The Securities and Exchange Board of India (SEBI) issued a public caution that certain entities, including fintech companies and stock brokers, are offering services as Online Bond Platform Providers (OBPPs) without obtaining the required registration from stock exchanges. SEBI warned that these unregistered platforms are not subject to regulatory or supervisory oversight and may lack investor protection and grievance redress mechanisms. It noted that such activities may potentially violate the Companies Act, 2013, the SEBI Act, 1992, and regulations framed thereunder, and referenced a prior interim order dated November 18, 2024 against some entities. Investors were urged to avoid transacting on unregistered OBPPs, verify registration status, and deal only with SEBI-registered entities, while market participants were cautioned to ensure compliance before offering OBPP-like services.

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