Online bond platform providers (OBPP) are companies incorporated in India to sell bonds or non-convertible debentures on their platforms, especially to the retail investors. Mostly these companies are backed by fintech companies or stock brokers. As per Sebi's new regulations, these entities have to register themselves as a stock broker in the debt segment and then apply to the bourse to act as an OBPP. A few bond platforms already have a licence, but other companies are still in the process of applying for it, as SEBI has asked these entities to apply within three months from the issue of the circular with new regulations.