{"id":18731,"date":"2026-09-11T01:38:24","date_gmt":"2026-09-11T08:08:24","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=18731"},"modified":"2026-09-11T01:38:25","modified_gmt":"2026-09-11T08:08:25","slug":"bond-tokenisation","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/bond-tokenisation\/","title":{"rendered":"India&#8217;s \u20b954 Lakh Crore Bond Market Push: Tokenisation and What&#8217;s Next"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#How_Big_Is_Indias_Corporate_Bond_Market_Today\" >How Big Is India&#8217;s Corporate Bond Market Today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#Why_Private_Placement_Dominance_Is_a_Problem\" >Why Private Placement Dominance Is a Problem<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#How_Rating_Concentration_Limits_the_Markets_Reach\" >How Rating Concentration Limits the Market&#8217;s Reach?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#What_Tokenisation_Could_Change_for_Bond_Investors\" >What Tokenisation Could Change for Bond Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#Faster_Settlement_Through_Digital_Infrastructure\" >Faster Settlement Through Digital Infrastructure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/#Final_Outlook\" >Final Outlook<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/bonds\/\">Bonds<\/a><\/li><li><span aria-current=\"page\">India&#8217;s \u20b954 Lakh Crore Bond Market Push: Tokenisation and What&#8217;s Next<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.googleapis.com\">\n<link rel=\"preconnect\" href=\"https:\/\/fonts.gstatic.com\" crossorigin=\"\">\n<link 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22px;}\n  .faq-item{background:var(--mint-2);border:1px solid var(--line);border-radius:14px;overflow:hidden;transition:border-color .2s ease, box-shadow .2s ease;}\n  .faq-item:hover{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-item[open]{border-color:var(--copper);box-shadow:0 2px 10px rgba(239,161,69,0.18);}\n  .faq-q{list-style:none;cursor:pointer;display:flex;align-items:center;justify-content:space-between;gap:16px;padding:17px 20px;font-weight:700;color:var(--forest);font-size:16px;}\n  .faq-q::-webkit-details-marker{display:none;}\n  .faq-icon{flex:0 0 auto;width:26px;height:26px;border-radius:50%;background:var(--copper);color:#fff;display:flex;align-items:center;justify-content:center;font-size:16px;font-weight:800;line-height:1;transition:transform .2s ease, background .2s ease;}\n  .faq-item[open] .faq-icon{background:var(--forest);transform:rotate(45deg);}\n  .faq-a{margin:0;padding:0 20px 18px;color:#33413B;font-size:15.5px;line-height:1.6;}\n  .video-wrap{position:relative;padding-bottom:56.25%;height:0;overflow:hidden;border-radius:14px;margin:6px 0 22px;border:1px solid var(--line);}\n  .video-wrap iframe{position:absolute;top:0;left:0;width:100%;height:100%;border:0;}\n  @media (max-width:640px){ body{font-size:16.5px;} .masthead{padding:32px 24px 28px;} .body{padding:28px 24px 34px;} h2{margin-top:36px;} table{font-size:14px;} }\n  .entry-title,.post-title,.single-post h1,h1.entry-title{color:#000!important;}\n<\/style>\n\n<div class=\"body\">\n  <p>BSE Managing Director and CEO Sundararaman Ramamurthy said tokenisation can help widen retail access to India&#8217;s corporate bond market at the Bond Tokenisation Summit 2026. He said the market has grown sharply over the past decade but remains small relative to the economy and heavily concentrated in private placements and higher-rated issuers.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Big_Is_Indias_Corporate_Bond_Market_Today\"><\/span>How Big Is India&#8217;s Corporate Bond Market Today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>India&#8217;s corporate bond market has moved from about \u20b918 lakh crore to \u20b954 lakh crore in a decade, but Ramamurthy said the current base still leaves room for expansion. The comparison with the US shows the gap clearly.<\/p>\n\n  <div class=\"tbl-scroll\">\n    <table>\n      <thead>\n        <tr>\n          <th>Market Indicator<\/th>\n          <th>India<\/th>\n          <th>US<\/th>\n        <\/tr>\n      <\/thead>\n      <tbody>\n        <tr>\n          <td>Corporate bond market as share of GDP<\/td>\n          <td>Around 10%<\/td>\n          <td>Around 40%<\/td>\n        <\/tr>\n        <tr>\n          <td>AAA-rated bonds as share of issuances<\/td>\n          <td>Part of 95-96% AAA and AA concentration<\/td>\n          <td>Around 5%<\/td>\n        <\/tr>\n        <tr>\n          <td>AA and BBB-rated bonds as share of issuances<\/td>\n          <td>Remainder of high-grade concentration<\/td>\n          <td>Around 60%<\/td>\n        <\/tr>\n      <\/tbody>\n    <\/table>\n  <\/div>\n\n  <p>Ramamurthy said India needs to address the narrow issuer profile so that more developing corporates can access the debt market.