Overview
SEBI’s Demat 2.0 pilot will test tokenised corporate bonds on distributed ledger technology, while ensuring investor rights are the same as those attached to conventional bonds.
Issuance and settlement
Under the pilot, bonds would be tokenised on a ledger and issued to investors via demat accounts, with settlement designed to mirror the protection and timelines of existing bond trades.
CBDC payments
Coupon and principal payments in the pilot are planned to be routed through a central bank digital currency framework being explored by authorities.
Why the move matters
The exercise seeks to validate tokenisation, on‑chain ownership, and the feasibility of CBDC‑based settlement for corporate debt, aligning with broader digital assets and market infrastructure goals.
Retail participation
Details on when retail investors can take part are to be announced as the pilot progresses.
