From niche to mainstream: How India's bond market reinvented itself over the last 10 years

India's bond market has nearly tripled in size over the last decade, with total bond issuances rising from Rs 4.07 lakh crore in 2014 to Rs 11.60 lakh crore in 2025. SEBI-led reforms including the reduction of minimum investment thresholds from Rs 10 lakh to Rs 10,000, introduction of the Electronic Book Provider (EBP) platform in 2016 and the Request for Quote (RFQ) platform have driven democratisation, transparency and broader participation. Listed bond issuances on BSE and NSE climbed from Rs 3.61 lakh crore to Rs 9.22 lakh crore, with FY25 marking a record at Rs 9.9 trillion in fresh issuances.