#India

73 articles tagged #India — curated RWA tokenization coverage.

#CBDC #TokenizedBonds #Tokenization #SEBI #CorporateBonds #Demat2.0 #Blockchain #RBI #DLT #REC

From UPI to tokenised assets: Is India building the next generation of financial infrastructure?

India is evolving its financial infrastructure by transitioning from the high-volume UPI payment system to a programmable, tokenized asset framework. The Reserve Bank of India (RBI) is actively developing a Unified Markets Interface to facilitate tokenized settlements using wholesale central bank digital currency. Simultaneously, the Securities and Exchange Board of India (SEBI) launched a 'Demat 2.0' pilot on September 10, 2026, to test tokenized corporate bonds within a regulated environment. This shift aims to enhance market efficiency by automating lifecycle events and enabling fractional ownership for assets like real estate and infrastructure. Success hinges on establishing robust legal frameworks, ensuring global interoperability, and maintaining the security standards of traditional regulated markets. By leveraging existing digital public infrastructure, India seeks to create a scalable ecosystem where financial assets and their underlying rights become digitally native. This transition represents a fundamental move from merely digitizing transactions to digitizing the core processes of asset issuance, ownership, and settlement.

#Tokenization #RBI #India

yourstory.comAdded: Oct 7, 20268.0

Infrastructure

SEBI Chairman Tuhin Kanta Pandey On India's ₹7 Lk Cr AIF Boom | Tokenised Bonds | CBDC | Demat 2.0

SEBI Chairman Tuhin Kanta Pandey has identified tokenized corporate bonds and CBDC-based settlements as the next frontier for India's financial market infrastructure. This strategic shift follows a period of significant growth in the Alternative Investment Fund (AIF) sector, which has reached a cumulative investment volume of ₹7 lakh crore with a 43% ten-year CAGR. With the Indian market now supporting 23.8 crore demat accounts and 15 crore unique investors, the regulator is prioritizing technology-led reforms to enhance efficiency and transparency. Initiatives like Demat 2.0 are designed to modernize the investment landscape, moving beyond traditional holding structures toward digital-native assets. By integrating tokenization and central bank digital currencies, SEBI aims to streamline settlement processes and reduce friction for a rapidly expanding investor base. This evolution reflects a broader institutional commitment to digitizing capital markets to support the nation's growing startup and innovation ecosystem. The focus on these advanced technologies underscores the regulator's intent to maintain market integrity while scaling access to sophisticated financial instruments.

#TokenizedBonds #CBDC #India

businesstoday.inAdded: Oct 5, 20267.5

Infrastructure

India’s RBI stays cautious on crypto, backs tokenization

The Reserve Bank of India (RBI) continues to maintain a strict regulatory divide between private cryptocurrencies and institutional tokenization efforts. RBI Governor Sanjay Malhotra emphasized that while the central bank remains cautious toward private digital assets due to risks regarding monetary sovereignty and capital flow management, it actively promotes distributed ledger technology and tokenization for regulated financial instruments. The RBI is currently advancing projects involving programmable central bank digital currencies (CBDCs), tokenized certificates of deposit, and corporate bonds settled via the wholesale digital rupee. Notably, the Securities and Exchange Board of India (SEBI) recently launched the Demat 2.0 pilot, which successfully utilized DLT for securities records while settling cash legs through central bank money. Recent tokenized bond issuances by REC, Larsen & Toubro, and IIFL totaled ₹1,025 crore, demonstrating the practical application of these technologies within India's existing legal framework. This dual-track approach allows the government to leverage blockchain for financial efficiency and settlement finality while simultaneously enforcing anti-money laundering regulations on offshore crypto platforms. By prioritizing the 'singleness of money,' the RBI aims to integrate tokenized assets into the sovereign financial system rather than allowing private alternatives to disrupt domestic monetary policy.

