Overview
- The National Stock Exchange said on September 17 that it used distributed‑ledger tokenisation on its Electronic Bidding Platform to complete tokenised bond sales by REC and Larsen & Toubro that raised a total of Rs 1,000 crore.
- REC’s tokenised deal had a Rs 100 crore base with a Rs 400 crore green shoe, drew 7.9 times subscription and accepted Rs 500 crore at a 7.30% coupon.
- Larsen & Toubro followed with a separate Rs 500 crore tokenised bond, showing the technology can be applied to private‑sector issuers as well as public borrowers.
- Banks, mutual funds, primary dealers and depositories took part as bidders and arrangers, signaling institutional demand and operational readiness for tokenised securities.
- The issuances ran under SEBI’s regulatory sandbox with RBI and SEBI backing, leaving the tests in a controlled phase while regulators and market participants assess settlement integration, legal rules and wider scaling that could cut settlement times and lower operational risk.