National Stock Exchange of India (NSE) enabled India’s first tokenised corporate bond issuances on its Electronic Bidding Platform (NSE EBP). Under the SEBI Regulatory Sandbox Framework, REC Limited and Larsen & Toubro (L&T) together raised ₹1,000 crore.
Key Issuances
| Issuer | Date | Amount | Key detail |
| REC Limited | 7 September 2026 | ₹500 crore | First tokenised corporate bond issuance on NSE EBP |
| Larsen & Toubro | 9 September 2026 | ₹500 crore | Demonstrated the technology for a private-sector issuer |
The initiative was developed with guidance and support from SEBI and the RBI. The technology was formally unveiled on 10 September 2026 at the Global Fintech Fest 2026 in Mumbai by the RBI Governor and SEBI Chairman.
REC Bond Issue
REC’s issue had a ₹100 crore base size and a ₹400 crore green-shoe option. It received 7.9 times subscription to the base issue, with REC ultimately accepting ₹500 crore at a 7.30% coupon rate.
Participants included banks, financial institutions, mutual funds and depositories.
What is Tokenisation?
Tokenisation represents and manages securities digitally using Distributed Ledger Technology (DLT). The system is intended to:
- Enable atomic settlement.
- Improve transparency.
- Increase operational efficiency throughout the securities lifecycle.
- Operate using India’s existing digital settlement infrastructure.
The REC and L&T issuances mark an important step towards the wider use of tokenisation in India’s corporate bond market.
About National Stock Exchange of India (NSE)
NSE is one of India’s major stock exchanges. It provides electronic trading and market infrastructure for equities, derivatives, debt securities and other financial instruments. Its NSE EBP is used for electronic bidding and issuance of debt securities.