India launches tokenised corporate bond pilot

India is set to launch its first tokenised corporate bond pilot in September 2026, with state-owned power financier REC Limited expected to issue tokenised bonds worth less than 5 billion rupees (about $57 million). The pilot, developed jointly by the State Bank of India and the India — Securities and Exchange Board of India, will test blockchain-based issuance and settlement using India's wholesale central bank digital currency (CBDC). Investors will need two digital accounts: a wholesale CBDC wallet and a new electronic securities wallet called DEMAT 2.0, developed by depositories National Securities Depository Limited and Central Depository Services (India). The bonds will have a three-month lock-in, and exchanges are expected to develop a secondary market by December. The offering will be available only to a select group of investors at the pilot stage.