Business
Sebi broadens scope of online bond platforms, permits IFSCA-regulated products and tax-saving bonds
Under the revised framework, OBPPs can offer products, securities or services regulated by financial sector regulators, including SEBI, the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), IFSCA and the Pension Fund Regulatory and Development Authority (PFRDA), according to the regulator’s latest circular.
OBPPs can also offer bonds issued under Section 54EC of the Income Tax Act, 1961, or Section 85 of the Income-tax Act, 2025.
Insurers in India are showing significant interest in sovereign green bonds, aiding in the establishment of a substantial greenium. With market confidence in the ability to absorb a larger supply, there’s a push for enhanced issuance of these bonds. Insurers need them for optimal asset allocation and regulatory advantages, emphasizing the importance of sustaining this demand in India’s financial landscape.
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What are online bond platforms?
SEBI prescribed a regulatory framework for entities operating or seeking to operate as OBPPs in November 2022, with subsequent circulars setting out registration, permissible products and other operational requirements.
Under the revised framework, OBPPs can continue to offer listed debt securities, listed municipal debt securities, listed securitised debt instruments, debt securities proposed to be listed through a public offering, listed Government Securities, State Development Loans, Treasury Bills and listed Sovereign Gold Bonds.They can now also offer other products, securities or services regulated by financial sector regulators.
IFSCA-regulated products
For products, securities or services regulated by IFSCA, OBPPs will have to offer them in the manner specified for SEBI-registered stock brokers operating within GIFT-IFSC and comply with applicable requirements under the Foreign Exchange Management Act (FEMA), 1999.
This includes applicable Overseas Investment Rules and limits under the Liberalised Remittance Scheme (LRS).
SEBI has also directed that such products, securities or services be clearly labelled as international or overseas instruments to prevent confusion with domestic debt securities.
These products may be offered either under a separate tab on the online bond platform or through another website or platform. They will be governed by the directions and stipulations of the respective financial sector regulator, while the OBPP will have to specify the grievance redressal mechanism on its platform.
The revised framework also permits OBPPs to offer bonds issued under Section 54EC of the Income Tax Act, 1961, or Section 85 of the Income-tax Act, 2025. SEBI has required platforms offering these bonds to provide a disclaimer stating that these are tax-specific instruments and that grievance redressal for these instruments does not lie with SEBI but with the issuer.
According to the circular, OBPPs must also disclose key features of 54EC bonds, including eligible issuers, lock-in period, investment limit, non-transferable status, tax features and application size. They must also disclose the exemption of these bonds from listing requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
SEBI further said that platforms must prominently disclose that investment in these instruments is intended for investors seeking to avail themselves of the associated tax benefits, subject to the eligibility criteria and other conditions prescribed under the applicable provisions of the Income-tax Act.
Compliance officer requirements
SEBI has also modified the compliance requirements for OBPPs. Under the revised framework, an OBPP must appoint a compliance officer in accordance with the SEBI (Stock Brokers) Regulations, 2026.
The compliance officer must comply with the prescribed certification requirements, including the NISM-Series-III-A: Securities Intermediaries Compliance (Non-Fund) Certification Examination for stock brokers, as prescribed from time to time.
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The Office of the Comptroller of the Currency (OCC) on Friday granted preliminary conditional approval for a national trust bank tied to World Liberty Financial, a crypto venture partially owned by President Donald Trump‘s family.
The decision, announced in a letter posted on the OCC’s website, advances World Liberty Financial’s plans to establish a national trust bank focused in part on issuing and managing the USD1 stablecoin.
World Liberty Trust Company, National Association, would be based in Bay Harbor Islands, Florida, and plans to issue and redeem USD1, maintain reserves backing the stablecoin and provide digital asset custody and related services to institutional customers.
In its letter, the OCC said it granted preliminary conditional approval to World Liberty Trust Company’s application for a national trust bank charter, which was submitted in January.
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President Donald Trump’s family is affiliated with World Liberty Financial, which received preliminary conditional approval from the OCC for a national trust bank. (Ahmet Serdar Eser/Anadolu via Getty Images / Getty Images)
The firm welcomed the decision, calling it a “milestone” in its efforts to open the bank.
“A national trust bank brings USD1 issuance, custody and reserve management together under OCC supervision, examined on the same standards that have governed banks for generations,” World Liberty Trust President and Chairman Zach Witkoff said in a statement.
“We welcome continuous scrutiny from federal regulators for many years to come.”
Witkoff is the son of Trump’s special envoy, Steve Witkoff.
Zach Witkoff said in an X post that the proposed national trust bank would have a clear objective.
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Eric Trump (center), the newly appointed ALT5 Board director of World Liberty Financial, is joined by his brother and ALT5 Board Observer Donald Trump Jr. (left); Zach Witkoff (center left), co-founder and CEO of World Liberty Financial; and Zak Folk (Spencer Platt/Getty Images)
“Our ambition is clear: to build the most trusted and widely used digital dollar in the world while strengthening the role of the U.S. dollar across the global economy.”
The bank cannot begin operating yet and must satisfy a series of requirements before opening and receiving final approval from the OCC.
A significant portion of the OCC’s letter addressed objections raised by commenters over potential Trump family conflicts, foreign investment, stablecoin regulation, FDIC insurance and regulatory favoritism.
World Liberty Trust President and Chairman Zach Witkoff called the OCC’s preliminary approval of the proposed national trust bank a “milestone.” (Zak Bennett/Bloomberg via Getty Images / Getty Images)
On its website, World Liberty Financial states that it is 38% owned by “an entity affiliated with Donald J. Trump and certain of his family members.”
The OCC rejected those objections as grounds for denying the charter and said staff reviewed the application under established procedures.
“Career OCC staff reviewed the application for consistency with the statutory, regulatory, and policy requirements and factors for approval of a de novo application,” the OCC wrote.
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An OCC official emphasized the importance of de novo banks in a statement to FOX Business, saying a robust pipeline of new banks is crucial to a healthy financial system.
The official said new entrants bring new ideas, products and services that increase competition, drive innovation and expand consumer choice, contributing to a strong and diverse banking system that supports a modern economy.
Reuters contributed to this report.
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