India Launches Tokenized Bond Pilot
The pilot has settled ₹1,025 crore in three transactions and aims to cut settlement delays from two to three days.
- On Wednesday, Larsen and Toubro completed a 500 crore tokenized bond issuance to four investors, marking the second transaction in India's Demat 2.0 pilot program for digital bond settlement.
- Demat 2.0 connects bond ledgers to the RBI's wholesale digital currency through the Unified Market Interface, enabling atomic settlement where security delivery and payment occur simultaneously as a single transaction.
- India has issued 1,025 crore, approximately $116 million, in tokenized corporate bonds across three transactions since the pilot began, with combined participation from 23 investors.
- Issuers can now receive payment on the bidding day, eliminating the previous process requiring two to three days for funds to reach them after bidding closes.
- SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra jointly presented the pilot, with data from current issuance and secondary-trading phases guiding decisions on future expansion beyond pilot status.
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SEBI and the RBI launched Demat 2.0, a pilot that issues corporate bonds as tokens on a permissioned ledger. Payment settles in the RBI’s wholesale digital rupee. REC, Larsen & Toubro and IIFL Finance completed the first issues under a regulatory sandbox. India’s securities regulator and its central bank have moved corporate bonds onto blockchain […]
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