Two regulators regulate bond markets in India because bonds are corporate and government debt instruments. RBI or the Reserve Bank of India RBI regulates and facilitates government bond funds and other securities on behalf of governments. From the overall government debt management point of view, RBI regulates bond markets and keeps a tab on the debt program's impact on the economy's yields and interest rates. SEBI or Securities and Exchange Board of India SEBI regulates corporate bonds, both private sector and PSU (public sector undertaking). It focuses on maintaining the integrity of the trading mechanism and ensuring the investors' interests are protected whilst they are aware of the risks.