The Securities and Exchange Commission of India and the Reserve Bank of India have launched a pilot program for tokenization of corporate bonds, involving a $620 billion market

The Securities and Exchange Commission of India and the Reserve Bank of India have launched a corporate bond tokenization pilot called Demat 2.0, introducing the approximately $620 billion Indian corporate bond market into a distributed ledger and settling funds using digital rupees. The system connects tokenized bonds with the unified market interface of the Reserve Bank of India, achieving atomic settlement of bond payments and utilizing smart contracts to automatically process interest payments and redemptions. REC, Larsen&Toubro, and IIFL Finance issued tokenized bonds worth INR 50 billion, INR 50 billion, and INR 2.5 billion respectively, totaling INR 102.5 billion.