The National Stock Exchange of India Limited (NSE) has successfully implemented tokenisation technology for corporate bonds on its Electronic Bidding Platform (NSE EBP) under the SEBI Regulatory Sandbox Framework. The platform enabled India’s first-ever tokenised bond issuances by REC Limited and Larsen & Toubro Limited, cumulatively amounting to ₹1,000 crore in fund-raising.
The technology was formally unveiled on September 10, 2026, by Shri Sanjay Malhotra, Governor, Reserve Bank of India (RBI), and Shri Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India (SEBI), at the Global Fintech Fest 2026 in Mumbai.
The first-ever tokenised corporate bond issuance in India was launched by REC Limited on NSE EBP, raising ₹500 crore at a 7.30% coupon rate, followed by Larsen & Toubro Limited’s ₹500 crore tokenised corporate bond issuance on the platform.
Tokenisation enables securities to be represented and managed digitally using Distributed Ledger Technology (DLT), with the technology designed to facilitate atomic settlement, enhance transparency and improve operational efficiency across the securities lifecycle while leveraging India’s established digital settlement infrastructure.
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