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Reserve Bank of India Governor Sanjay Malhotra and Securities and Exchange Board of India Chairman Tuhin Kanta Pandey launched the Demat 2.0 pilot for tokenised corporate bonds at the Global Fintech Fest 2026 in Mumbai on 10 September 2026. Three companies issued tokenised bonds under the pilot using distributed ledger technology, REC Limited and Larsen & Toubro each raising Rs 500 crore and IIFL raising Rs 25 crore, taking the total to about Rs 1,025 crore. Settlement for the tokenised bonds uses the central bank digital currency, the digital rupee issued by the RBI, which the regulators said allows faster and more transparent transactions than the conventional demat system. SEBI said the tokenisation framework could later extend beyond corporate bonds to equities, mutual fund units and electronic gold receipts.