SEBI-registered bond platforms: the readable list
SEBI publishes the registered-OBPP list as spreadsheet downloads. This is the same registry as a readable, brand-name-mapped table — every platform’s operating entity, registration number, exchange memberships and current status, plus the platforms SEBI has ordered to stop.
SEBI-registered bond platform (OBPP)
| Brand | Operating entity | SEBI reg. no. | Exchange | Status |
|---|---|---|---|---|
| AltiFi | Northern Arc Securities Pvt Ltd | INZ000318831 | NSE 90387 · BSE 6895 | active |
| Aspero | Aspero Markets Pvt Ltd (Yubi group) | INZ000310534 | NSE 90374 | active |
| Bondbazaar | Bondbazaar Securities Pvt Ltd | INZ000303236 | NSE 90247 · BSE 6768 | active |
| BondsIndia | Launchpad Fintech Pvt Ltd | INZ000296636 | NSE 90329 · BSE | active |
| Bondskart | JM Financial Services Ltd | INZ000195834 | NSE 10548 · BSE 325 | active — JM group under SEBI actions 2024-25 |
| GoldenPi | GoldenPi Securities Pvt Ltd (Oxyzo/OfBusiness group) | INZ000310732 | NSE 90331 · BSE 6809 | active |
| Grip Invest | Grip Broking Pvt Ltd | INZ000312836 | NSE 90319 | active |
| InCred Money / Bidd | Oro Financial Consultants Pvt Ltd (InCred group) | INZ000312534 | BSE · NSE (debt) | active |
| IndiaBonds | India Bond Pvt Ltd | INZ000311637 | NSE 90316 · BSE | active |
| Jiraaf | Jiraaf Platform Pvt Ltd | INZ000315538 | NSE 90355 · BSE | active — parent named in SEBI Nov-2024 altGraaf order |
| Stable Money / Stable Bonds | Stable Broking Pvt Ltd | INZ000314637 | NSE 90363 · BSE 6829 | active — NSE (90363) & BSE (6829) OBPP |
| TheFixedIncome | Techwealth Capital Services Pvt Ltd (Tipsons group) | INZ000312335 | BSE 6822 | active |
| Wint Wealth | Fourdegreewater Services Pvt Ltd | INZ000313632 | NSE | active |
Stock broker
| Brand | Operating entity | SEBI reg. no. | Exchange | Status |
|---|---|---|---|---|
| Angel One | Angel One Ltd | INZ000161534 | NSE · BSE · MSEI · MCX | active |
| Dhan | Raise Securities Pvt Ltd | INZ000006031 | NSE · BSE (OBPP-enabled Aug 2024) | OBPP-enabled, no bonds product shipped (Jul 2026) |
| Groww | Groww Invest Tech Pvt Ltd | INZ000301838 | NSE · BSE (registered OBPP) | active |
| ICICI Direct | ICICI Securities Ltd | INZ000183631 | NSE 07730 · BSE 103 | active |
| INDmoney | INDstocks Pvt Ltd | INZ000305337 | NSE · BSE (debt segment) | OBPP-registered, NO live retail bond product (Jul 2026) |
| Upstox | RKSV Securities India Pvt Ltd (execution: IndiaBonds) | INZ000185137 | NSE · BSE · MCX (white-label OBPP via IndiaBonds) | active |
| Zerodha | Zerodha Broking Ltd | INZ000031633 | NSE · BSE · MCX (NOT an OBPP) | active — Coin bond store discontinued; G-secs via Kite auctions, listed NCDs on Kite |
Government / exchange direct
| Brand | Operating entity | SEBI reg. no. | Exchange | Status |
|---|---|---|---|---|
| BSE Direct | BSE Ltd | — | BSE (exchange platform, not an OBPP) | active |
| NSE goBID | National Stock Exchange of India Ltd | — | NSE (exchange platform, not an OBPP) | web-only — mobile app discontinued Jul 2025 |
| RBI Retail Direct | Reserve Bank of India (portal operated by CCIL) | — | RBI scheme — outside SEBI OBPP framework | active — 3.74L RDG accounts (Jul 2026) |
On-exchange (any demat)
| Brand | Operating entity | SEBI reg. no. | Exchange | Status |
|---|---|---|---|---|
| Buying listed bonds on-exchange | Any SEBI-registered broker + demat account | — | NSE · BSE secondary market | active |
Caution — not OBPP registered
| Brand | Operating entity | SEBI reg. no. | Exchange | Status |
|---|---|---|---|---|
| altGraaf | AI Growth Pvt Ltd | — | — | SEBI order Nov 2024: stop unlisted-NCD sales |
| Stable Investments | Berkelium Technologies | — | — | SEBI order Nov 2024: stop unlisted-NCD sales |
| Tap Invest | Purple Petal Invest Pvt Ltd | — | — | SEBI order Nov 2024: stop unlisted-NCD sales |
How to verify a platform yourself
- Find the platform’s operating entity in its website footer or terms — the brand name is never the registered name.
- Match the entity and INZ registration number against the NSE/BSE registered-OBPP spreadsheets linked from SEBI’s “Online Bond Platform Providers” page (sebi.gov.in).
- Confirm the bonds themselves are listed securities — SEBI’s framework does not permit OBPPs to sell unlisted bonds to retail investors.
- Check the issuer’s credit rating and the rating agency’s rationale — platform registration does not protect you from an issuer default.
Frequently asked
Checking a bond platform’s registration.
Search the platform’s operating entity (not its brand name) in the registered-OBPP lists that NSE and BSE publish, linked from SEBI’s Online Bond Platform Providers page. The registration belongs to a stock-broker entity — for example, Wint Wealth operates as Fourdegreewater Services Pvt Ltd (INZ000313632). Our table below maps every brand name to its entity and registration number.
No. Registration governs how the platform settles trades and handles your money — it says nothing about the credit quality of the bonds listed. Bonds sold via registered platforms defaulted in July 2025 (TruCap Finance NCDs), and GoldenPi — a registered platform — was penalised by SEBI in 2025 for routing trades outside the mandatory exchange RFQ mechanism. Judge the bond by its rating and the issuer; judge the platform by registration, settlement and fee transparency.
In November 2024 SEBI ordered altGraaf, Tap Invest and Stable Investments to stop facilitating sales of unlisted NCDs — roughly ₹4,800 crore of unlisted debt had been sold to retail investors outside the OBPP framework. None of the three is a registered OBPP. Any platform selling unlisted bonds to retail investors is operating outside SEBI’s framework.
Two reasons. Brokers like Zerodha sell government securities and listed bonds through normal exchange routes without OBPP registration — that is legitimate. Conversely, INDmoney and Dhan hold OBPP-capable registrations but have no live retail bond product as of July 2026 — a licence is not a product.