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      India Launches Pilot for Tokenized Corporate Bonds and Digital Settlement

      The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have initiated a pilot program named "Demat 2.0" aimed at testing tokenized corporate bonds and enhancing settlement processes through blockchain technology and central bank digital currency (CBDC). This pilot was launched on September 10, 2026, during the Global Fintech Fest held in Mumbai, India, and includes three initial issuances, one of which is a Rs 500 crore bond from Larsen & Toubro, supported by major investors such as SBI, Axis Bank, and SBI Mutual Fund.

      The new initiative builds upon the original Demat system introduced in 1996, which transitioned shareholding from paper certificates to digital records. SEBI Chairman Tuhin Kanta Pandey emphasized that the pilot will explore the integration of security and settlement processes, aiming to expedite transactions and automate aspects of asset servicing. Key participants in this project include CDSL, NSDL, BSE, NSE, HDFC Bank, ICICI Bank, and the National Payments Corporation of India (NPCI).

      The tokenization process allows for the division of financial assets into smaller digital units, potentially lowering ownership costs and increasing accessibility for retail investors. For example, a Rs 10 lakh bond could be segmented into Rs 100 units. This digitization is expected to enhance ownership records and decrease settlement times. RBI Executive Director P. Vasudevan noted that the central bank is also exploring the tokenization of gold as part of this broader initiative.

      RBI Governor Malhotra highlighted India's potential to influence the future of global finance and establish itself as a reliable partner in the sector. Additionally, the RBI is working on developing digital public infrastructure, including a Unified Lending Interface (ULI), which aims to facilitate consent-based credit delivery similar to the existing Unified Payments Interface.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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