandatory exchange RFQ platform, and 7 Sovereign Gold Bond trades (₹3.66 lakh) were settled off-market. It was the statutory minimum, with no investor loss or gain quantified, but it is a compliance record, not a clean sheet.
  • Costs are not published: a 'small platform fee' whose size appears only at checkout, plus a price spread that is never shown per bond.
  • Its own materials disagree: minimum ₹10,000 (homepage) vs ₹1,000 (app stores); 'AAA to BBB' (app stores) vs BB+ bonds featured on the homepage; FDs advertised on the App Store but not on Play Store or the homepage; '80,000+' and '84,000+' investors on the same page vs '310,000+ users' in a March 2026 affiliate write-up citing an Aspero presentation.
  • Promotional tone: 'fixed returns' and 'predictable returns' headlines on the homepage — wording SEBI proposed to put conditions on in bond-platform ads in August 2026. Rely on the bond documents, not the marketing.
  • Credit risk is central: the shelf is dominated by NBFC and mid-sized corporate paper, including sub-investment-grade (BB+) bonds.
  • The 'zero default' claim is self-reported and untestable: Aspero publishes no list of the bonds it has sold.
  • The parent is loss-making: Yubi reported a ₹416 crore net loss for FY25 on ₹660 crore of operating revenue.
  • No G-secs, T-bills or SDLs, and no Sovereign Gold Bonds since July 2024.

Regulatory & material events

2025-04-04SEBI adjudication order — ₹1 lakh penalty for RFQ routing and off-market SGB trades

Adjudication Order No. Order/AK/RK/2025-26/31367-31370 (adjudicating officer Amit Kapoor) followed a SEBI inspection on 10–11 July 2024 covering 28 Mar 2023 to 30 Jun 2024. SEBI found that Credavenue Securities Pvt Ltd — now Aspero Markets Pvt Ltd — executed 1,010 trades in listed debt securities worth ₹1,190.85 crore (52% of trade value) through the OTC route instead of an exchange RFQ platform, and settled 7 trades in listed Sovereign Gold Bonds worth ₹3.66 lakh off-market through its depository participant, in breach of Regulation 51A(2) of the NCS Regulations and the stock-broker code of conduct. It imposed ₹1,00,000 under section 15HB — the statutory minimum — recording no quantifiable gain, no quantified investor loss and no repeat default. Proceedings against directors Vineet Sukumar, Gaurav Kumar and Anup Wadhawan ended without penalty because no personal role was shown. In its defence, Aspero said it lacked BSE API integration for RFQ, that about 92% of non-institutional trades did go through RFQ, that it stopped OTC settlement on 11 July 2024, and that SEBI had sent it an administrative warning letter on 26 Sep 2024. For context, Wint Wealth's operator received the same ₹1 lakh penalty for a similar RFQ lapse in November 2025. A compliance lapse, not fraud.

Common user complaints

Formal complaints (SEBI SCORES and direct)

Aspero's stock-broker/OBPP complaint disclosure shows about 25 new complaints from April 2025 to February 2026 (the table's own total says 26), up from 3 in all of FY2024-25, peaking at five in August 2025; none were pending at end-February 2026. The latest file on its governance page on 25 Sep 2026 was dated 28 Feb 2026.

Fee and yield opacity

Independent reviewers warn that Aspero earns through mark-ups rather than stated fees and advise checking the final yield on every bond; the homepage now adds a platform fee whose size is not published.

Thin independent review base

The App Store listing had 38 ratings on 25 Sep 2026, we found no Reddit or Trustpilot threads, and several online 'reviews' carry Aspero referral links — so there is little independent user evidence either way.

Alternatives to consider

Wint WealthThe largest online bond platform by volume (~₹900 crore a month, NSE data, July 2026) with a similar high-yield NBFC and secured-bond shelf — useful for comparing yields. It paid the same ₹1 lakh SEBI penalty for RFQ routing, in November 2025.IndiaBondsA broad listed-bond shelf that includes G-secs and more AAA/PSU paper — a better fit if you want higher-rated bonds than Aspero's NBFC tilt.GrowwIf you already use Groww: 14 of its 26 listed bonds are marked 'Powered by Yubi', so some of the same supply is available inside the Groww app. Compare the yield on both before buying.RBI Retail DirectFor government securities at auction prices with no platform fee — something Aspero does not offer.

Compare Aspero head-to-head

Aspero vs Wint WealthAspero vs Wint Wealth for bonds: registration, shelf, yields, the fee Aspero doesn't publish, minimums and the SEBI penalty on each. Verified Sep 2026.