#Tokenization #DLT #CBDC

crypto.newsAdded: Oct 4, 20268.0

Infrastructure

India’s tokenized bond pilot starts with institutions, with retail access planned next

The Securities and Exchange Board of India (SEBI) has launched a pilot program titled Demat 2.0 to facilitate the issuance and settlement of corporate bonds on a private, permissioned distributed ledger. The initiative successfully processed ₹1,025 crore across three initial issuances from REC Limited, L&T Limited, and IIFL. By utilizing the Reserve Bank of India’s wholesale digital rupee, the system achieves atomic delivery-versus-payment, ensuring that the bond transfer and cash settlement occur simultaneously. This synchronization eliminates settlement risk by removing the time gap between fund transfer and security delivery. While the bonds exist as native digital tokens, they retain their original ISIN identifiers, legal covenants, and regulatory status, ensuring continuity for market participants. The infrastructure is managed by India’s depositories and stock exchanges, which maintain the authoritative records of ownership and handle private key management on behalf of investors. This pilot represents a significant step toward modernizing India's debt markets by integrating central bank digital currency with institutional-grade blockchain rails. Future stages of the project aim to expand the system to include secondary market trading and retail investor participation.

#CorporateBonds #CBDC #India

cryptorank.ioAdded: Sep 18, 20268.5

Infrastructure

Credit where credit's due: India's tokenised bonds must now open the door to global capital

India recently completed a successful pilot of tokenized corporate bonds, with issuers REC, L&T, and IIFL Finance raising a combined Rs 1,025 crore within a single week. These transactions utilized a permissioned distributed ledger and wholesale CBDC to achieve atomic settlement, effectively eliminating traditional settlement risks within the existing regulatory perimeter. While this engineering milestone proves that domestic market infrastructure can be upgraded without compromising statutory protections, the current ecosystem remains a closed loop restricted to domestic participants. The lack of interoperability between conventional demat accounts and the new ledger, combined with a three-month lock-in period, currently limits liquidity and secondary market activity. The broader significance for the RWA market lies in the potential to democratize access to Indian credit for global investors who are currently priced out by high operational costs. By transitioning from domestic-only settlement to programmable, cross-border rails, India could tap into significant global stablecoin liquidity and institutional capital. Ultimately, the success of this initiative depends on enabling foreign allocators to hold Indian assets alongside US-denominated tokenized debt while maintaining regulatory compliance. This shift would transform tokenized bonds from mere digital labels into versatile instruments capable of being used in global treasury workflows and collateral arrangements.

#Tokenization #CorporateBonds #Infrastructure

m.economictimes.comAdded: Sep 17, 20267.5

Infrastructure

NSE opens the way for ₹10 billion in tokenized bond issuances

The National Stock Exchange (NSE) of India has officially integrated tokenization technology into its Electronic Bidding Platform to modernize the corporate bond market. This initiative saw the successful completion of the country's first tokenized bond issuances, with REC Limited and Larsen & Toubro Limited raising a combined total of ₹10 billion. The technology was unveiled on September 10, 2026, at the Global Fintech Fest in Mumbai, with formal support from the Reserve Bank of India and the Securities and Exchange Board of India. Larsen & Toubro specifically executed a ₹5 billion issuance, showcasing the viability of tokenized assets for private-sector entities. The process involved major financial institutions including State Bank of India, Yes Bank, and HDFC Mutual Fund, who participated as investors or arrangers. This development marks a significant shift toward digital infrastructure in Indian capital markets, aiming to create scalable, regulated solutions for debt issuance. By leveraging blockchain-based tokenization, the NSE seeks to enhance efficiency and transparency within the domestic financial ecosystem.

#TokenizedBonds #Fintech #India

tradersunion.comAdded: Sep 17, 20268.5

Infrastructure

Demat 2.0: Tokenised bonds could settle instantly against CBDC payments, says NSDL MD

Padmaja Chunduru, Managing Director and CEO of the National Securities Depository Limited (NSDL), has outlined a vision for 'Demat 2.0' which leverages blockchain technology to modernize India's securities market. By utilizing tokenized bonds, the NSDL aims to enable near-instantaneous settlement cycles, significantly reducing the traditional T+1 or T+2 settlement delays. This transition is designed to integrate seamlessly with the Reserve Bank of India's Central Bank Digital Currency (CBDC), facilitating atomic settlement where the exchange of assets and payments occurs simultaneously. Such a shift is expected to enhance market efficiency, lower counterparty risk, and improve liquidity for institutional and retail investors alike. The initiative represents a strategic move by India's primary depository to embrace distributed ledger technology for core financial infrastructure. By aligning tokenized securities with digital rupee payments, the NSDL is positioning itself at the forefront of global efforts to modernize clearing and settlement systems. This development is critical for the RWA market as it demonstrates how national-level infrastructure providers are actively adopting blockchain to replace legacy settlement processes.

