Demat 2.0: Inside India’s First Tokenised Corporate Bond Success
This week, the state-run infrastructure financier REC Limited successfully completed India’s first tokenised corporate bond pilot, raising INR500 crore under the regulatory sandbox framework of the Securities and Exchange Board of India (SEBI).
The digital upgrade of India’s debt market has officially begun.
This milestone introduces “Demat 2.0,” a joint initiative between SEBI and the Reserve Bank of India (RBI) to test blockchain-based securities infrastructure.
The pilot achieved simultaneous delivery-versus-payment (DvP). The bond token and the digital rupee moved together in a single transaction on a distributed ledger. One cannot complete without the other, eliminating counterparty settlement risk.
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Introducing the dual wallet system, institutional investors participating in the issuance needed two specific digital accounts: a wholesale central bank digital currency (CBDC) wallet issued by a bank and a blockchain-compatible “Demat 2.0”...
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