India's fixed income house

Steady income.
Protected principal.
Fixed income, done right.

We help individuals, HNIs and institutions put idle capital to work in rated, regulated bonds — dependable income, without the noise of the equity market. You can start from as little as ₹10,000.

View Current Offerings New to bonds? Start here
● Illustrative DealAAA · PSU Bond
Instrument8.00% Secured NCD
Face Value₹10,00,000
Tenure6 Years · Annual Coupon
Annual Income₹80,000
Total Receivable₹14,80,000
Every figure known on day one✓

Illustrative example — not an offer or investment advice.

₹250 Cr+
Assets under management
350+
Deals executed
100+
Clients across India
₹10k
You can start from
Who can invest

Bonds aren't only for the big players

Whether you're an individual with a modest corpus or an institution managing crores — there's a place for you here. Tap your profile to see how it works for you.

For the individual investor

You don't need lakhs to begin. Government securities can start around ₹10,000, and bonds give you a fixed, predictable income that beats an FD while keeping your capital in your own name. Perfect for a salaried professional building a safe corner of their portfolio, or a retiree who wants steady monthly or annual payouts.

✓ Bonds are held in your own demat account — you own them directly

For HNIs & family offices

A fixed income sleeve balances an equity-heavy book and smooths the ride. We source across the market — high-yield NCDs and tax-free bonds — and structure a ladder that matches your cash-flow needs and tax situation.

✓ Tax-efficient options available — ask us how to structure your ladder

For institutions

Institutional funds exist to last. They need income that can be budgeted around and capital that can be counted on — within the specific investment rules that govern each institution. We build rated, conservative bond portfolios that respect those mandates and deliver dependable returns, with every trade settled on-exchange.

✓ Most institutions are expressly permitted to invest in rated, regulated bonds

For corporate treasuries

Companies need safe, rated avenues to deploy surplus at better-than-deposit yields while keeping capital secure. We match your board-approved investment policy and liquidity needs with the right instruments — cleared and settled on-exchange.

✓ A mainstream treasury avenue under the Companies Act & your investment policy
Talk to us about what's right for you →
Why SAS

Built for capital that must not gamble

Individuals saving carefully, and institutions that exist to last, both need the same thing: income they can budget around, and capital they can count on. That's exactly what bonds deliver — and exactly what we do all day.

Trust

Regulated & registered

Settlement Agency registrations with both ICCL and NSE Clearing. Every trade settles on-exchange — cleared and visible in your demat the next day.

Rigour

Deeply experienced

Our partners and team are well-versed in the laws, compliance and market practice that govern fixed income — financial rigour and regulatory discipline are the foundation, not an afterthought.

Technology

Fully automated desk

Our desk is fully automated and technologically advanced — so the numbers on your deal slip are precise, transparent and verifiable, every time.

Coverage

One market, every issuer

Comprehensive coverage across Indian fixed income asset classes — sourced, priced and settled for you.

Government Securities

Sovereign G-Secs — the safest credit in the country.

State Development Loans

State government paper with sovereign-grade comfort.

PSU & PSU Bank Bonds

Public-sector undertakings and bank issuances.

Govt. Guaranteed Bonds

Explicit government backing on repayment.

Listed Corporate Bonds

Rated NCDs from India's leading companies.

Tax-Free Bonds

Select PSU issues with tax-exempt interest.

Municipal Bonds

City bodies funding public infrastructure.

Advisory & Execution

Selection to settlement, handled end to end.

See What's Available Right Now
In their words

Trusted by investors and institutions

"
★★★★★

SAS made bond investing genuinely simple for our organisation. The team explained every step, showed us the exact cash flows, and handled settlement without a hitch. Our corpus finally earns a predictable return.

RT
Ramesh Toshniwal
Finance Head, Institution · Indore
"
★★★★★

As a first-time bond investor I was nervous, but they walked me through it patiently and I started with a small amount. The income comes in exactly as promised. Highly recommend for anyone new to this.

SD
Sunita Deshpande
Individual Investor · Nagpur
"
★★★★★

We compared several desks before choosing SAS for our surplus deployment. Their pricing was transparent, the deal slips were clear, and settlement through ICCL gave our board full confidence.

