TREE NEWS update: India’s securities regulator SEBI and the Reserve Bank of India have launched “Demat 2.0,” a pilot to tokenize the country’s roughly $620 billion corporate bond market on distributed ledger, settling trades in the wholesale central bank digital currency, the digital rupee. The system links tokenized bonds to the RBI’s Unified Market Interface for atomic delivery-versus-payment settlement, with smart contracts potentially automating coupon payments and redemptions. REC, Larsen & Toubro and IIFL Finance have issued tokenized bonds totaling 102.5 billion rupees.
India Launches Tokenization Pilot for $620B Corporate Bond Market
AI take
India's pilot stands out because it pairs tokenized bonds with wholesale CBDC settlement and atomic delivery-versus-payment, rather than treating tokenization as a standalone experiment. That combination targets the operational plumbing of corporate debt — settlement, coupon and redemption automation — where efficiency gains matter more than speculation. The involvement of issuers like REC, Larsen & Toubro and IIFL Finance gives the pilot real balance-sheet exposure. Whether the model scales beyond wholesale participants, and how SEBI and the RBI treat secondary trading and custody, is the open question.
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