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FollowingIndia plans to launch its first tokenized corporate bond
India plans to issue its first tokenized corporate bond through state-owned electricity financing institution REC next month and use wholesale digital rupees to complete transaction settlement on blockchain-based infrastructure. The bond issue was less than 5 billion rupees (approximately US$57 million) as part of a pilot project jointly developed by the Bank of India and the Securities and Exchange Commission. The test aims to verify that distributed ledger technology can shorten the issuance, recording and settlement of corporate debt. While regulators are testing the system, initially limited to limited investors, the bond is expected to be unveiled at the annual fintech event in Mumbai next month.
Pilot details
Participants need to have two digital accounts: a wholesale central bank digital currency wallet provided by a bank, and a securities wallet built by the Indian depository institution based on the DEMAT 2.0 system, which records holdings of tokenized bonds on a distributed ledger. Using the Bank of India's wholesale digital rupee for cash-side transactions allows funds and securities to flow between interconnected digital infrastructure, bypassing the electronic ledger services used in traditional bond issuance.
Timeline and Background
These bonds have an initial lock-up period of three months, and the exchange is expected to establish a secondary market for tokenized bonds by December. Prior to the issuance, Tushin Kanta Pandi, Chairman of the Securities and Exchange Commission of India, revealed in May that the agency had approved limited testing of distributed ledger technology for corporate bond trading and settlement, and expected implementation to take six to nine months. The size of the Indian corporate bond market is estimated to be around Rs 59 trillion, but secondary trading remains limited as many institutional investors hold bonds until maturity. These bonds will still be regulated corporate securities, and blockchain will be used only to record and transfer holdings. The pilot enters a market where the Securities and Exchange Commission of India has long determined that distributed ledger technology can be used to improve settlement efficiency, which has been used in areas such as contract monitoring and depository functions.
This pilot is a concrete example of blockchain networks connecting financial infrastructure.
