Discount Brokers Set to Launch Bond Platforms in Coming Months; Move Widens Access to Fixed-Income Products as Groww Already Sees Strong Traction
Leading discount brokerage firms Zerodha and Angel One have secured regulatory approval from the Securities and Exchange Board of India (SEBI) to offer corporate bonds on their platforms. The licences enable the two brokers to distribute listed corporate bonds directly to retail investors, marking a significant expansion of fixed-income product access beyond traditional channels.
According to information available on the SEBI website, both firms have received the necessary nod to operate as online bond platform providers. Company executives indicated that the platforms are currently undergoing internal testing, with commercial launches expected over the next few months.
Growing Retail Interest in Bonds
The development comes at a time when retail participation in India’s corporate bond market is gradually rising, though overall awareness remains relatively low. Groww, currently the country’s largest broking firm by active investors, launched its bond platform in May 2026 and is already facilitating sales of nearly ₹200 crore worth of bonds every month, according to sources familiar with the matter.
Zerodha has highlighted that recent regulatory measures, particularly the reduction in the face value or ticket size of debt securities, have made corporate bonds far more accessible to individual investors. Lower minimum investment amounts have removed a key barrier that previously restricted participation largely to high-net-worth individuals and institutions.
Arief Mohamad, Chief Business Officer for Direct Business at Angel One, said the firm’s priority remains product safety and reliability. “Our focus is always on offering the safest and most reliable products to our users, and we are working towards rolling this out in the coming months,” he noted.
Why the Licence Matters
Corporate bonds offer investors the potential for higher yields compared with traditional fixed deposits, along with the benefit of regular interest payments and capital protection if held to maturity (subject to issuer credit risk). Until recently, access for retail investors was limited, with most trading concentrated among institutional players.
SEBI has been steadily easing norms for Online Bond Platform Providers (OBPPs) to deepen the market. Recent relaxations have expanded the range of products these platforms can offer and simplified compliance requirements. The regulator’s broader goal is to improve liquidity, transparency and retail participation in the debt market, which remains significantly smaller than the equity market in terms of retail engagement.
By bringing corporate bonds onto popular discount brokerage platforms that already serve millions of equity investors, Zerodha and Angel One are expected to lower the friction of discovery, research and investment. Users will be able to view available bonds, check credit ratings, compare yields and complete purchases within the same interface they use for stocks and mutual funds.
Competitive Landscape
The entry of Zerodha and Angel One intensifies competition in the online bond distribution space. Dedicated platforms such as GoldenPi, Wint Wealth, Jiraaf and Grip Invest have been active for some time, while larger full-service brokers and banks also offer fixed-income products. Discount brokers, however, bring large existing customer bases and low-cost operating models that could accelerate volume growth.
Market participants expect the combined presence of Groww, Zerodha and Angel One to significantly increase visibility of corporate bonds among younger and first-time investors who have so far focused primarily on equities and mutual funds.
Risks and Investor Education
While greater access is welcome, experts caution that corporate bonds carry credit risk. Unlike bank deposits, they are not covered by deposit insurance, and returns depend on the issuer’s ability to meet interest and principal obligations. Investors will need to evaluate credit ratings, tenure, yield-to-maturity and liquidity before investing.
Brokerages are expected to provide educational content and risk disclosures alongside product offerings. The success of these platforms will depend not only on ease of transaction but also on how effectively they help users understand the differences between various categories of bonds.
Broader Market Implications
India’s corporate bond market has grown in size over the years, yet secondary market liquidity and retail participation have lagged. SEBI’s push for online platforms, reduced ticket sizes and simplified norms forms part of a larger effort to create a deeper and more inclusive debt market.
For Zerodha and Angel One, the bond offering adds a new revenue stream and strengthens their positioning as comprehensive investment platforms. For the market, it represents another step toward democratising access to fixed-income instruments that were once largely the preserve of institutions and wealthy individuals.
As the two brokers prepare to go live in the coming months, attention will focus on the range of bonds they list, pricing transparency, user experience and the pace at which retail volumes build. If early traction mirrors Groww’s experience, corporate bonds could steadily move from the periphery to a more mainstream allocation in retail portfolios.
