India Launches First Tokenised Corporate Bond Pilot
India’s 'Demat 2.0' pilot has successfully launched with initial issuances from L&T, REC, and IIFL, attracting institutional investors like SBI and Axis Bank, while regulators signal that the framework will soon expand to include gold and equities.
LiveLawBiz reports that SEBI has confirmed three distinct issuances under the pilot, specifically detailing that IIFL has raised ₹25 crore alongside the previously noted deals from L&T and REC. The regulator also clarified that the framework relies on smart contracts to automate interest and redemption payments while maintaining existing legal and disclosure standards.
Source: GN auto markets/bonds: corporate bondsNew details from the Global Fintech Fest reveal that SBI, Axis Bank, and SBI Mutual Fund were among the investors subscribing to L&T’s Rs 500 crore tokenised bond issuance, while RBI Executive Director P. Vasudevan confirmed that a gold tokenisation program is already under active exploration following the initial corporate bond pilot.
Source: GN auto markets/bonds: corporate bondsAccording to GN auto markets/bonds, the pilot has already facilitated a Rs 500 crore bond issuance by Larsen & Toubro, attracting institutional investors including SBI and Axis Bank, while regulators confirm that commercial papers and certificates of deposit are already trading on the tokenised platform.
Source: GN auto markets/bonds: corporate bondsReporting from the markets desk highlights that the pilot has already facilitated Rs 1,025 crore in issuances from REC, L&T, and IIFL, with Phase 1 transactions currently underway. The update also notes that the announcement was co-made by RBI Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey at the Global Fintech Fest, alongside new UPI payment features.
Source: GN auto markets/bonds: corporate bondsRBI and SEBI launched India's first tokenised corporate bond pilot. The initiative integrates blockchain and CBDC for settlement.
Source: GN auto markets/bonds: corporate bonds
