According to a report by Cnbctv18, REC, an Indian state-owned power finance company, said it has completed India’s first tokenized corporate bond issuance within the SEBI (Securities and Exchange Board of India) regulatory sandbox framework. The issuance size was about INR 5 billion, with subscription of about INR 7.96 billion, representing an oversubscription of nearly 8 times. The bond’s coupon rate is 7.30%, with a tenor of 1 year and 9 months. It achieved same-day payment, allocation, and listing, and has been listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). This pilot introduced an atomic delivery-versus-payment (DvP) settlement mechanism and permissioned distributed ledger record-keeping.