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Bond markets carry their friction in the settlement layer, where custodians, clearing houses, and registries must reconcile ownership records on each trade, typically over one to two sessions.
India's Securities and Exchange Board, SEBI, has begun moving that process onto a token-based architecture, issuing $107 million in bonds through a pilot it has designated Demat 2.0.
The mechanism behind the program name The "Demat" framing is precise.
India's existing dematerialized securities system already removed paper certificates from equity and fixed-income markets, replacing them with electronic registry entries held through central depositories.
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