Which tokenized bonds have been issued in India?
2 tokenized bonds so far: Larsen & Toubro Limited — ₹500 crore (50,000 NCDs of ₹1 lakh) at 7.40%; REC Limited — ₹500 crore at 7.30%. NSE says the two issues together raised ₹1,000 crore. REC, a state-owned power financier, was the first issuer; L&T the first private-sector company.
India issued its first tokenized bonds in September 2026, under SEBI’s tokenisation framework: ordinary listed debentures whose holdings are recorded on a permissioned ledger run by the depositories, bid on NSE’s electronic book platform and settled with the Reserve Bank’s digital rupee. They are held through a demat account, not a wallet, and trade on the NSE debt segment like any other bond.
How this list is made: computed from the live TokenBank dataset each time the page is built — 2 matching rows, each linked to its own page and source.
Figures from our live dataset · data as of 2026-10-16 · this answer as JSON · not investment advice
| Token | Issuer | Yield / return | Minimum | KYC to buy | Chain |
|---|---|---|---|---|---|
| IN-LT-TOKEN-2029 Larsen & Toubro 7.40% tokenised NCDs 2029 (India's first private-sector tokenised bond) | Larsen & Toubro Limited | 7.40% checked 16 Oct 2026 | ₹1 lakh | Not stated | NSDL DLT |
| IN-REC-TOKEN-2028 REC 7.30% tokenized corporate bond (India's first, SEBI sandbox pilot) | REC Limited | 7.30% checked 16 Oct 2026 | — | Not stated | Permissioned DLT (Demat 2.0) |
Side by side
| IN-LT-TOKEN-2029 | IN-REC-TOKEN-2028 | |
|---|---|---|
| KYC to mint with the issuer | Not stated | Not stated |
| KYC to buy on a market | Not stated | Not stated |
| KYC to redeem | Not stated | Not stated |
| Assets under management | ₹500 crore (50,000 NCDs of ₹1 lakh) | ₹500 crore |
| Jurisdiction | India | India |
| How to buy | Through NSE EBP (bidding) and NSDL DLT platform; settled via a CBDC wallet or the arranging banks | Through Demat 2.0 permissioned ledger (SEBI regulatory sandbox), CBDC settlement or the arranging banks |
How to choose
Judge them as what they are: short-to-medium corporate credit from REC and L&T. Compare the coupon with the same issuers’ ordinary listed bonds; the ledger changes settlement, not the credit.
More questions
Can a retail investor hold an Indian tokenized bond?
They are listed debentures held in a demat account, so in principle through a broker like any listed bond; the face value of the L&T issue is ₹1 lakh per NCD. TokenBank does not say who may buy — check with your broker.
What is tokenized about them?
The record of who holds the bond is kept on a permissioned distributed ledger run by the depository, and the purchase was settled in digital rupees (the RBI’s CBDC). The bond itself — coupon, maturity, listing — is an ordinary debenture.
Which of them can I buy without KYC?
None of them is stated as buyable without KYC.
Are these yields fixed?
None is stated as fixed. The figures on this page were last checked on 2026-10-16T19:00:00.000Z.