6:05 PM IST, Mumbai — After SEBI’s November 19 public caution warning Indians about unregistered Online Bond Platform Providers (OBPPs), the Bombay Stock Exchange (BSE) has quietly updated and released its official full list of real, registered bond platforms and trading members. The reality is far more revealing than investors expected.
For India’s fast-rising retail bond market, this is not just another list. This is the final filter that separates regulated platforms from very polished but unregistered apps that keep flashing 10%+ “safe” yields.
And Yeah! Like NSE’s list, several well-known platforms do not appear here at all.
Why This BSE List Matters Right Now
Unlike equity broking, where every platform is clearly mapped to an exchange member, the bond space is still new, scattered, and crowded with fintech dashboards that look professional but operate outside SEBI’s OBPP framework.
SEBI’s fresh advisory on 19 November 2025 was not random.
It was a direct warning that many apps selling bonds are unregistered, and investors may be unknowingly taking platform risk, not just credit risk.
If you missed our earlier detailed breakdown on the NSE-approved list, read it here: NSE drop SEBI-Approved Bond App List
Now, let’s look at the latest BSE-registered OBPP list.
Full BSE-Registered OBPP List (as per BSE records on 16 Oct 2025)
| No. | Platform / Brand (Investor-Facing) | Trading Member Name | Status | Enablement |
|---|---|---|---|---|
| 1 | ICICI Direct | ICICI Securities Ltd | Active | 15-Feb-2023 |
| 2 | IIFL Securities | IIFL Securities Ltd | Active | 26-Jul-2024 |
| 3 | JM Financial | JM Financial Services Ltd | Active | 15-Feb-2023 |
| 4 | Motilal Oswal | Motilal Oswal Financial Services Ltd | Active | 10-Jan-2024 |
| 5 | Centrum Broking | Centrum Broking Ltd | Active | 01-Feb-2024 |
| 6 | Prudent Broking | Prudent Broking Services Pvt Ltd | Active | – |
| 7 | Nuvama | Nuvama Wealth & Investment Ltd | Active | 03-Jan-2024 |
| 8 | – | Arun Kumar | Active | 28-Aug-2024 |
| 9 | HDFC Securities | HDFC Securities Ltd | Active | 26-Jul-2024 |
| 10 | Sharekhan | Sharekhan Ltd | Active | – |
| 11 | Geojit | Geojit Financial Services Ltd | Active | – |
| 12 | SMC Global | SMC Global Securities Ltd | Active | – |
| 13 | Anand Rathi | Anand Rathi Share & Stock Brokers Ltd | Active | – |
| 14 | Nirmal Bang | Nirmal Bang Securities Pvt Ltd | Active | 09-Aug-2023 |
| 15 | Axis Direct | Axis Securities Ltd | Active | – |
| 16 | Mahindra Manulife | Mahindra Manulife Investment Advisors | Active | – |
| 17 | Sushil Finance | Sushil Financial Services Pvt Ltd | Active | 27-Dec-2023 |
| 18 | Choice Broking | Choice Equity Broking Pvt Ltd | Active | – |
| 19 | – | Sovereign Global Markets Pvt Ltd | Active | – |
| 20 | GoldenPi | GoldenPi Securities Pvt Ltd | Active | – |
| 21 | CredAvenue / Yubi | CredAvenue Securities Pvt Ltd | Active | – |
| 22 | IndiaBonds | India Bond Pvt Ltd | Active | – |
| 23 | InCred Money / BidEasy | Oro Financial Consultants Pvt Ltd | Active | – |
| 24 | TechWealth | TechWealth Capital Services Pvt Ltd | Active | – |
| 25 | Dimension Financial | Dimension Financial Solutions Pvt Ltd | Active | – |
| 26 | Stable Money | Stable Broking Pvt Ltd | Active | – |
| 27 | SafeGold (Bonds Section) | SafeGold Digidemat Pvt Ltd | Active | – |
| 28 | Northern Arc | Northern Arc Securities Pvt Ltd | Active | – |
| 29 | Dexif | Dexif Security Broking Pvt Ltd | Active | – |
| 30 | Prachay | Prachay Securities Pvt Ltd | Active | – |
| 31 | Equirize | Equirize Securities Pvt Ltd | Active | – |
| 32 | Groww Bonds | Groww Invest Tech Pvt Ltd | Active | – |
Note: Unlike NSE’s list, the BSE list clearly shows a pattern: brokers dominate, fintechs are still catching up, and a large number of popular apps simply do not appear anywhere unless they’re routing through a partner.
Easemoney Breakdown — What This BSE List Actually Reveals
1. The Bond Market Is Still “Broker-Heavy”, Not App-Heavy
Most names on BSE’s OBPP list are large brokerages.
Meaning: many “fintech-looking apps” are just front-end layers, not exchange members.
Investors must look past UI and check the actual regulatory status.
2. Popular Apps Missing → Not a glitch, but a structural gap
Many consumer-friendly apps that spend crores on influencer ads don’t appear here.
This usually means one of three things:
- They are not OBPPs
- They are routing via another broker
- They are offering riskier structures that don’t fall under OBPP norms
Either way, if an app is not on NSE or BSE’s OBPP list, you should pause and verify.
3. “Active” Status Is the Real Green Flag
Registration alone is not enough.
An OBPP becomes truly functional when its exchange module is enabled.
That’s where trade routing, settlement logic, and investor protection come in.
Hidden Risk Investors Never See: Platform Risk
Most retail investors think bond risk = only default risk. But SEBI’s advisory made it clear — platform risk is the real danger right now.
When you buy from an unregistered OBPP, you lose:
- Exchange-verified order routing
- Transparent settlement
- Proper disclosures
- SCORES grievance redressal
- Regulator-backed accountability
A bond may be safe. Your platform may not be.
SEBI’s Enforcement History Confirms the Problem
This isn’t theory. As per the Times of India news on 19 Nov 2024, SEBI has already cracked down on four online platforms earlier for offering debt securities without proper authorisation. The names are AltGraaf and Tap Invest.
These actions show one truth: If you buy bonds from the wrong platform, you carry risks no app will ever mention.
Quick Checks Before Using ANY Bond App
Check 1 — Is the platform on NSE/BSE’s OBPP list?
If not → Red flag.
Check 2 — Is the OBPP status “Enabled/Active”?
Registered but not active = Not ready for public flows.
Check 3 — Does the platform disclose routing via exchange?
If routing is unclear, avoid.
Check 4 — Are risks clearly explained?
“10% safe returns” banners = Warning sign.
Check 5 — Does the platform let you verify issuer, rating, liquidity?
Transparency = Trust.
Bottom Line
If your app is:
- Active → You’re inside the SEBI–exchange safety net
- Registered but not active → Coming soon, not fully safe
- Missing → Think twice before trusting yield banners
