India’s securities regulator SEBI and the Reserve Bank of India have launched the Demat 2.0 pilot to test tokenized corporate bonds on distributed ledger technology. The pilot uses the RBI’s wholesale digital rupee for atomic settlement, allowing securities and payments to settle simultaneously on-chain. REC, L&T and IIFL have issued a combined ₹10.25 billion ($116 million) in bonds under the program, which forms part of India’s broader push to modernize its roughly $620 billion corporate debt market.
