
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.