India’s SEBI Demat 2.0 pilot raises over $100M in tokenized bonds

The signal here is less the amount raised than the plumbing: tokenized corporate debt settled in wholesale central bank money, under a securities regulator's own framework rather than a sandbox carve-out. That combination matters because it puts distributed-ledger issuance inside mainstream market infrastructure and central bank finality, the two pieces tokenized bond experiments elsewhere have often lacked. The open question is whether this remains a pilot confined to a handful of issuers or becomes a repeatable route for Indian corporates, and whether other regulators treat the model as a template.