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ARTICLE · 24 AUGUST 2026

SEBI Modifies Regulatory Framework For Online Bond Platform Provider

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SEBI, by way of Circular dated 14.08.2026 issued modifications in the regulatory framework for Online Bond Platform Providers (“OBPPs”), including ease-of doing-business measures (“OBPP Circular”). The OBPP Circular amends Chapter XXI of the SEBI Master Circular on issue and listing of non-convertible securities, Securitised Debt Instruments, Security Receipts, MDS and Commercial paper dated 15.10.2025 (“NCS Master Circular”).

IndiaCorporate/Commercial Law
Sagus Legal LLP
Sagus Legal LLP

SEBI, by way of Circular dated 14.08.2026 issued modifications in the regulatory framework for Online Bond Platform Providers (“OBPPs”), including ease-of doing-business measures1 (“OBPP Circular”).

The OBPP Circular amends Chapter XXI of the SEBI Master Circular on issue and listing of non-convertible securities, Securitised Debt Instruments, Security Receipts, MDS and Commercial paper dated 15.10.2025 (“NCS Master Circular”).

SEBI has permitted OBPPs to offer products and securities regulated by the International Financial Services Centres Authority (“IFSCA”), the unified regulator in Gujarat International Finance Tech-City – International Financial Services Centre (“GIFT-IFSC”). The permitted-regulator list under Clause 5.2.5 now reads SEBI, Reserve Bank of India, Insurance Regulatory and Development Authority of India, IFSCA and Pension Fund Regulatory and Development Authority. Platforms can now offer capital-gains bonds issued under Section 54EC of the Income-tax Act, 1961 or

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