#TokenizedBonds #Settlement #CBDC

etnownews.comAdded: Sep 17, 20268.0

Infrastructure

RBI Recognises Second Fintech Self-Regulator, Unveils Corporate Bond Tokenisation Initiative

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have launched a joint initiative to explore the tokenization of corporate bonds. This project aims to utilize wholesale Central Bank Digital Currency (wCBDC) for the settlement of these tokenized assets, building upon previous RBI experiments with tokenized certificates of deposit. Governor Sanjay Malhotra emphasized that the initiative's success depends on establishing robust regulatory frameworks for ownership, custody, settlement finality, and cybersecurity. Alongside this, the RBI officially recognized the United FinTech Forum as India's second fintech Self-Regulatory Organisation to foster industry standards and responsible conduct. These developments occur within a broader digital transformation context, as India recorded 280 billion digital transactions in FY2025–26. The central bank is simultaneously developing AI governance and model-risk rules to manage the systemic risks posed by rapidly scaling fintech firms. This dual focus on technological innovation and proportionate regulatory oversight highlights the RBI's strategy to integrate public digital infrastructure with private sector growth. By formalizing self-regulation and testing tokenized debt markets, the RBI is positioning India to modernize its financial infrastructure while maintaining systemic stability.

#Tokenization #CorporateBonds #CBDC

policyedge.inAdded: Sep 17, 20268.0

Infrastructure

NSE enables India’s first tokenised corporate bond issuances worth Rs 1,000 crore

The National Stock Exchange of India (NSE) has successfully executed the country's first tokenized corporate bond issuances, totaling Rs 1,000 crore. REC Limited and Larsen & Toubro each raised Rs 500 crore through the NSE Electronic Bidding Platform (NSE EBP) under the SEBI Regulatory Sandbox Framework. The REC issuance, which saw a 7.9 times subscription rate, was finalized at a 7.30 per cent coupon rate. Formally unveiled at the Global Fintech Fest 2026, the initiative utilizes Distributed Ledger Technology (DLT) to represent and manage securities digitally. This milestone is significant as it integrates tokenization into India's existing digital settlement infrastructure to facilitate atomic settlement and improve operational transparency. By demonstrating the scalability of DLT for both public and private sector issuers, the NSE is positioning itself to modernize the broader corporate bond market. This development marks a critical regulatory and technological step toward institutionalizing blockchain-based securities management within the Indian capital markets.

#Tokenization #CorporateBonds #DLT

aninews.inAdded: Sep 17, 20268.5

Infrastructure

Indian firms issue 10.25 billion rupees of tokenised bonds in regulator’s pilot scheme

Three Indian financial service providers have successfully issued 10.25 billion rupees, equivalent to approximately US$103 million, in tokenised corporate bonds as part of a pilot program overseen by the Securities and Exchange Board of India (Sebi). Known as Demat 2.0, this initiative utilizes distributed ledger technology to manage the issuance, holding, and settlement of these digital assets. A critical feature of the program is its integration with the Reserve Bank of India’s wholesale central bank digital currency, which enables simultaneous delivery-versus-payment settlement. By leveraging smart contracts, the system automates interest and redemption payments while significantly reducing transaction times from several days to same-day settlement. This shift is expected to lower administrative costs and reconciliation burdens for market participants while maintaining existing regulatory standards for credit ratings and investor protections. Sebi plans to expand the pilot in future phases to include secondary market trading via request-for-quote platforms and eventually open participation to retail investors. This development marks a significant step in the modernization of India's capital markets through blockchain-based infrastructure.

#TokenisedBonds #CBDC #India

asiaasset.comAdded: Sep 17, 20268.0

Non-U.S. Govt. Debt

Cryptocurrency News: India Puts Bonds on Chain, BTC Stalls, and Pepeto's 100x Presale Is Running Out

The Indian government has initiated a pilot program to place sovereign bonds on a blockchain, marking a significant shift toward digitizing national debt instruments. By leveraging distributed ledger technology, the initiative aims to enhance transparency, reduce settlement times, and increase accessibility for retail investors in the Indian bond market. This move aligns with a broader global trend of sovereign entities exploring blockchain for debt issuance to improve market efficiency and liquidity. The integration of government securities onto a blockchain infrastructure represents a critical step in the institutional adoption of RWA tokenization within emerging markets. As India tests this technology, it provides a blueprint for other nations to modernize their financial infrastructure through decentralized systems. The success of this pilot could lead to a more robust secondary market for government debt, potentially lowering borrowing costs for the state. This development underscores the growing intersection between traditional sovereign finance and blockchain technology, signaling a maturing landscape for tokenized government assets.

