India's First Tokenised Corporate Bond: A Financial Innovation

The National Stock Exchange of India has introduced tokenised corporate bonds on its Electronic Bidding Platform, with REC Limited and Larsen & Toubro raising Rs 1,000 crore. This initiative, unveiled at the Global Fintech Fest, emphasizes technology-driven solutions in the securities market, enhancing transparency and operational efficiency.

In a groundbreaking move, the National Stock Exchange of India (NSE) has launched India's first tokenised corporate bond issuances on its Electronic Bidding Platform (NSE EBP). REC Limited and Larsen & Toubro have successfully raised a combined Rs 1,000 crore under this initiative, sanctioned by the Securities and Exchange Board of India's (SEBI) Regulatory Sandbox Framework.

The innovative technology was publicly announced on September 10 at the Global Fintech Fest 2026 in Mumbai by Reserve Bank of India Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey. REC's bond issuance had a base size of Rs 100 crore and a green shoe option of Rs 400 crore, amassing a subscription rate of 7.9 times the base issue, thus accepting Rs 500 crore at a 7.30 percent coupon rate.

NSE highlighted that the tokenisation of corporate bonds represents a significant step towards digital advancement in the securities market, aiming for atomic settlement, increased transparency, and enhanced efficiency. Executive Director Viral Mody reaffirmed NSE's commitment to spearheading technological advancement in India's capital markets, ensuring solutions are scalable, trusted, and adaptive to market demands.