According to CoinMeta, the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India have launched the demat 2.0 pilot, introducing corporate bond issuance and settlement into a distributed ledger, with the aim of covering a corporate bond market worth $620 billion. Three companies, REC, Larsen, and Toubro, as well as IIFL Finance, have raised 102.5 billion rupees ($1.07 billion) through this system. Among them, REC issued India's first tokenized corporate bond on September 7, raising 50 billion rupees. The system enables simultaneous delivery of bonds and funds through a unified market interface and utilizes smart contracts to handle interest payments and principal redemptions.