India Set to Roll Out Its First Tokenized Corporate Bond in September
AI Market Summary
India's planned September pilot of tokenized corporate bonds (REC issuance < INR 5bn) signals incremental institutional adoption of DLT for primary issuance, ownership, and near-instant settlement. Joint RBI-regulator framework development and dual-wallet requirements (wholesale CBDC plus "DEMAT 2.0") highlight a controlled rollout with limited participants and a three-month lockup. The initiative may influence expectations for onshore tokenization and secondary-market plumbing by year-end.
Impact level
● Medium
Affected assets
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AI Insight · BTC/USDTAI Insight
● Neutral
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India is preparing to issue its first tokenized corporate bond in September, with state-owned power financing firm REC slated to launch a pilot deal worth under INR 5 billion (about $57 million), Reuters reported.
The transaction will test the use of blockchain or distributed ledger technology to capture the full bond lifecycle—issuance, ownership records, trading, and settlement—with the goal of enabling near-instant settlement.
Sources said the Reserve Bank of India and the securities regulator are working together on the regulatory framework. To take part, investors will need access to both a bank-provided wholesale central bank digital currency (CBDC) wallet and a new electronic securities wallet dubbed "DEMAT 2.0".
The bond is expected to carry an initial three-month lockup period and will be offered to a limited investor group during the pilot phase. Exchanges are expected to set up a secondary market by December.
