SEBI has modified Chapter XXI of the NCS Master Circular dated October 15, 2025 governing Online
Bond Platform Providers (OBPPs). OBPPs may now offer products, securities or services regulated
by the International Financial Services Centres Authority (IFSCA), subject to FEMA/LRS
compliance and clear labelling as international/overseas instruments, and may offer
Bonds issued under section 54EC of the Income Tax Act, 1961/Section 85 of the Income-tax Act,
2025, subject to prescribed disclaimers and disclosures (eligible issuers, lock-in, investment
limit, non-transferability, tax features). The circular also revises the compliance officer requirement for OBPPs — the entity must appoint a Compliance Officer as per SEBI (Stock Brokers) Regulations, 2026, who complies with NISM-Series-III-A certification requirements (replacing the earlier requirement of a Company Secretary as compliance officer).