#RWA #Blockchain #Tokenization

bignewsnetwork.comAdded: Sep 16, 20268.5

Infrastructure

E-Sutra Named Official India Partner of the STO Foundation/Tokenized Asset Foundation

The STO Foundation/Tokenized Asset Foundation has entered a strategic partnership with E-Sutra, India’s Web3 Alliance, to bridge the Indian tokenized asset market with global financial ecosystems. This collaboration aims to facilitate knowledge exchange, regulatory dialogue, and institutional connectivity for Indian issuers and international market participants. The partnership specifically targets the India-UAE corridor and broader GCC markets to foster cross-border tokenization initiatives. By combining E-Sutra’s local network with the Foundation’s international infrastructure, the alliance seeks to move India from isolated experimentation toward commercially viable, institutional-grade implementation. This development occurs as India advances significant legislative efforts, including the proposed Asset Tokenisation (Regulation) Bill, 2026, and the Maharashtra-led DELTA Act for land tokenization. The initiative focuses on building comprehensive market infrastructure, covering legal frameworks, custody, and compliance for diverse asset classes like real estate and private credit. Ultimately, this partnership serves as a conduit for professional development and policy advocacy to ensure the responsible growth of India's digital securities sector.

#Tokenization #Web3 #DigitalSecurities

tribuneindia.comAdded: Sep 16, 20266.5

Infrastructure

Tokenized bonds pass the launch test. The real challenge starts now

Indian firms Rural Electrification Corp., Larsen & Toubro, and IIFL Finance have successfully completed tokenized corporate bond issuances, marking a significant technological milestone for the nation's debt market. REC raised Rs.500 crore, L&T raised Rs.500 crore, and IIFL Finance raised Rs.25 crore using distributed ledger technology and the Reserve Bank of India's central bank digital currency (CBDC). While these transactions demonstrate the viability of atomic delivery-versus-payment settlement, market participants characterize them as largely ceremonial due to the lack of a functioning secondary market. The current infrastructure requires investors to manage separate CBDC and electronic securities wallets, creating friction that hinders widespread adoption. Experts emphasize that the next critical phase for 'Demat 2.0' is achieving interoperability between these new digital environments and existing bond-market infrastructure. Without a robust financing ecosystem and secondary market liquidity, the benefits of instant settlement remain limited compared to established T+1 workflows. Ultimately, the success of Indian bond tokenization depends on integrating these digital assets into the broader financial system while simplifying the user experience.

#CorporateBonds #DLT #CBDC

tradingview.comAdded: Sep 16, 20267.5

Infrastructure

NSDL and CDSL launch Demat 2.0 for tokenised securities and CBDC settlement

The National Securities Depository Limited (NSDL) has announced the launch of 'Demat 2.0', a strategic initiative designed to modernize India's securities infrastructure through the integration of tokenized assets and Central Bank Digital Currency (CBDC) settlement. By leveraging distributed ledger technology, NSDL aims to streamline the settlement process for securities, reducing the reliance on traditional clearing cycles and enhancing operational efficiency for market participants. This move represents a significant shift for the Indian financial ecosystem, as it aligns national depository standards with global trends in digital asset adoption and blockchain-based settlement. The implementation of tokenized securities within a regulated depository framework provides a secure environment for institutional and retail investors to engage with digital financial instruments. Furthermore, the integration of CBDC for settlement purposes addresses liquidity and counterparty risk, marking a critical step toward a more programmable and instantaneous financial market. As India continues to explore the intersection of traditional finance and blockchain, NSDL's initiative serves as a foundational layer for future RWA tokenization projects. This development is pivotal for the RWA market, as it demonstrates how established national infrastructure providers are actively adopting tokenization to improve market transparency and settlement speed.

