SEBI Press Release PR No. 75/2025, dated November 19, 2025, cautions the public regarding unregistered Online Bond Platform Providers (OBPPs). Certain entities, including fintech companies and stock brokers, are offering OBPP services without proper registration from the Stock Exchanges, as required by SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2022/154, dated November 14, 2022. These unregistered platforms lack regulatory oversight, investor protection, and grievance redressal mechanisms. Their activities may violate the Companies Act, 2013, the SEBI Act, 1992, and related regulations. SEBI has previously issued an interim order on November 18, 2024, against some of these entities. Investors are urged to exercise caution, verify the registration status of OBPPs before transacting, and deal only with SEBI-registered entities. Links to verify registration status:
* SEBI: https://www.sebi.gov.in/online-bond-platform-providers.html
* NSE: https://www.nseindia.com/trade/members-compliance
* BSE: https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip"
All market participants are cautioned to ensure compliance with the applicable regulatory framework before offering OBPP services. Contact details for the Communications Division, SEBI Bhavan, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051: Tel: +91-22-26449000, Email: press@sebi.gov.in, Website: www.sebi.gov.in.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulator responsible for regulating the securities market in India, issuing the circular cautioning the public about unregistered Online Bond Platform Providers.
Online Bond Platform Providers (OBPPs): Entities providing services for bonds online, potentially requiring registration with stock exchanges as indicated in the SEBI circular. This circular discusses unregistered OBPPs and advises caution to investors.
SEBI Act, 1992: The Act under which SEBI derives its powers and which unregistered online platforms might violate.
Companies Act, 2013: An act in violation of which the activities of unregistered online platforms might be.
PR No.75/2025
Caution to Public regarding unregistered Online Bond Platform Providers
It has been observed that certain entities, including fintech companies and stock
brokers, are offering services in the nature of Online Bond Platform Providers (OBPPs)
without obtaining due registration from the Stock Exchanges as mandated in SEBI
Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2022/154 dated November 14,
2022 (hereinafter referred to as ‘unregistered platforms’).
Such unregistered platforms lack regulatory or supervisory oversight and do not
provide for any mechanisms for investor protection or grievance redressal.
The activities undertaken by such unregistered online platforms may potentially be in
violation of the Companies Act, 2013, the SEBI Act, 1992, and regulations framed
thereunder. SEBI in the past has issued an interim order on November 18, 2024
against few such entities.
Investors are urged to exercise caution and avoid transacting on unregistered online
bond platforms. Investors should verify the registration status of the OBPPs prior to
transacting, and deal only with SEBI-registered entities, in order to safeguard their
interests.
Links where registration status of the Online Bond Platform Providers can be verified
are given below:
SEBI website: https://www.sebi.gov.in/online-bond-platform-providers.html
NSE website: https://www.nseindia.com/trade/members-compliance
BSE website: https://www.bseindia.com/downloads1/OBP_MEMBER_LIST.zip”
Page 1 of 2Additionally, all market participants are cautioned to ensure compliance with the
applicable regulatory framework prior to offering any services in the nature of Online
Bond Platform Provider.
Mumbai
November 19, 2025
Page 2 of 2