Compliance Impact
If adopted, the framework would create a new regulated distribution layer for bond sales. Channel partners would need to meet eligibility and certification rules, and the client charge would be capped at 2.5% of the investment value, which limits how aggressively the service can be priced.
Limits
Sebi’s case is that retail access is still too concentrated in institutions despite the growth in corporate bond issuance and online platforms.
The consultation paper also shows the model is designed to stay narrowly limited: partners can help with onboarding, KYC and transactions, but cannot touch client funds or securities.
Next Decision
Sebi has sought public comments on the proposal until September 11, 2026.