#TokenizedSecurities #Infrastructure #CBDC

moneycontrol.comAdded: Sep 15, 20268.5

Infrastructure

Sebi’s Demat 2.0 lays groundwork for tokenising more regulated financial assets

The Securities and Exchange Board of India (SEBI) has launched the 'Demat 2.0' pilot program to test distributed ledger technology (DLT) as a foundational layer for the corporate bond market. By integrating tokenized securities with the Reserve Bank of India’s wholesale digital rupee, the initiative enables atomic Delivery-versus-Payment (DvP) settlement, effectively eliminating the time gap between security transfer and cash payment. The pilot maintains the existing legal framework of corporate bonds, including ISINs and investor rights, while utilizing private, permissioned DLT networks operated by depositories. This infrastructure shift allows for the automation of corporate actions like coupon payments and redemptions through smart contracts. Although the current pilot is limited to a ₹1,025 crore scope, it serves as a critical proof-of-concept for the broader tokenization of regulated financial assets in India. Industry experts view this as a strategic application of India's Digital Public Infrastructure playbook to modernize capital markets. The success of this initiative will ultimately depend on the development of secondary-market liquidity and the eventual expansion to retail participation.

#CorporateBonds #DLT #CBDC

businesstoday.inAdded: Sep 15, 20268.5

Infrastructure

IIFL Finance Becomes First Non-PSU NBFC to Execute ₹25 Crores Tokenised Bond Transaction

IIFL Finance has become the first non-PSU Non-Banking Financial Company in India to execute a ₹25 crore tokenized bond transaction. The deal was conducted under the Securities and Exchange Board of India's Regulatory Sandbox framework, utilizing the Metropolitan Stock Exchange of India as the bidding platform. Trust Investment Advisors Private Limited served as the sole arranger and advisor for the issuance, which is slated for listing on the National Stock Exchange of India. This milestone aligns with a broader national initiative to integrate blockchain and distributed ledger technology into the country's debt capital markets. The transaction follows a joint pilot launch by the Reserve Bank of India and SEBI at the Global Fintech Fest 2026, which aims to combine DLT with central bank digital currency for instantaneous settlement. By adopting this technology, IIFL Finance seeks to enhance the efficiency, transparency, and speed of its capital market operations. This development signals a significant shift toward digitizing financial infrastructure within the Indian corporate bond sector.

#TokenizedBonds #DLT #India

m.thewire.inAdded: Sep 15, 20268.0

Infrastructure

From Real Estate to Bonds: RealX Opens Infrastructure for India’s Next Tokenisation Wave

India's asset tokenization market is projected to grow from $133.5 million in 2026 to $245.7 million by 2033, with real estate representing nearly one-third of the market share this year. To support this expansion, RealX has partnered with MST Blockchain to launch 'The Box,' a modular infrastructure suite designed for developers, startups, and corporations. This platform provides the necessary legal, compliance, and security frameworks for businesses to build and operate their own tokenized RWA platforms. By shifting from a model where a single entity tokenizes assets to an infrastructure-as-a-service approach, RealX aims to democratize access to blockchain-based ownership. This development aligns with India's broader financial agenda, which increasingly prioritizes blockchain integration for assets like bonds, deposits, and land. The initiative addresses the critical industry bottleneck of scaling tokenization beyond technical feasibility into operational reality. Ultimately, this move seeks to replicate the success of India's open digital payment rails within the real-world asset ownership sector.

#RWA #Tokenization #India

cxotoday.comAdded: Sep 15, 20267.5

Infrastructure

India Launches $620B Tokenized Bond Experiment Using Digital Rupee

The Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI) have launched 'Demat 2.0,' a pilot program designed to test the issuance and settlement of tokenized corporate bonds on a distributed ledger. This initiative integrates blockchain technology with India's existing statutory depositories and the wholesale digital rupee (CBDC) to facilitate atomic delivery-versus-payment. By enabling simultaneous bond transfer and settlement, the system aims to significantly reduce transaction risks and increase operational efficiency within India's $620 billion corporate bond market. The first phase of the pilot has already successfully facilitated the issuance of ₹1,025 crore ($116 million) in tokenized bonds by REC, Larsen & Toubro, and IIFL Finance. These digital assets maintain standard coupon rates and investor rights while remaining accessible through existing Demat accounts. This development marks a significant milestone as India becomes the first nation to combine natively issued DLT bonds with CBDC settlement within a regulated market framework. The experiment serves as a critical real-world test for scaling blockchain infrastructure in national financial systems, with future plans to include secondary market trading and retail investor access.

#Tokenization #CorporateBonds #CBDC

coinpedia.orgAdded: Sep 15, 20268.5

#India

Insights directly to your inbox