India2026-09-14 11:11:58India launches tokenized corporate bond pilot with $1.07 billion already raisedIndia’s securities and central bank regulators have started a pilot called Demat 2.0 that moves corporate bond issuance and settlement onto a permissioned distributed ledger, targeting a corporate debt market worth about $620 billion. Three companies — REC, Larsen & Toubro, and IIFL Finance — have already raised a combined 102.5 billion rupees, or about $1.07 billion, through the system. REC issued India’s first tokenized corporate bond on Sept. 7, raising 50 billion rupees. The setup links tokenized bonds with the Reserve Bank of India’s wholesale digital rupee and uses a unified market interface to enable simultaneous settlement of securities and funds. Smart contracts are also used to automate coupon payments and principal redemption. SEBI said tokenization does not change the bonds’ legal terms, credit ratings, or investor protection arrangements, and the framework may later be opened to secondary trading and retail participation.1010
India2026-09-14 11:03:11India launches tokenized corporate bond pilot tied to digital rupee settlementIndia has started a pilot program to issue and settle corporate bonds as blockchain-based tokens, bringing distributed-ledger infrastructure into a corporate bond market valued at $620 billion. The initiative, called “Demat 2.0,” was introduced by the Securities and Exchange Board of India and the Reserve Bank of India at the Global Fintech Fest, where SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra presented the framework. Under the model, corporate bonds are issued as native digital tokens on a private permissioned ledger run by statutory depositories NSDL and CDSL. Three issuers have already used the system to raise a combined 1,025 crore rupees, or about $107 million. State-owned lender REC was the first on Sept. 7, raising 500 crore rupees from 18 investors, followed by Larsen & Toubro with another 500 crore rupees and IIFL Finance with 25 crore rupees. The platform connects the token ledger to the RBI’s wholesale digital rupee through a Unified Market Interface, enabling atomic settlement. Regulators said the bonds keep their existing legal status, ratings, listing rules, trustees, and investor protections, while future phases will add secondary trading and, later, retail access.990
India2026-09-11 05:13:15India begins tokenizing its $620 billion corporate bond market with digital rupee settlementIndia has begun a pilot to tokenize its $620 billion corporate bond market, using the country’s digital currency infrastructure for settlement. Under the Securities and Exchange Board of India’s Demat 2.0 pilot, corporate bonds are being converted into digital tokens, while payment is settled through the Reserve Bank of India’s wholesale digital rupee. The rollout is still in its early stage, but the framework points to a broader plan for digitized bond market infrastructure. Later phases are expected to add secondary market trading and open access to retail investors, extending the pilot beyond the initial settlement setup. The move links tokenized securities with central bank digital currency rails in a live market experiment.950
India2026-09-11 05:20:20India launches Demat 2 pilot for tokenized corporate bonds settled in wholesale digital rupeeIndia’s Securities and Exchange Board of India, or SEBI, has started the Demat 2 pilot this week, bringing tokenized corporate bond issuance onto distributed ledgers operated by regulated market institutions. Settlement in the pilot is being completed with the Reserve Bank of India’s wholesale digital rupee rather than through a conventional process. The report says India’s corporate bond market is worth about $620 billion. State-owned power sector lender REC raised 50 billion rupees, about $56 million, through the system. Engineering and construction giant Larsen & Toubro refinanced 50 billion rupees, while non-bank lender IIFL Finance raised 2.5 billion rupees, about $2.8 million. That puts the total funding volume at roughly 102.5 billion rupees. The bonds keep the same core features as conventional debt, including fixed coupon terms, maturity dates, and investor rights. What changes is the settlement process: tokenized bonds and the digital rupee used for purchase can settle at the same time, cutting transaction risk. Later phases are expected to add smart contracts for coupon payments and redemptions, open secondary market trading, and eventually expand access to retail investors. According to ChainCatcher, the pilot shows India introducing tokenization inside a financial system that remains tightly regulated while the country maintains a cautious stance toward private cryptocurrencies.950
India2026-08-25 12:09:15India eyes September pilot for tokenized corporate bonds settled with wholesale CBDCIndia is preparing a September pilot for its first tokenized corporate bonds, according to a Reuters report that cited three people with direct knowledge of the plan. State-controlled REC Limited is expected to issue less than 5 billion Indian rupees, or about $57 million, in tokenized debt as part of the trial. The program would initially be limited to a select group of investors and could be introduced at an annual financial technology event in Mumbai. The report said India’s central bank digital currency would be used to purchase the bonds. Investors would need two digital accounts to take part: a wholesale CBDC wallet provided by a bank and a new electronic securities wallet. Indian securities depositories are developing that wallet under the name DEMAT 2.0, which would record bond holdings on distributed ledger technology. Reuters also reported that the Reserve Bank of India and the Securities and Exchange Board of India are working together on the initiative. The bonds are expected to carry an initial three-month lockup period, while exchanges may build a secondary market for the instruments by December.630
India2026-08-25 11:57:44India plans tokenized corporate bond issuance in September with CBDC settlementTechub News, citing Reuters, says India plans to issue tokenized corporate bonds in September and settle them instantly with a central bank digital currency (CBDC). The bonds would be issued on blockchain rails, which Reuters says could offer greater transparency and liquidity. India’s central bank has already run a digital rupee pilot, and the plan would extend CBDC use into corporate bond settlement.970
India2026-08-25 06:44:21India plans first tokenized corporate bond settled in digital rupee next monthIndia is planning to issue its first tokenized corporate bond next month through REC, according to Techub News, citing Crypto.news. The planned deal will have a size of no more than 5 billion rupees, or about $57 million. Settlement is set to take place in digital rupee over blockchain-based infrastructure. The report describes the issuance as a notable step in India’s effort to use its central bank digital currency, or CBDC, in capital market activity. If completed as planned, the bond would mark the country’s first corporate debt issuance in tokenized form using the digital rupee for settlement. The transaction structure links bond issuance, blockchain rails and CBDC-based payment into one pilot for the capital markets side of India’s digital currency push.1040
India CBDC2026-07-10 04:26:13RBI Plans Phased Rollout of Digital Rupee, Confirms Parity with Fiat and Pilot RoadmapIndia’s central bank, the RBI, is working on a phased launch of a central bank digital currency (CBDC), the Digital Rupee, with wholesale and retail pilots expected soon. The deputy governor stressed it will be fully exchangeable with fiat and aims to minimize disruption.600
