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 · BSE 6810 | active |
| Bondbazaar | Bondbazaar Securities Pvt Ltd | INZ000303236 | NSE 90247 · BSE 6768 | active |
| BondsIndia | Launchpad Fintech Pvt Ltd | INZ000296636 | NSE 90329 · BSE 6746 | active |
| Bondskart | JM Financial Services Ltd | INZ000195834 | NSE 10548 · BSE 325 | active — JM group under SEBI actions 2024-25 |
| GoldenPi | GoldenPi Securities Pvt Ltd (acquisition by Oxyzo/OfBusiness announced May 2026) | 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 | NSE 90389 · BSE 6821 | active |
| IndiaBonds | India Bond Pvt Ltd | INZ000311637 | NSE 90316 · BSE 6811 | active |
| Jiraaf | Jiraaf Platform Pvt Ltd | INZ000315538 | NSE 90355 · BSE 6835 (BSE since 16 Dec 2025) | active — parent named in SEBI Nov-2024 altGraaf order |
| Stable Money / Stable Bonds | Stable Broking Pvt Ltd | INZ000314637 | NSE 90363 (BSE 6829 inactive since 27 Nov 2025) | active — NSE OBPP (90363); BSE OBPP voluntarily closed w.e.f. 27 Nov 2025 |
| TheFixedIncome | Techwealth Capital Services Pvt Ltd (Tipsons group) | INZ000312335 | BSE 6822 (NSE member 90499 listed, OBPP not enabled as of 16 Sep 2026) | 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 — OBPP-enabled Jul 2026 (NSE 14 Jul, BSE 16 Jul); curated bond product not launched yet (Sep 2026) |
| Dhan | Raise Securities Pvt Ltd | INZ000006031 | NSE · BSE (OBPP-enabled Aug 2024) | OBPP-enabled, no bonds product shipped yet (Sep 2026; launch reported as planned) |
| Groww | Groww Invest Tech Pvt Ltd | INZ000301838 | NSE 90187 · BSE 6699 (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 — bonds via IndiaBonds; Upstox Securities activated as a BSE OBPP on 25 Sep 2026 |
| 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; OBPP approval reported Aug 2026, not enabled yet (Sep 2026) |
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 SEBI penalised three registered platforms — Aspero (Apr 2025), GoldenPi (Jul 2025) and Wint Wealth (Nov 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, Dhan and Angel One hold OBPP enablement but had not launched a retail bond product as of September 2026, and INDmoney had none when we last checked in July 2026 — a licence is not a product.