The Securities and Exchange Board of India (Sebi) has announced the successful launch of Demat 2.0, a pilot project for tokenised corporate bonds that seeks to test a new way of issuing, holding, trading and settling bonds in India. The announcement was made jointly by RBI Governor Sanjay Malhotra and Sebi Chairman Tuhin Kanta Pandey at the Global Fintech Fest in Mumbai.

For investors in corporate bonds, the launch of Sebi’s Demat 2.0 pilot could change how bond transactions are settled and how payments are received. The tokenised bond system is designed to enable faster settlement, quicker access to funds from secondary-market transactions and automated processing of interest and redemption payments.

What is Demat 2.0?

Demat 2.0 is a new market infrastructure developed to test the tokenisation of corporate bonds.

Under the system, a bond is created as a digital token on a distributed ledger. The ledger is a shared electronic record maintained simultaneously by market infrastructure institutions using distributed ledger technology (DLT), while the ledger is owned by the depositories.

Demat 2.0 is connected to the RBI’s wholesale central bank digital currency (CBDC), or e-rupee, through the Unified Market Interface.

This enables atomic settlement, where the bond and money move instantaneously.
For investors, this means the securities and corresponding funds can move at the same time, removing the gap between the completion of the two sides of a transaction.

Faster access to funds after selling bonds

One of the key changes for investors is the time taken to receive money from secondary-market transactions.

Sebi said investors can receive funds immediately in secondary-market transactions under Demat 2.0. Under the earlier process, funds generally took two to three days to be received.

The shorter settlement timeline means funds from a completed secondary-market transaction can be deployed elsewhere immediately.

Interest and redemption payments can be automated

Demat 2.0 also seeks to change how investors receive interest and redemption payments on their bonds.

Currently, the issuer or its registrar needs to obtain the list of bondholders from the depositories, calculate the amount payable to each holder and route the payments separately through the banking channel.

Under Demat 2.0, bondholder details are visible to authorised institutions on the shared ledger. Smart contracts — instructions written into the ledger that execute automatically — can trigger interest and redemption payments.

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Sebi said payments in e-rupee can reach bondholders’ CBDC wallets on the due date.

For investors, this means interest and redemption payments can be processed automatically through the new infrastructure.

Settlement risk eliminated

Atomic settlement is another feature that Sebi has highlighted.

Under the system, the bond and money move instantaneously. Sebi said this eliminates settlement risk, as one side of the transaction does not remain pending after the other side has been completed.

Three issuers have raised Rs 1,025 crore

Three companies have issued tokenised bonds so far under the pilot, raising a combined Rs 1,025 crore.

REC was the first issuer on September 7, 2026. The public sector NBFC raised Rs 500 crore from 18 investors.

L&T was the second issuer on September 9, raising Rs 500 crore from four investors.

IIFL was the third issuer on September 9, raising Rs 25 crore from one investor.

The pilot is being implemented in phases. The first phase is currently focused on issuances. Later phases will extend the system to buying and selling tokenised bonds through existing request-for-quote (RFQ) platforms and eventually to retail investor access.

What Demat 2.0 means for investors

From an investor’s perspective, the pilot introduces several changes to the way corporate bond transactions and payments can be handled.

Immediate secondary-market funds: Investors can receive funds immediately from secondary-market transactions, compared with the earlier two-to-three-day timeline.

Simultaneous settlement: Atomic settlement allows the bond and money to move instantaneously.

Lower settlement risk: Sebi said settlement risk is eliminated because the two sides of the transaction do not remain pending separately.

Automated interest payments: Smart contracts can trigger interest payments on the due date.

Automated redemption: Redemption payments can also be triggered through smart contracts.

Direct e-rupee payments: Interest and redemption payments can reach bondholders’ CBDC wallets in e-rupee on the due date.

India’s approach to tokenised bonds

Sebi said tokenisation pilots and commercial launches have taken place globally, including Project Helvetia III in Switzerland and Project Evergreen in Hong Kong. Tokenised treasury bonds and bonds from BlackRock, JPMorgan and the Asian Infrastructure Investment Bank are also among the global examples cited by Sebi.

According to Sebi, tokenisation in these cases has largely been undertaken by individual issuers on separate platforms.

India’s approach under Demat 2.0 is to issue corporate bonds natively on a distributed ledger, with the record of ownership held by statutory depositories and funds settled in central bank digital currency within the existing regulated market infrastructure.

For bond investors, the pilot is currently focused on issuance, while future phases are expected to bring tokenised bonds into secondary-market buying and selling and eventually extend access to retail investors.

This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

About 2.3 million sour candy bottles are facing a recall over a choking hazard that could lead to serious injury or death, according to federal regulators.

The recall was initiated for Ricky Joy Sour Crush Rolling Liquid Candy Bottles because the rolling ball on the bottles can detach and become a choking hazard, the Consumer Product Safety Commission announced on Thursday.

“The rolling ball on the recalled candy bottles can detach, posing a risk of serious injury or death from choking hazard,” the commission warned.

POPULAR SQUISHY TOYS RECALLED OVER POTENTIALLY DEADLY WATER BEAD HAZARD

The plastic candy bottles were sold individually and in packs of three or 12 in blue raspberry, strawberry, green apple and watermelon flavors.

The recalled candy bottles were sold at H-E-B, Forman Mill and other candy stores nationwide, as well as online at Walmart, CandyFunHouse.com, RickyJoy.com and other online retailers from January 2023 through May 2026.

CREAM CHEESE AND DELI SALADS RECALLED OVER POTENTIAL LISTERIA CONTAMINATION

They were sold for about $3 per bottle and between $13 and $32 for a pack.

