India's securities watchdog announced on Thursday that three issuers raised ₹1,025 crore ($107.2 million) through tokenized corporate bonds under its Demat 2.0 pilot.
The Securities and Exchange Board of India said in a statement that the system uses distributed ledger technology to issue, hold, and settle corporate bonds.
According to the statement, REC Ltd. was the first issuer on Sept. 7, raising ₹500 crore ($52.3 million) from 18 investors.
L&T Ltd. followed on Sept. 9 with a similar amount from four investors, while IIFL raised ₹25 crore ($2.6 million) from one investor the same day.
SEBI said the infrastructure behind Demat 2.0 pilot records corporate bonds as native digital tokens on a distributed ledger owned by the depositories.