AK
Ashok Kulkarni
Treasury, Institutional Client
"
★★★★★

Their tax-efficient bond recommendations after I sold a property worked out well for me. What impressed me most was that they understood the compliance angle, not just the product. A knowledgeable, honest team.

MG
Mahesh Gupta
HNI Investor · Bhopal

Testimonials are representative examples. Individual experiences and outcomes vary.

About us

A fixed-income house
built for every kind of investor

SAS Aarthik Samadhan LLP is a India-based fixed income securities firm — 100% debt-focused, headquartered in Bhopal with a branch in Nagpur.

Our story

Fixed income is all we do

At SAS Aarthik Samadhan LLP, we believe dependable income shouldn't be complicated or out of reach. We help investors of every size — from a salaried professional with ₹10,000 to an institution managing crores — put capital to work in rated, regulated bonds.

Over three years of dealing, client servicing and settlement have taken our assets under management past ₹250 crore, across 350+ transactions and 100+ clients. We're proud that our clients keep coming back — and keep referring us.

Our vision is simple: to become the most trusted fixed income partner in the country — for institutions and individuals alike.

At a glance
EntitySAS Aarthik Samadhan LLP
LLPINACE-7604
Focus100% fixed income / debt
Settlement AgencyICCL & NSE Clearing
AUM₹250 Cr+
Deals Executed350+
Clients100+ — individuals to institutions
OfficesBhopal
263, Zone-II, M.P. Nagar,
Bhopal – 462021, Madhya Pradesh
0755-2573811

Nagpur
Plot No. 7,
Near Ambazari Garden,
North Ambazari Road,
Nagpur – 440033, Maharashtra
Leadership

The partners behind the desk

Partner

Ankur Rathi

Ankur comes from a Chartered Accountancy background with over 5 years in Indian financial markets, specialising in Debt Capital Markets and fixed income investments.

He oversees the complete debt transaction lifecycle — deal sourcing, client interaction, documentation, execution, settlement and post-trade support — and leads governance, compliance and client relationships.

G-Secs & SDLsCommercial PapersNISM Series VIIDeal Structuring
Mr. Giriraj Saboo, Designated Partner
Partner

Giriraj Saboo

Giriraj is a qualified Chartered Accountant and CFA Level I qualified, with capital markets experience at UBS Business Solutions, before leading Business Development and Deal Origination at SAS.

He heads the firm's Technology & Automation function, keeping the desk fully automated and technologically advanced — precise pricing and yield on every deal.

CA · CFA L1Bond Valuation & YTMTechnology & AutomationNISM Series VII
The team

People you'll actually deal with

When you work with SAS, you work with named people who own your relationship end to end.

Vanshika Thapa, Chief Executive Officer
Chief Operations Officer

Vanshika Thapa

B.Com, NISM Series V-A certified, with 10+ years in fixed income securities, bond trading and debt market operations. Leads operations and coordination across the firm.

Vrinda Saboo, Compliance Officer
Compliance Officer

Vrinda Saboo

Company Secretary, B.Com and LL.B. with 5+ years in corporate compliance, regulatory filings and secretarial practice. Oversees documentation and regulatory adherence.

Vanshika Sharma, Operating Officer
Operating Officer

Vanshika Sharma

4+ years across banking operations and office administration. Keeps the firm's day-to-day financial and administrative processes running smoothly.

Sarita Nafde, Office Executive
HR & Admin Manager

Sarita Nafde

20+ years in administration, documentation and cash handling — the steady, experienced hand behind the office's day-to-day running.

Sagar Shastrakar, Relationship Manager
Senior Sales & Relationship Manager

Sagar Shastrakar

12+ years in business development and sales. Builds and manages the client relationships that bring new investors to SAS.

Deepa Devnani, Office Executive
Office Executive

Deepa Devnani

20+ years in administration, documentation and cash handling — the steady, experienced hand behind the office's day-to-day running.

What we do

From selection
to settlement

We source, price, negotiate and settle fixed income deals for individuals and institutions — across the full Indian bond market, backed by a fully automated, technologically advanced desk. You can begin with as little as ₹10,000.

We deal exclusively in the secondary market — sourcing already-issued, rated bonds from across the market at the best available price and yield, rather than underwriting new issues.

