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India Launches Digital Rupee Settlement for Bonds
The pilot has settled ₹1,025 crore in three transactions and aims to cut settlement delays from two to three days.
- On Wednesday, Larsen and Toubro completed a 5 billion rupee tokenized bond issuance, marking the second transaction in India's Demat 2.0 pilot program for corporate bond settlement.
- Demat 2.0 connects the bond ledger to the RBI's wholesale central bank digital currency through the Unified Market Interface, enabling atomic settlement where security delivery and payment occur simultaneously.
- India has issued approximately $116 million in tokenized corporate bonds across three transactions since the pilot began, with combined participation from 23 investors across all deals.
- Issuers can now receive payment on the bidding day, replacing a previous process requiring two to three days for funds to reach them after bidding.
- SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra jointly presented the pilot, with regulators planning to use data from secondary-trading and retail phases to guide any broader expansion.
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India has put 10.25 billion rupees ($107 million) of corporate debt onto its new tokenisation infrastructure, with three companies completing issuances as securities regulators and the central bank test a model that pairs distributed-ledger bonds with wholesale central bank digital currency. The pilot, called Demat 2.0, is being run by the Securities and Exchange Board of India and the Reserve Bank of India.Visit Website
Sebi launches Demat 2.0 pilot for tokenised corporate bonds
Sebi has launched Demat 2.0, a pilot for tokenised corporate bonds using distributed ledger technology and wholesale e-rupee settlement. REC, L&T and IIFL have raised Rs 1,025 crore, while future phases will enable trading and retail investor access in India.
·India
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