Maharashtra is developing a blockchain-based framework to tokenize portions of its electricity-transmission network, aiming to recycle capital into new transmission capacity and solar battery storage. Praveen Pardeshi, who leads the state policy agency MITRA, said 40% to 50% of transmission infrastructure could be converted into tradable tokens that provide investors with proportional returns from asset revenue. The initiative is separate from, but complements, India’s federal effort to digitize securities-market infrastructure. SEBI's Demat 2.0 pilot records corporate bonds as native digital tokens on a depository-operated permissioned distributed ledger and settles them atomically against the Reserve Bank of India's e-rupee. Three issuers previously completed offerings totaling ₹1,025 crore in the pilot's first phase. An official SEBI FAQ describes a phased Regulatory Sandbox rollout that begins with institutional issuance, then adds secondary trading and retail access, before expanding ledger nodes to other regulated entities.