Market coverage

Every corner of the Indian bond market

Sovereign

Government Securities

G-Secs and T-Bills — lending to the sovereign, the highest credit there is. Can start from around ₹10,000.

Sovereign

State Development Loans

State government borrowings with sovereign-grade comfort and a small yield pickup over G-Secs.

Quasi-Sovereign

PSU & PSU Bank Bonds

Public-sector undertakings and banks — REC, PFC, NABARD-class issuers with strong credit profiles.

Quasi-Sovereign

Government Guaranteed

Bonds carrying an explicit state or central government guarantee on repayment.

Corporate

Listed Corporate Bonds / NCDs

Rated, SEBI-regulated company debt — secured and unsecured — with a yield premium over sovereigns.

Tax-Efficient

Tax-Free Bonds

Select PSU issues where the interest is exempt from income tax — powerful for high-bracket investors.

Civic

Municipal Bonds

City bodies funding public infrastructure, with escrow-backed, ring-fenced revenues servicing your coupon.

The process

How a deal works with us

Three documents get you started — a demat account, PAN card and a cancelled cheque. Then:

STEP 01 — SELECT

Share your requirement — amount, tenure, rating comfort, payout frequency. We shortlist matching bonds with live yields from across the market.

STEP 02 — CONFIRM

Your relationship manager walks you through each option. Confirm the deal and receive a detailed deal slip — price, accrued interest, YTM, all transparent.

STEP 03 — PAY & SETTLE

Make payment directly to the exchange — never to us. Settlement is cleared by ICCL, on-exchange, secure by design.

STEP 04 — RECEIVE

Bonds are credited to your demat the next day. Coupons flow straight to your bank account — and we track every record date for you.

Why this matters: because payment goes to the exchange and settlement is handled by the clearing corporation, counterparty risk on the trade itself is effectively a non-event.
Secondary market only: every bond we source is an already-issued instrument bought from another investor on the exchange, at the prevailing market price and yield — we do not underwrite or distribute primary issuances.
Technology & automation

A bond desk built on technology

Our desk is fully automated and technologically advanced — precise, consistent numbers behind every quote and deal slip we issue.

⚡ Automated Yield & Price

Automated YTM and clean/dirty price calculations, matched to Indian market conventions.

📊 Accrued Interest & Settlement

Precise accrued interest, record-date and ex-interest handling on every trade.

📈 Bond Valuation & Analytics

Portfolio and investment analysis across lumpsum and staggered repayment structures.

🗓 Record Date & Corporate Actions

We track coupon dates, call dates and record days so you never miss a cash flow.

🧾 Trade Documentation

Standardised deal slips and settlement documentation, deal after deal.

🛡 Data Validation & Risk

Every figure double-checked by the engine before it reaches your slip.

🔐 Secure Records

Digital record management across the full client and deal lifecycle.

🤝 Compliance First

Ethical business practice, investor protection and regulatory adherence, built in.

Bonds, decoded

The complete picture
behind bonds

Why the world's largest market quietly does the heavy lifting — and how steady, predictable income is built one bond at a time. Six short sections take you from zero to confident.

Section 1 · The big picture

Every rupee invested takes one of two roads

Before the what and the how — the why. A simple map of where your money can go, and why lenders sleep better than owners.

Equity / Shares

You become an OWNER
  • You buy a slice of the business
  • Returns ride on profits — could soar, could vanish
  • No promise of income; dividends are optional
  • Paid last if the company fails

Debt / Fixed Income

You become a LENDER
  • You lend money to a government or company
  • Returns are fixed & known up front
  • Regular interest (coupon) + principal back
  • Paid first, ahead of all owners

Owner vs lender — the whole game in one line

An owner asks: "how big can the upside get?" A lender asks: "will I be paid back, on time, in full?" And when things go wrong, here's who gets paid first:

1

Secured lenders

bonds / debentures
2

Unsecured lenders

other bonds
3

Preference shareholders

 
4

Equity shareholders

paid last
The foundation of fixed income: as a bondholder you stand near the front of the repayment queue. That single fact is why careful individuals, trusts and endowments alike lean on the debt side of the map.
Section 2 · Anatomy of a bond

A bond is simply a loan — with you as the bank

Strip away the jargon and a bond is just a loan with a receipt. You lend (buy the bond) → the issuer pays you a coupon periodically → on the maturity date your full principal comes back and the loan is closed. Five terms decode the entire instrument:

₹ Face Value

The principal amount per bond. Coupon is always calculated on this — never on your purchase price.