The bottles contain 1.85 fluid ounces of sour liquid candy to be applied through the bottle’s rollerball top.

The Ricky Joy logo, “EXTREME SOUR,” “SOUR CRUSH” and the flavor name are printed on the front of the bottle along with the image of a green monster with its tongue sticking out.

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No injuries have been reported thus far in connection with the recall effort.

Consumers are urged to stop using the candy bottles immediately, take them away from children and contact The Ricky Joy Company for a refund.

NEW YORK — Ceremonies marking 25 years since the Sept. 11, 2001, terrorist attacks are underway Friday at the three sites forever associated with that day, and multiple broadcast, cable and streaming options are available for Americans hoping to watch the commemorations live from home.

The main ceremony at the National September 11 Memorial in Lower Manhattan began at 8 a.m. Eastern time, with families gathering on the Memorial Plaza to read aloud the names of the 2,983 men, women and children killed in the 2001 attacks and the earlier Feb. 26, 1993, bombing of the World Trade Center. This year’s ceremony includes seven moments of silence rather than the traditional six, with a newly added pause honoring those who have died in the years since from illnesses tied to their exposure at Ground Zero. The previous six moments of silence continue to mark the exact times each World Trade Center tower was struck, when each tower fell, and the moments corresponding to the attack on the Pentagon and the crash of United Airlines Flight 93 in Pennsylvania.

Viewers can stream live coverage of the New York ceremony beginning at 8 a.m. through ABC7 New York and wherever ABC7’s livestream is available, including on Disney+ and Hulu. NBC News is also providing special coverage throughout the day, beginning at 7 a.m. Eastern with a special edition of “Today,” anchored by Savannah Guthrie and Craig Melvin, with viewers able to stream NBC’s coverage through DirecTV or Fubo, both of which offer five-day free trials. A separate one-hour ABC News special hosted live from New York by “World News Tonight” anchor David Muir, “Good Morning America” co-anchor Robin Roberts and anchor Diane Sawyer is scheduled to air later in the day, culminating in live coverage of the Tribute in Light, with performances from Cyndi Lauper, Lainey Wilson and John Ondrasik of Five for Fighting from the base of the light installation.

At the Pentagon, a commemoration ceremony honoring the 184 people killed there began Friday morning after an American flag was unfurled over the building’s roof. President Donald Trump is scheduled to speak at the Pentagon event, according to New York Times reporting from the scene.

In Shanksville, Pennsylvania, the Flight 93 National Memorial is holding a morning observance featuring a reading of victims’ names, musical performances and the ringing of the Bells of Remembrance, along with wreath-layings timed to correspond to key moments of the 2001 crash. A separate afternoon ceremony is scheduled to begin at 1 p.m. Eastern time and will include keynote remarks from Pennsylvania Gov. Josh Shapiro, additional musical performances, and a wreath-laying at the memorial’s Wall of Names. The Flight 93 National Memorial is livestreaming both the morning and afternoon events on YouTube.

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C-SPAN is providing rolling, commercial-free coverage across all three of its networks beginning at 6 a.m. Eastern with a special edition of “Washington Journal,” continuing through 10 p.m. Eastern with live events, viewer calls, expert guests and archival footage. According to Deadline, C-SPAN’s planned 25th anniversary coverage also includes remembrance events in Boston, Michigan, South Carolina, Colorado and California, along with a commemorative service in Gander, Newfoundland, recognizing that community’s role sheltering nearly 7,000 stranded airline passengers and crew after U.S. airspace was closed following the attacks, as well as events recorded in Dallas featuring former President George W. Bush, former National Security Adviser Condoleezza Rice and former White House Chief of Staff Andrew Card.

Fox News Media is presenting commemorative packages and interviews throughout the day, with correspondents reporting live from New York, Pennsylvania and Washington, D.C. “Fox & Friends,” which aired live on the morning of the original attacks, has featured a week of special coverage from multiple locations leading up to Friday’s anniversary, including appearances from co-host Steve Doocy, who was broadcasting live alongside Brian Kilmeade on the morning of Sept. 11, 2001.

For viewers seeking a more localized viewing option, many local television station apps offer live “Breaking Live” streams that typically carry national ceremony coverage alongside local reporting, accessible through Roku, smart TV app stores, or individual station apps.

This year’s ceremony in New York unfolded amid heightened attention to security and political tension surrounding the event. New York City Mayor Zohran Mamdani attended the ceremony despite facing calls from some conservative politicians in the days leading up to the anniversary urging him not to participate, according to New York Times reporting from the scene. Mamdani’s aides said he planned to remain for the full reading of victims’ names. Also present at the ceremony were House Minority Leader Hakeem Jeffries and New York Attorney General Letitia James, according to reporting from the memorial plaza Friday morning.

This year’s anniversary carries particular significance given that more than 100 million Americans have now been born after the 2001 attacks, meaning an increasingly large share of the population knows about Sept. 11 only through education, family stories and historical media rather than personal memory. That demographic shift has added emphasis to this year’s programming, including a new exhibit titled “In Their Honor: 25 Years of 9/11-Inspired Service,” scheduled to open to the public at the 9/11 Memorial Museum on Sept. 12, the day immediately following this year’s ceremony.

With ceremonies continuing throughout the day across New York, Washington and Shanksville, Americans have a wide range of broadcast and streaming options available to follow this year’s milestone 25th anniversary commemoration, whether through major network coverage, C-SPAN’s extended rolling broadcast, or the official livestreams provided directly by the memorial sites themselves.