India · CryptoSlate
India’s tokenized bond pilot starts with institutions, with retail access prepared next
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India’s securities regulator has launched a pilot that places corporate bonds and their cash settlement on linked digital rails, moving ₹1,025 crore through the first three issuances while preserving the securities’ existing legal and economic terms.
Key facts
- The Securities and Exchange Board of India announced Demat 2.0 on Sept. 10 after REC Limited, L&T Limited and IIFL completed tokenized bond issues on Sept. 7 and Sept. 9
- The transactions comprised ₹500 crore from REC, ₹500 crore from L&T and ₹25 crore from IIFL, according to SEBI’s release
- SEBI’s technical FAQ says the two legs are linked for atomic delivery-versus-payment
- India’s securities regulator has launched a pilot that places corporate bonds and their cash settlement on linked digital rails, moving ₹1,025 crore through the first three issuances while preserving
Summary
01 Atomic settlement links bond delivery and payment, reducing settlement risk without changing issuer credit risk. The Securities and Exchange Board of India announced Demat 2.0 on Sept. 10 after REC Limited, L&T Limited and IIFL completed tokenized bond issues on Sept. 7 and Sept. 9. SEBI’s technical FAQ says the two legs are linked for atomic delivery-versus-payment. The token is the bond itself, rather than a digital claim on a conventionally held security.