% Coupon Rate

The fixed interest rate the issuer promises — e.g. 8% on face value — decided at issue and unchanged for life.

📅 Maturity Date

The day the principal is repaid. Tenure can be short (1–3 yrs) to long (10+ yrs).

📈 Price

What the bond trades at later — can be above (premium) or below (discount) face value.

⚖ Yield

Your actual return given the price you pay. The star of Section 5.

💡 What makes income "fixed"

A FIXED amount, at FIXED intervals, for a FIXED period — then your principal returns. No surprises.

See the money move: an 8% bond, ₹10,00,000, 6 years

You receive ₹80,000 every year, and at maturity the final coupon plus your full ₹10,00,000 principal.

–₹10,00,000
Start
₹80k
Yr 1
₹80k
Yr 2
₹80k
Yr 3
₹80k
Yr 4
₹80k
Yr 5
₹10,80,000coupon + principal
Yr 6

Total received: ₹4,80,000 interest + ₹10,00,000 principal = ₹14,80,000 — every figure known on day one.

Income calculator

Change the numbers — the cash-flow chart above updates instantly
Annual interest income₹80,000
≈ Monthly equivalent₹6,667
Total interest over tenure₹4,80,000
Total receivable (incl. principal)₹14,80,000
Illustrative only — pre-tax, face-value purchase, annual coupon, no reinvestment. Not investment advice.
LUMPSUM (BULLET)
Entire principal returned in one shot — on the maturity date. Small coupons along the way → one large final repayment.
STAGGERED (AMORTISING)
Principal returned in parts across the tenure, alongside coupons. Each payment = coupon + a slice of principal.
Section 3 · The bond universe

Four families — and how each one works

Government, Corporate, Municipal and Debentures. Same DNA, different issuers, different plumbing.

Family 1 of 4

Government Bonds (G-Secs & SDLs)

SovereignSafest issuer
Half-yearlyUsual coupon
RBIRegulates

When the Central or State government needs money, it borrows from the public by issuing bonds. You are lending to the sovereign — the highest credit there is.

  • Issued by the Govt of India (G-Secs / T-Bills) and States (SDLs)
  • Lowest credit risk in the country — backed by the sovereign
  • Regulated and auctioned by the RBI, not SEBI
  • Long tenors available — up to 40 years
  • CCIL-settled trades
  • No rating needed — the sovereign guarantee is the security
Family 2 of 4

Corporate Bonds / NCDs

Higher yieldPremium over sovereign
RatedAAA down to D
SEBIRegulates

Companies borrow from investors instead of (or alongside) banks by issuing bonds — most commonly Non-Convertible Debentures (NCDs). Higher coupon than G-Secs, for taking on company credit risk.

  • Issued by manufacturers, NBFCs, infra firms and more
  • Must be credit-rated; secured or unsecured
  • A Debenture Trustee protects investors' interests
  • Listed on NSE / BSE; settled via ICCL
  • Three layers of protection: Information Memorandum + credit rating + debenture trustee
  • Always read the IM before you commit
Family 3 of 4

Municipal Bonds (Muni Bonds)

Escrow-backedRing-fenced
Civic infraPublic projects
Often tax-freeSelect issues

Urban local bodies raise money from investors to build roads, water, sewage and other civic infrastructure, repaying you from defined city revenues.

  • Issued by municipal corporations / urban local bodies
  • Proceeds ring-fenced for specific projects
  • Serviced via an escrow on identified revenues
  • Governed by SEBI's ILDM regulations; generally rated
  • Some issues carry tax-exempt interest
Family 4 of 4

Debentures — the building block of corporate debt

A debenture is simply a debt instrument issued by a company. In Indian practice "bond" and "debenture" are used almost interchangeably. What varies is security and convertibility:

  • Secured — backed by company assets; first claim if things go wrong
  • Unsecured — relies on the issuer's general credit; usually higher coupon
  • Non-Convertible (NCD) — stays debt to the end; the most common form
  • Convertible (CCD / OCD) — can convert into shares later
Who regulates

Two anchors of trust

RBI — government securities (G-Secs, SDLs, T-Bills): issuance, auction & settlement.

