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FollowingIndian securities regulators and central bank launch tokenized corporate bond pilot
The Securities and Exchange Commission of India (SEBI) and the Reserve Bank of India (RBI) recently jointly launched a tokenized corporate bond pilot project. A total of three companies have issued bonds worth a total of 10.25 billion rupees (approximately US$107 million) through this new market infrastructure.
On Thursday, the Securities and Exchange Commission of India said the "Demat 2.0" system allows corporate bonds to be issued in the form of digital tokens and stored on distributed ledgers owned by legal depositors. The system is connected to the Reserve Bank of India's Wholesale Central Bank Digital Currency (CBDC) through a "Unified Market Interface".
The first issuance of this pilot came from state-owned lender REC. On Monday, REC raised Rs 5 billion from 18 investors. Then on Wednesday, engineering giant Lassentebrough (L&T) raised another Rs 5 crore from four investors; non-bank lender IIFL issued Rs 250 crore bonds to one investor on the same day.
The scale of the pilot exceeds the original plan
Reuters previously reported that India originally planned to test through REC issuing tokenized corporate bonds with a size of less than Rs 5 billion, involving only some selected investors. However, the actual launch scope exceeded the originally reported plan, with the addition of two issuers, bringing the total circulation to more than double the amount originally expected from REC.
The first phase of issuance is still in progress. The Securities and Exchange Commission of India said that in the subsequent stage, it will introduce the secondary trading market through the existing quote request platform and open rights to retail investors. The experience accumulated in the pilot will guide wider promotion in the future.
Investors can deposit tokenized bonds in existing Demat accounts without having to open a separate account or complete new customer identification (KYC) checks. However, participants must enable "Demat 2.0" through their depositaries and open wholesale CBDC wallets at participating banks for settlement.
The Securities and Exchange Commission of India pointed out that India is the first country in the world to combine bonds originally issued in distributed ledgers, ownership records maintained by legal depositors, and the use of CBDC for settlement, all relying on existing regulated market infrastructure. Regulators stressed that tokenization did not change the legal status of bonds, repayment obligations or investor protection mechanisms.
