India’s Demat 2.0 pilot has completed three tokenized corporate-bond issuances totaling ₹1,025 crore, with REC, Larsen & Toubro and IIFL Finance settling the transactions through the Reserve Bank of India’s wholesale CBDC. REC raised ₹500 crore from 18 investors on Sept. 7, followed by Larsen & Toubro’s ₹500 crore issuance to four investors and IIFL Finance’s ₹25 crore issuance to one investor on Sept. 9. The pilot was formally announced on Sept. 10 at the Global Fintech Fest in Mumbai by RBI Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey. Bonds are recorded as digital tokens on a permissioned ledger run by statutory depositories NSDL and CDSL, while atomic delivery-versus-payment transfers the bond and wholesale digital rupee simultaneously. SEBI has retained the legal and regulatory treatment of conventional demat bonds and outlined later phases for secondary-market trading, retail participation and potential use with other instruments. The new account values the issuance at roughly $122 million, compared with earlier reported estimates of about $107 million and $116 million for the same ₹1,025 crore total.