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JC - Legal Updates - SEBI amends and highlights product offerings by Online Bond Platform Providers

Legal Updates

22 Jun 2023

SEBI amends and highlights product offerings by Online Bond Platform Providers

SEBI issues a circular to spotlight the products offered by Online Bond Platform Providers (“OBPPs”) 
The following are the key highlights of the proposals:
Technical Details:
SEBI vide its circular advises OBPPs to:
1)    Ensure that only the following securities are available on their platform:
(a)   listed debt securities;
(b)   debt securities proposed to be listed through a public offering;
(c)   listed municipal debt securities and listed securitized debt instruments;
(d)   municipal debt securities and securitized debt instruments proposed to be listed through a public offering;
(e)   listed government securities, state development loans, treasury bills; and
(f)    listed sovereign gold bonds.
SEBI has widened the definition to newly introduce points (c), (d), (e) and (f) vide this circular.
2.    Limit offering other products other than the above directly or indirectly (i.e. by providing link/access to another website) and ensure that the offering is discontinued (directly or indirectly);
3.    Verify that the logo of the OBPPs is not used by any related entity of the OBPPs to offer unlisted securities or such services that are not regulated by SEBI, RBI, Insurance Regulatory and Development Authority of India, or the Pension Fund Regulatory and Development Authority. Such related entities shall also not receive any user information from the platform.
4.    Provide adequate disclaimer to users in case any service is offered by OBPPs other than the securities mentioned above before they are redirected to such other website.

For any queries/clarifications, please feel free to ping us and we will be happy to chat:

●   Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com)
●   Mr. Smit Parekh (smit.parekh@jclex.com)