SEBI — all non-government debt (corporate bonds, NCDs, municipal bonds): issue, listing & trading.

How safety is graded
AAA
Highest safety
AA
High safety
A
Adequate safety
BBB
Moderate — lowest investment grade
BB → C
Speculative / high risk
D
In default

Rated by CRISIL · ICRA · CARE · India Ratings — BBB– & above = investment grade

Section 4 · Bonds vs alternatives

FD, Mutual Funds & Equity — honestly compared

Every option has a place. Here is where bonds win, where they don't, and how to think about the four roads side by side.

Bonds / NCDsFixed DepositMutual FundsEquity / Shares
Typical returnModerate–HighLow–ModerateVaries by typeHigh (uncertain)
Risk levelLow–ModerateLowLow–HighHigh
Income predictabilityHigh — fixedHigh — fixedLowVery low
Liquidity / exitSell on exchangeBreak w/ penaltyRedeem at NAVSell on exchange
Capital safetyHigh (rated/secured)High (insured ≤₹5L)Market-linkedMarket-linked
TaxationInterest taxed*Interest taxedDepends on typeCapital gains
Effort to manageLowVery lowLow–MediumHigh

*Some government / municipal issues offer tax-free interest. Illustrative; actual outcomes vary by instrument and tax status.

There are no villains: higher potential return always rides alongside higher risk. Fixed income occupies the calm middle of the risk–return ladder — above the FD, below the storm.
Section 5 · The real return

Coupon is a promise. Yield is your reality.

The single most misunderstood idea in bonds. Get this right and you can read any quote on the screen with confidence.

Coupon

What the bond promises

The fixed interest the issuer promises — always a % of face value. Set at issue, it never changes for the life of the bond.

Yield

What you actually earn

Your actual return given the price you paid. Buy above or below face value and your yield differs from the coupon. Compare bonds on yield, never coupon.

💰⬆ → 📉

Buy at a premium — pay more, earn less

Same ₹10 coupon, but you paid ₹102.

₹10 ÷ ₹102 → Yield = 9.80%
💰⬇ → 📈

Buy at a discount — pay less, earn more

Same ₹10 coupon, but you paid ₹98.

₹10 ÷ ₹98 → Yield = 10.20%
The golden rule: price and yield move in opposite directions. The coupon in rupees is fixed — change the price you pay, and the only thing that can move is the % return.

The yield family — four numbers, four questions

Coupon Yield

"What does the bond promise?"
The coupon rate on face value. Fixed for life.

Current Yield

"What am I earning right now?"
Coupon ÷ today's market price.

Yield to Maturity

"What's my all-in return?"
Total annualised return if held to maturity.

Yield to Call

"What if it's called early?"
Return if the issuer repays early (callable bonds).

Why YTM is the true yardstick: for any bond bought in the secondary market, YTM is the one figure that captures everything — coupons, capital gain/loss and reinvestment. Your relationship manager always shows the YTM on the deal slip.
Section 6 · Investing with us

From selection to settlement

The easy part. Two ways in, a short checklist, three documents — and a relationship manager who handles the rest.

Two ways to buy

Primary market

Buy a brand-new issue directly from the government or company when the bond is first launched.

Secondary market

Buy an already-issued bond from another investor via the exchange — at the prevailing market price & yield.

Check six things before you buy
  • ✔ Coupon rate offered
  • ✔ Interest rates prevailing in the market
  • ✔ Credit rating of the issuer
  • ✔ Residual period to maturity
  • ✔ Interest frequency (monthly → annual)
  • ✔ Maturity pattern — lumpsum or staggered
Secure by design: settlement is handled on-exchange via the clearing corporation (e.g. ICCL) — cleared and settled.
Ready? See Current Offerings →
Current offerings

Bonds available
right now

A live flavour of what's available through our desk. Yields are indicative and move with the market — tap any bond to enquire and we'll confirm current availability, minimum size and the latest yield. Many start from as little as ₹10,000.

All names, yields and terms shown are indicative and subject to market movement and availability. This is not an offer or a recommendation. Contact us for a live quote with exact price, accrued interest and YTM on a deal slip.

