Outstanding corporate bonds have grown at roughly 12% CAGR over last decade

Tuhin Kanta Pandey, Chairman, SEBI, has highlighted in a latest speech how corporate bond markets can support Indias next phase of growth. The corporate bond market has become increasingly important. In FY25, issuers raised about Rs 10 trillion through debt issuances; between April - December 2025, they have raised about Rs 6.8 trillion. Over the last decade, outstanding corporate bonds have grown at roughly 12% CAGR, from about Rs 17.5 trillion in FY15 to Rs 58 trillion at end of December 2025. These amount to around 60% of bank credit to industry and services. Even so, corporate bonds outstanding amount to only about 16% of our GDP. By comparison, this figure for South Korea is around 79%, for Malaysia - 54%, and China- 38%, he noted. SEBI has already taken measures for deepening the primary and secondary bond markets and building the foundation for a larger, more liquid corporate bond market. The next phase depends on issuers, investors, intermediaries, stock exchanges, and regulators moving together.

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