El “Demat 2.0” de la SEBI tokeniza ₹10.25 mil millones en bonos en un libro mayor con permisos, no en Bitcoin (BTC)

COINOTAG · 2026-09-14T07:15:47.000Z

• La SEBI lanzó el piloto de bonos tokenizados Demat 2.0 el 10 de septiembre bajo su sandbox regulatorio. • Tres emisores recaudaron en conjunto ₹10.25 mil millones en bonos tokenizados, liderados por REC y L&T. • REC Limited recaudó ₹5 mil millones de 18 inversores el 7 de septiembre en el piloto. SEBI coloca los bonos corporativos en una cadena de bloques El regulador de mercados de India ha llevado los bonos corporativos a plataformas de libro mayor distribuido. La Junta de Valores de India (SEBI) anunció el 10 de septiembre el lanzamiento de Demat 2.0, un piloto que emite bonos corporativos como tokens digitales directamente en un libro mayor con permisos, ejecutado bajo el sandbox regulatorio de la SEBI. A diferencia de las estructuras que envuelven una deuda existente como activo de referencia, el token aquí es el propio bono: los cupones, el vencimiento, las calificaciones y los términos de la garantía, además de la obligación de repago del emisor y los derechos del inversor, no cambian respecto al papel convencional. Los registros de propiedad residen en un libro mayor distribuido operado por los depositarios de valores de India, cuya función de custodia sobrevive a la transición. La liquidación en efectivo se realiza a través de la moneda digital de banco central (CBDC) mayorista del Banco de la Reserva de India (RBI), la rupia digital, conectada mediante la Interfaz de Mercado Unificado (UMI), una vía CBDC mayorista diseñada para flujos interbancarios en lugar de pagos al consumidor. Ese enlace habilita la entrega contra pago de forma atómica: la transferencia del bono al comprador y la transferencia de la rupia digital al vendedor se ejecutan simultáneamente; así, si falla una de las dos operaciones, ambas se cancelan, eliminando el riesgo de entregar valores sin recibir fondos. El mecanismo se parece a un protocolo puente que une libros de valores y de efectivo en un solo paso. Las fechas de cupón y los términos de redención se codifican en contratos inteligentes, que envían automáticamente intereses y principal a las carteras CBDC de los tenedores de bonos. La SEBI afirma que el diseño reduce la ventana del periodo de subasta a la financiación del habitual de dos o tres días al mismo día, y que en un mercado secundario planificado los vendedores recibirán el pago al instante. Ya están en marcha tres emisores: REC Limited recaudó ₹5 mil millones de 18 inversores el 7 de septiembre; L&T Limited recaudó ₹5 mil millones de cuatro inversores el 9 de septiembre; e IIFL recaudó ₹250 millones de un único inversor el mismo día, con un total combinado de ₹10.25 mil millones. El libro mayor es privado y con permisos, y los depositarios y las bolsas operan los nodos iniciales: una arquitectura cerrada que no tiene parecido con cadenas públicas aseguradas por minería cripto como Bitcoin o Ethereum.

• SEBI launched the Demat 2.0 tokenized bond pilot on September 10 under its regulatory sandbox.
• Three issuers raised a combined ₹10.25 billion in tokenized bonds, led by REC and L&T.
• REC Limited raised ₹5 billion from 18 investors on September 7 in the pilot.
SEBI Puts Corporate Bonds On-Chain
India's markets regulator has moved corporate bonds onto distributed ledger rails. The Securities and Exchange Board of India (SEBI) announced on September 10 the launch of Demat 2.0, a pilot that issues corporate bonds as digital tokens directly on a permissioned ledger, conducted under SEBI's regulatory sandbox. Unlike structures that wrap existing debt as a reference asset, the token here is the bond itself: coupon rates, maturity, ratings and collateral terms, plus the issuer's repayment obligation and investor rights, are unchanged from conventional paper. Ownership records sit on a distributed ledger operated by India's securities depositories, whose custodial role survives the transition. Cash settlement runs through the Reserve Bank of India's (RBI) wholesale central bank digital currency — the digital rupee — connected via the Unified Market Interface (UMI), a wholesale CBDC rail built for interbank flows rather than consumer payments. That link enables atomic delivery-versus-payment: the bond transfer to the buyer and the digital rupee transfer to the seller execute simultaneously, so if either leg fails both cancel, eliminating the risk of delivering securities without receiving funds. The mechanism resembles a bridge protocol joining securities and cash ledgers in one step. Coupon dates and redemption terms are encoded in smart contracts, which push interest and principal automatically to bondholders' CBDC wallets. SEBI says the design compresses the window from auction to funding from the customary two to three days to same day, with sellers in a planned secondary market to be paid instantly. Three issuers are already live: REC Limited raised ₹5 billion from 18 investors on September 7; L&T Limited raised ₹5 billion from four investors on September 9; and IIFL raised ₹250 million from a single investor the same day — a combined ₹10.25 billion. The ledger is private and permissioned, with depositories and exchanges running the initial nodes — a closed architecture bearing no resemblance to public chains secured by crypto mining such as Bitcoin or Ethereum.
SWIFT Ledger Links Singapore Banks
A parallel development in Singapore shows the same tokenization push inside correspondent banking plumbing. DBS, OCBC and UOB said on September 10 they executed their first joint interbank transactions in tokenized deposits denominated in Singapore dollars over the blockchain-based shared ledger that SWIFT has built. It is the first time the three lenders have used the arrangement together — a milestone for Singapore's banking sector, though the banks disclosed no transaction amounts, counts or customer names, and gave no timeline for broader commercialization. Mechanically, each bank's payment messages were coordinated through SWIFT's ledger, with resulting obligations recorded on each participant's own tokenized deposit platform; final settlement still cleared through existing systems. The ledger acts as a coordination layer connecting banks' proprietary tokenized deposit systems — an interoperability problem that open networks such as Cosmos solve with permissionless architecture, while SWIFT's version stays permissioned — letting banks move funds outside business hours and across weekends. Rachel Chew, DBS's chief operating officer of global transaction services and co-head of digital assets, framed the pilot around always-on settlement: corporate customers operate around the clock, and the trial demonstrated that tokenized deposits allow US dollar and Singapore dollar payments at any time, weekends included. The Singapore trio join a widening test group. SWIFT said in July that its shared ledger reached early usability, with 17 banks across six continents — among them ANZ, Citi, HSBC, UBS and Mitsubishi UFJ — preparing live tokenized deposit trials. In August, HSBC and Standard Chartered completed the first interbank tokenized deposit exchange on the system. Citi followed on September 2 with live US dollar transactions against First Abu Dhabi Bank and OCBC, the first by a US bank on the ledger, and on September 5 Citi and DBS settled a weekend cross-border payment between Singapore and New York in minutes rather than the up-to-two-business-day industry norm — speed that traditional card rails such as Visa never had to handle across borders.
The Regulated Tokenization Arc
COINOTAG's reading: regulators and banks are converging on permissioned ledgers that capture tokenization's operational gains — atomic settlement, smart-contract cash flows, minute-scale cross-border payments — while walling the infrastructure off from public chains. Notably, tokenized deposits remain bank liabilities, distinct from a stablecoin issued outside the banking system, so both pilots keep money inside regulated balance sheets. SEBI's own pilot framework confirms the phased plan: issuance now, secondary trading and retail access next, node expansion and non-bond assets last — the roadmap to watch as the sandbox matures.