Don't see what you need? Our desk sources bonds across the entire market daily — G-Secs to high-yield NCDs, monthly-payout to zero-coupon. Tell us your amount, tenure and rating comfort, and we'll bring you the options.
Market intelligence

What's moving
the bond market

RBI decisions, G-Sec auctions, global rate moves and what they mean for Indian fixed income — explained in plain language by our desk. Updated regularly.

Featured • RBI Policy

What the latest RBI stance means for your bond yields

When the RBI holds or moves the repo rate, bond prices and yields react across the curve. We break down what a steady-rate environment means for someone buying G-Secs and NCDs today — and why locking in current yields may matter.

Sample post • Replace with live commentary
G-Sec Auctions

Reading this week's G-Sec auction cut-offs

What the latest sovereign auction results tell us about where demand for government paper is heading, and how it filters into secondary-market yields.

Sample post
Global Markets

US Treasury moves and the ripple to Indian bonds

Global rate cycles don't stop at the border. A short read on how US Treasury yields influence FII flows into Indian debt and what to watch.

Sample post
Credit Watch

Why credit spreads on AA NCDs are worth watching

The gap between AAA and AA yields tells a story about risk appetite. Here's how to read that spread when choosing between rated corporate bonds.

Sample post
Tax & Bonds

Tax-free vs taxable: the real take-home yield

A 5.7% tax-free bond can beat an 8% taxable one for a high-bracket investor. We show the arithmetic of comparing on a post-tax basis.

Sample post
Explainer

Laddering: building a bond portfolio that pays every year

Spreading maturities across years gives you regular liquidity and reduces reinvestment risk. A simple guide to building a bond ladder.

Sample post
For Institutions

How institutions can earn more without breaking mandate

Staying within the permitted investment modes while still improving yield over bank deposits — what's possible for institutional funds today.

Sample post

Never miss a new offering

Get our bond market updates and new-issue alerts by email.

Posts shown are sample placeholders to illustrate the section. Replace with your own commentary. Nothing here is investment advice.

Contact

Talk to a partner, not a portal

Every client at SAS works directly with a relationship manager and a partner-led desk. Reach us any way you like — or leave your number and we'll call you back.

Request a callback

Leave your number — we'll call you

✓ Thanks! Your WhatsApp will open with the details — just hit send, or we'll reach you shortly.

Submitting opens WhatsApp with your details pre-filled to our desk. Prefer to call? Numbers are on the right.

Head Office

Bhopal

263, Zone-II, M.P. Nagar, Bhopal — 462021, Madhya Pradesh

0755-2573811

Branch Office

Nagpur

Plot No. 7, Near Ambazari Garden, North Ambazari Road, Nagpur — 440033, Maharashtra

Direct lines

Call, WhatsApp or email

+91 90962 25073

info@aarthiksamadhan.com

Mon–Sat · 10:00am – 6:00pm IST

Before you call

Frequently asked questions

You can start from as little as ₹10,000. Government securities often begin around that level, while many corporate bonds trade in lots of ₹1 lakh face value. Tell us your budget and we'll shortlist what fits.

Absolutely. Bonds aren't only for big investors or institutions. If you have a modest corpus and want safe, predictable income that beats an FD, you're exactly who bonds suit. We'll guide you from your first investment.

The bonds sit in your own demat account — never with us. Payment for every trade goes directly to the exchange, and settlement is cleared by the clearing corporation (ICCL). We facilitate; you own.

Just three: a demat account, your PAN card, and a cancelled cheque of the bank account where you'd like coupons credited. No demat account yet? We'll guide you through opening one.

Yes. Institutions and companies are each governed by their own investment rules — and rated, regulated bonds are permitted under them. Talk to us and we'll walk you through the specific basis that applies to you.

Yes — listed bonds can be sold on the exchange at the prevailing market price. Prices move with interest rates, so early exit can mean a gain or a loss. We help clients time and execute exits when needed.

Yes. We're headquartered in Bhopal with a branch in Nagpur, but our clients span across India. Everything — shortlist to settlement — works seamlessly over phone, email and WhatsApp.

Desk Access

This area is for the SAS team only. Please enter the access code.

Let's put your capital to work.

Steady income. Protected principal. A partner who lives and breathes fixed income — so you don't have to.

Get in Touch