The next stage of development of India’s corporate bond market will depend on coordinated action by issuers, investors, intermediaries, stock exchanges and regulators, according to Sebi Chairman Tuhin Kanta Pandey.

Speaking at the Bond Market Issuer Outreach – Inaugural Programme, organised jointly by the Securities and Exchange Board of India (SEBI), BSE and the National Stock Exchange (NSE), Pandey said collaboration across the market ecosystem would be critical to sustaining momentum and deepening participation.

“The next phase of corporate bond market development depends on issuers, investors, intermediaries, stock exchanges and regulators moving together. SEBI, in coordination with MIIs and OBPPs, will run outreach programmes for issuers and awareness programmes for retail investors,” he said at the event on Wednesday.

India’s corporate bond market has expanded significantly over the past decade, growing from ₹17.5 lakh crore in FY15 to ₹53.6 lakh crore in FY25, at an annual pace of about 12%. With continued reforms, innovation and stronger institutional capacity, the market could scale up to ₹100–120 lakh crore by 2030, according to industry estimates.

As part of the initiative, SEBI, along with BSE and NSE, launched a common tagline — “Bonds – Ek Sashakt Bandhan” — for online bond platform providers to strengthen investor trust and improve awareness around transparency and safety in bond investments. A documentary tracing the evolution of India’s bond market and a series of investor education and protection videos were also unveiled.

Pandey said SEBI, in coordination with market infrastructure institutions and online bond platform providers, will continue to run issuer outreach programmes and investor awareness initiatives to broaden participation in the corporate debt market.

Ashishkumar Chauhan, Managing Director and Chief Executive Officer of NSE, said reforms and improving confidence among market participants have driven robust growth in the corporate bond market. He highlighted the role of NSE’s electronic bidding and request-for-quote platforms in improving transparency and price discovery across primary and secondary markets.

“India’s corporate bond market has experienced robust growth, driven by strategic reforms and increasing confidence among market participants. NSE’s Electronic Bidding Platform (EBP) and Request-For-Quote (RFQ) platforms have played a pivotal role in facilitating transparent, efficient and competitive price discovery in both primary and secondary bond markets,” he said.

Chauhan added that NSE remains committed to enhancing liquidity, expanding investor participation and further strengthening the debt market ecosystem. “Through continued innovation and collaborative efforts, we aim to drive sustainable financing and build a resilient corporate bond ecosystem poised for future growth,” he said.

“The inaugural outreach programme marks a significant step in driving collaboration across issuer and investor communities, furthering SEBI’s vision to build a robust and inclusive bond market to support India’s long-term economic trajectory,” he added.

Sundararaman Ramamurthy, Managing Director and Chief Executive Officer of BSE, said a deeper corporate bond market would require a strong sovereign yield curve, wider participation beyond top-rated issuers, better risk-hedging tools and a clearer value proposition for retail investors.

“The BSE Bond platform plays a pivotal role in facilitating the issuance and trading of corporate bonds, G-secs and other debt instruments for both retail and institutional investors. However, to build a truly vibrant corporate bond market in India, we need a holistic ecosystem, anchored by a strong sovereign yield curve, wider participation beyond just top-rated issuers, better risk-hedging tools, and a clear value proposition for retail investors,” the BSE CEO said.