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

India's bond market has nearly tripled 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, according to Grip Invest data. Key milestones include SEBI's Electronic Book Provider platform (2016), RFQ platform (2020-2023), reduction in minimum corporate bond investment from Rs 10 lakh to Rs 10,000 (2022-2024), the Online Bond Platform Provider framework (2022), Bond Central repository (2025), and India's inclusion in the JP Morgan GBI-EM index from June 2024. FY25 saw fresh bond issuances touching a record Rs 9.9 trillion, reflecting accelerated democratisation and improved transparency.