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NameIssue SizeMaturityCoupon
NTPC LimitedCRISIL AAAINE733E07CB1140.00Cr06 Nov 202311.25 %
Tata Capital Financial Services LimitedCRISIL AAAINE306N08029100.00Cr26 Sep 202410.15 %
Tata Capital Housing Finance LimitedCRISIL AAAINE033L081630.40Cr18 Mar 202410.00 %
Kotak Investment Advisors LimitedCRISIL AAAINE03BW0806980.00Cr26 Sep 202510.00 %
Tata Sons Private LimitedCRISIL AAAINE895D07446300.00Cr20 Mar 20249.90 %
LIC Housing Finance LimitedCRISIL AAAINE115A07FC01000.00Cr19 Mar 20249.80 %
Tata Sons Private LimitedCRISIL AAAINE895D07396305.00Cr13 Jan 20249.74 %
Tata Sons Private LimitedCRISIL AAAINE895D07370237.00Cr13 Dec 20239.71 %
HDB Financial Services LimitedCRISIL AAAINE756I08074200.00Cr20 Jun 20249.70 %
Canara BankCRISIL AAAINE476A092561000.00Cr27 Mar 20249.70 %

How to buy Unlisted Bonds?

Unlisted Bonds, as the name suggests, are not listed on any recognised stock exchanges. They are privately sold to investors, including family offices, HNIs, and institutional investors. Unlisted bonds can be bought and sold more easily than listed bonds but may be less liquid.

Advantages of Unlisted Bonds

  • Higher Yields: Unlisted bonds often offer higher yields since they are generally issued to a limited number of institutional investors who negotiate the terms and conditions with the issuer.
  • Flexibility: Unlisted bonds' conditions of purchase can be altered to suit the particular requirements of investors. Issuers might offer a variety of maturities, payment intervals, and other features to attract investors.
  • Lower Costs: Since unlisted bonds are offered directly to investors, there are no middlemen like brokers or underwriters to contend with. Lower issuance costs may come from this, and larger yields may be offered to investors.

Before investing in unlisted bonds, you should carefully assess your investment goals, risk appetite, and liquidity needs. You should also do in-depth research and analysis to ensure your investments align with your objectives.

Risks associated with investing in unlisted bonds in Unlisted Bonds

  • Limited liquidity: Unlisted bonds are not traded on public exchanges, so it may be more difficult for investors to buy and sell unlisted bonds. Moreover, the prices of these bonds may be more volatile.
  • Reduced transparency: Unlisted bonds are not subject to the same level of regulatory scrutinisation as listed bonds. As a result, there may be less information about the issuer of an unlisted bond, making it more difficult for investors to assess these securities' credit quality and risk.
  • Increased credit risk: Since regulatory bodies do not assess unlisted bonds, they may have lower creditworthiness than larger, publicly traded entities. Hence, unlisted bonds may have a higher default risk than listed bonds.

Listed vs Unlisted Bonds


Listed Bonds

Unlisted Bonds


Debt securities that are listed on a recognised stock exchange.Debt securities that are not listed on any recognised stock exchange.


Publicly traded and owned by the public at large.Typically held by large institutional and private investors.


They are comparatively more liquid as they can be traded freely on stock exchanges.They are less liquid as they can only be traded through the Over-The-Counter (OTC) market.

Applicable Law

SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and Companies Act, 2013.Companies Act, 2013.

Regulatory Conditions

Subject to complex and strict regulatory standards set by SEBI.Not subject to such strict standards as listed bonds.

Issue Process

Long and requires various disclosures and approvals.Not as complex as listed bonds.


TDS is applicable at @10% on interest for listed bonds. LTCG at 10% without indexation for holding bonds for more than 12 months.TDS is applicable at @10% on interest. LTCG at 20% without indexation for holding bonds for more than 36 months.

Is Your Investment Safe With Unlisted Bonds?

The terms and conditions of the bond document determine the resolution process for unlisted bonds. Investors can approach the issuer to seek a resolution. The company may restructure the debt, offer a settlement, or initiate legal proceedings to recover the money. Bondholders can initiate legal proceedings to recover the money if the company fails to honour its commitment. This may involve approaching the Debt Recovery Tribunal (DRT) or initiating insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

Points to be considered before investing in Unlisted Bonds

You must consider various factors to ensure you make the right investment decision. Here is a detailed guide on key factors to help you choose the best type of bond to meet your investment needs.

  • Risk Profile: Different types of bonds have varying risk levels. So before you invest, it is very important to assess your risk tolerance and choose a bond that aligns with your comfort level.
  • Investment Horizon: Your investment horizon is another crucial factor while investing in bonds. If you require liquidity in the short term, you should invest in bonds with shorter maturities and vice versa. But remember that the longer the maturity, the more sensitive the bond price will be to interest rate changes.
  • Transparency and Credit Quality: The bond market can be complex, and regulatory oversight ensures the transparency and fairness of the market. Unlisted bonds are not regulated, so you must assess their credit quality before investing. Ensure you are comfortable with the transparency and credit quality of the bond.


Irrespective of which instrument you are investing in, being vigilant about its features and ensuring that it matches your risk-taking capabilities is essential. Check out these bonds if you want a higher fixed return on your investment and security.

FAQs about Unlisted Bonds

Is it legal to buy unlisted bonds in India?

Yes, it is legal to buy unlisted bonds in India. However, there are some restrictions on who can buy unlisted bonds and how they can be bought.
Under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, only certain investors can buy unlisted bonds. These investors include

  • Qualified institutional buyers (QIBs): Large institutional investors, such as banks, mutual funds, and insurance companies.
  • High net worth individuals (HNIs): Individuals with a net worth of at least ₹5 crore.
  • Retail investors: Retail investors can only buy unlisted bonds with a minimum investment of ₹2 lakhs.

How to buy unlisted bonds?

There are a few ways to buy unlisted bonds:

  • Through a broker: You can contact a broker specialising in unlisted bonds and ask them to help you find bonds that meet your investment criteria.
  • Through a direct issuer: Some companies offer unlisted bonds directly to investors. You can find these companies by searching online or through industry publications.
  • Through a bond aggregator: Many bond aggregators list unlisted bonds for sale. You can search these aggregators to find bonds that meet your investment criteria.
Disclaimer: The facts and information on this page are for information and awareness purposes only. No information provided here is intended towards any specific user and should not be construed as investment advice or a recommendation of any kind whatsoever. You are requested to consult with your professional investment advisor or tax advisor for specific directions on any investments in any securities including the bonds mentioned on this page before making any investment decision. Wint Wealth shall not be liable for any losses incurred by you based on an investment decision utilising the information on this page.