SEBI’s Demat 2.0 pilot turns corporate bonds into digital tokens and settles payment through the RBI’s wholesale digital rupee, with secondary trading and retail access expected in later phases.
- India has launched Demat 2.0, a pilot that uses blockchain technology and the Reserve Bank of India’s wholesale digital rupee to issue and settle tokenized corporate bonds.
- REC, Larsen & Toubro and IIFL Finance have raised a combined ₹1,025 crore through the system, while the bonds retain conventional interest rates, maturity dates and investor rights.
- Linking tokenized bonds with digital-rupee payments allows both sides of a trade to settle together, reducing risk and paving the way for automated corporate actions, secondary trading and eventual retail access.
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