**Individuals & sole proprietors** meeting citizenship, age, education and NISM certification criteria. **Partnerships, corporates & stock brokers** that satisfy the same individual criteria for at least one partner/director and have a deed allowing fixed‑income distribution. **Mutual Fund Distributors (MFDs)** registered with AMFI (eligible for fee‑free enlistment). **OBPPs** that will appoint, supervise and report on FICPs. **Stock exchanges** that will manage enlistment, data sharing and enforcement.

Introduction of a **FICP enlistment** process on recognized stock exchanges (application, 21‑day decision, API‑based data sharing). **Three‑year enlistment validity** with renewal notice ≥ 30 days before expiry; nominal fees applicable. **Code of Conduct** to be adopted by FICPs, with half‑yearly disclosures to OBPPs. **OBPP obligations**: due‑diligence, KYD/IPV, monitoring, client mapping, grievance handling within 21 days, and prohibition of incentives or unregulated products. **FICP obligations**: no handling of client funds, limited platform access, compliance disclosures, no illegal trading, and adherence to advertising codes. **Fee structure**: remuneration only from the appointing OBPP via commission sharing; client fees capped at 2.5 % of investment value. **Exchange duties**: assign enlistment numbers, maintain a public database (excluding PAN), and enforce disciplinary actions.

What are the proposed Fixed Income Channel Partners (FICPs) and how will they affect bond distribution?

Quick summary

The SEBI consultation paper seeks comments on a proposed framework to enlist Fixed Income Channel Partners (FICPs) on stock exchanges and appoint them through Online Bond Platform Providers (OBPPs) to broaden retail distribution of permitted fixed‑income securities. Comments are due by September 11 2026.

Who is affected

Individuals & sole proprietors meeting citizenship, age, education and NISM certification criteria.
Partnerships, corporates & stock brokers that satisfy the same individual criteria for at least one partner/director and have a deed allowing fixed‑income distribution.
Mutual Fund Distributors (MFDs) registered with AMFI (eligible for fee‑free enlistment).
OBPPs that will appoint, supervise and report on FICPs.
Stock exchanges that will manage enlistment, data sharing and enforcement.

What changes

Introduction of a FICP enlistment process on recognized stock exchanges (application, 21‑day decision, API‑based data sharing).
Three‑year enlistment validity with renewal notice ≥ 30 days before expiry; nominal fees applicable.
Code of Conduct to be adopted by FICPs, with half‑yearly disclosures to OBPPs.
OBPP obligations: due‑diligence, KYD/IPV, monitoring, client mapping, grievance handling within 21 days, and prohibition of incentives or unregulated products.
FICP obligations: no handling of client funds, limited platform access, compliance disclosures, no illegal trading, and adherence to advertising codes.
Fee structure: remuneration only from the appointing OBPP via commission sharing; client fees capped at 2.5 % of investment value.
Exchange duties: assign enlistment numbers, maintain a public database (excluding PAN), and enforce disciplinary actions.

Action items

1. Review eligibility and determine if you qualify as an Individual, Partnership, Corporate, Stock Broker or MFD. 2. Prepare required documentation (enlistment application, NISM certification, deed clause, etc.). 3. Submit comments on the consultation paper via the SEBI web‑form by September 11 2026. 4. If intending to enlist, plan for the 21‑day exchange review and API data sharing setup. 5. OBPPs should ready due‑diligence checklists, KYD/IPV processes, and client‑mapping systems.

Key dates‑deadlines

Consultation paper release: August 21 2026
Comment submission deadline: September 11 2026 (online form)

Source reference

Consultation Paper on Introduction of Fixed Income Channel Partners (FICPs) for Distribution of Fixed Income Securities through Online Bond Platform Providers (OBPPs), 21 August 2026.

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