Sources

  1. https://www.sebi.gov.in/enforcement/orders/apr-2025/adjudication-order-in-the-matter-of-inspection-of-credavenue-securities-private-limited_93314.html
  2. https://www.sebi.gov.in/sebi_data/attachdocs/apr-2025/1743761103360_1.pdf
  3. https://www.sebi.gov.in/online-bond-platform-providers.html
  4. https://www.aspero.in/
  5. https://www.aspero.in/governance
  6. https://www.aspero.in/ComplianceDocs/Monthly%20Grievance%20Redressal%20Status/Grievance-Redressal-Status-Stock-Broker.pdf
  7. https://www.aspero.in/ComplianceDocs/Annual%20Returns/FY-24-25.pdf
  8. https://apps.apple.com/in/app/aspero-bonds-upto-13-returns/id6447065580
  9. https://play.google.com/store/apps/details?id=com.yubi.android.my.yubi.invest
  10. https://www.businesstoday.in/latest/corporate/story/yubi-group-launches-aspero-to-disrupt-fixed-income-securities-for-retail-investors-402789-2023-10-20
  11. https://www.goodreturns.in/news/aspero-integrates-with-nse-and-bse-rfq-platforms-for-debt-securities-011-1390491.html
  12. https://businessnewsthisweek.com/business/yubi-group-appoints-amol-potdar-as-coo-to-scale-indias-fixed-income-distribution-infrastructure/
  13. https://blog.thealtinvestor.in/aspero-yubi-sebi-obpp-platform
  14. https://www.holisticinvestment.in/aspero-bond-platform-review/
  15. https://randomdimes.com/aspero-1-year-review-institutional-bond-access-for-retail-investors
  16. https://randomdimes.com/aspero-review-get-best-bond-yields/
  17. https://inc42.com/buzz/yubis-fy25-net-loss-rises-5-to-inr-416-cr-despite-36-revenue-uptick/
  18. https://entrackr.com/fintrackr/yubi-records-rs-660-cr-revenue-in-fy25-adjusted-ebitda-improves-55-10588464
  19. https://www.moneycontrol.com/technology/online-bond-platforms-see-sharp-growth-as-retail-investors-warm-up-to-corporate-debt-amid-muted-equity-returns-article-14020572.html
  20. https://groww.in/bonds/corporate-bonds
  21. https://www.basunivesh.com/trucap-bond-default-the-hidden-risk-of-high-yield-bonds/
  22. https://www.holisticinvestment.in/www-holisticinvestment-in-trucap-bond-default/
  23. https://www.sebi.gov.in/legal/circulars/nov-2022/registration-and-regulatory-framework-for-online-bond-platform-providers_65014.html
  24. https://www.business-standard.com/amp/markets/news/sebi-proposes-tighter-curbs-on-promotional-claims-by-online-bond-platforms-126082200711_1.html
  25. https://www.sebi.gov.in/enforcement/orders/nov-2025/adjudication-order-in-the-matter-of-inspection-of-fourdegreewater-services-private-limited-as-stock-broker-acting-as-an-online-bond-platform-provider_97884.html

This review is for information only and is not investment advice. Bond investments carry credit and liquidity risk; verify current details on the platform and check the issuer’s credit rating before investing. Facts last verified September 2026.

Back to the bonds hub

Frequently asked

What people ask about Aspero.

The platform is regulated: Aspero Markets is a SEBI-registered stock broker and online bond platform on BSE and NSE, and bonds settle into your own demat account, not a pooled one. The bonds are the risk. Most of the shelf is NBFC and mid-sized corporate paper, including some below investment grade (BB+), and no corporate bond is capital-guaranteed. Aspero was fined ₹1 lakh by SEBI in April 2025 for a trade-routing lapse, and its 'zero default' claim is self-reported. Treat it as a credit-risk investment, not a deposit.

Yes. Aspero Markets Pvt Ltd (formerly Credavenue Securities Pvt Ltd) holds SEBI stock-broker registration INZ000310534 and is on the exchanges' online bond platform lists — BSE member 6810 (active since 28 Mar 2023) and NSE member 90374 (enabled 8 Oct 2024). It also holds SEBI registrations as a depository participant, merchant banker and research analyst.

Yes. Aspero Markets is 100% owned by CredAvenue Pvt Ltd, the company behind the Yubi group, according to its FY2024-25 annual return. Yubi Invest was rebranded as Aspero in October 2023, and the homepage now says 'By Yubi Securities'. Yubi also supplies bonds to Groww: 14 of Groww's 26 listed bonds were marked 'Powered by Yubi' on 25 Sep 2026.

Its homepage says it charges 'a small platform fee that is transparently displayed at the time of purchase', but it publishes no rate card, so you see the amount only at checkout. On top of that, like other bond platforms, it earns a spread by selling bonds at a lower yield than it sourced them at; that spread is not shown. Compare the net yield for the same ISIN on another platform before you buy.

On 4 Apr 2025 SEBI fined Credavenue Securities (now Aspero Markets) ₹1 lakh, the statutory minimum, after an inspection found that between March 2023 and June 2024 it routed 1,010 listed-bond trades worth ₹1,190.85 crore — about 52% by value — through the OTC route instead of the mandatory exchange RFQ platform, and settled 7 Sovereign Gold Bond trades (₹3.66 lakh) off-market. SEBI found no quantified investor loss, and no penalty was imposed on the directors. Aspero said it stopped OTC settlement on 11 July 2024.

Its homepage (September 2026) says you can start with ₹10,000, while its app-store listings still say ₹1,000, and older reviews cite a few hundred rupees. The real minimum is set per bond — the bonds featured on the homepage on 25 Sep 2026 needed roughly ₹10,000 to ₹1 lakh — so check the bond page.

You can try. Aspero's app says you can sell on the exchange any time after a 30-day holding period, but 'selling is subject to buyer availability'. Retail-sized lots of NBFC bonds trade thinly, so you may wait or accept a lower price. Its 3-, 6- and 9-month bonds are the easier way to keep money short-term.