There are listed bonds trading on the exchanges, you can see the list here: http://www.moneycontrol.com/fixed-income/bonds/listed-bonds/
GOI (Govt of India) bonds are not really tradable on the exchanges, if you want to invest you can visit your bank for the same. But recently, exchanges launched interest rate futures using which you can take short term view on GOI bonds. You can read this blog on basics of Interest rate futures.
The Indian retail bond market is still in the nascent stage.
By US Bond markets what exactly are you referring too - Government Bonds or corporate or others.
Corporate Bonds in India are also called debentures. NCD - Non convertible debenture can be traded on the exchange both secured and unsecured and also in the primary market. You need a normal trading and demat account for the same.
Goverment Bonds are usually issued in an auction process via RBI and held in the Public debt office. PDO is like a depository for Goverment Bonds and to buy these Bonds you need to have a SGL OR CSGL accounts with the PDO. Mostly Banks and also a few brokers provide such facilities.
Ref the following link to know more about G-Secs :
Hi Anil,
In india also you can trade in Bonds, there is a list of securities/bonds which are available for trading, the same you can add in your market watch under NSE series N1 to N9 & few others. The rates what you see there is called has a dirty price which mean the rate is shon without accrued interest on the same. check this link to find the list of stocks you can trade http://debt.nseindia.com/ .
Debt market in India comes under Money market. You can find more number of bonds and traders on bond under Debt market.
On NSE there are two segments Whole sale debt market and Retails debt market. A bond is a instruments which pays you a only coupon rate (interest) upon your interest at regular intervals.
Bond market in Indian is not much attractive to Indian investors, due to its return on investment and lock in period (maturity period)