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Why_Private_Placement_Dominance_Is_a_Problem\"><\/span>Why Private Placement Dominance Is a Problem<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Around 98% of corporate bond issuances in India currently happen through private placement. The BSE CEO said the high cost of public bond issuance is one reason companies prefer this channel.<\/p>\n  <p>That matters because public issuances give retail investors broader access. Ramamurthy said the market needs to reduce issuance costs so public placement becomes more common, and smaller investors can participate directly.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"How_Rating_Concentration_Limits_the_Markets_Reach\"><\/span>How Rating Concentration Limits the Market&#8217;s Reach?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Around 95 to 96% of Indian corporate bond issuances fall in the AAA and AA rating categories. This leaves developing corporates with limited access to the debt market and concentrates bond supply among a narrow set of large, highly rated issuers.<\/p>\n  <p>By comparison, AAA-rated bonds account for only around 5% of US issuances, while AA and BBB-rated bonds together make up around 60%.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"What_Tokenisation_Could_Change_for_Bond_Investors\"><\/span>What Tokenisation Could Change for Bond Investors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Ramamurthy said tokenisation can potentially make bond investments possible in smaller amounts, creating a new fixed-income avenue for retail participants. He said corporate bonds can offer retail investors measured risk alongside meaningful returns.<\/p>\n  <p>Beyond access, he outlined several other potential benefits:<\/p>\n  <ul class=\"doc\">\n    <li>Fewer intermediaries in bond transactions<\/li>\n    <li>Lower cost of capital for issuers<\/li>\n    <li>Wider distribution of corporate lending risk<\/li>\n    <li>New product possibilities for insurance and retirement savings<\/li>\n    <li>Improved credit quality in bank lending<\/li>\n  <\/ul>\n\n  <h2><span class=\"ez-toc-section\" id=\"Faster_Settlement_Through_Digital_Infrastructure\"><\/span>Faster Settlement Through Digital Infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>Ramamurthy linked tokenised bonds to India&#8217;s digital payments infrastructure and the central bank digital currency. He said these systems could make transactions faster and more secure, with the potential to move from the existing T+1 settlement cycle to near-instantaneous processing.<\/p>\n\n  <h2><span class=\"ez-toc-section\" id=\"Final_Outlook\"><\/span>Final Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <div class=\"outlook\">\n    <p>Ramamurthy&#8217;s remarks placed bond tokenisation at the centre of a larger market-access challenge. India&#8217;s corporate bond market has grown to \u20b954 lakh crore, but retail reach, public issuance depth, and issuer diversity remain limited. Whether tokenised structures can lower entry sizes, reduce issuance friction, and fit within the regulatory framework for public debt markets will determine how much of that potential converts into actual change.<\/p>\n  <\/div>\n\n  <p class=\"source\">\n    <strong>Source:<\/strong>\n    Zee Business\n  <\/p>\n\n  <div class=\"disclaimer\">\n    <strong>Disclaimer:<\/strong> This content is for education and awareness purpose only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BSE Managing Director and CEO Sundararaman Ramamurthy said tokenisation can help widen retail access to India&#8217;s corporate bond market at the Bond Tokenisation Summit 2026. He said the market has grown sharply over the past decade but remains small relative to the economy and heavily concentrated in private placements and higher-rated issuers. How Big Is &hellip; <a href=\"https:\/\/shoonya.com\/blog\/bond-tokenisation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;India&#8217;s \u20b954 Lakh Crore Bond Market Push: Tokenisation and What&#8217;s Next&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":18733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[49,1082],"tags":[10571,10570],"class_list":["post-18731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bonds","category-latest-news","tag-bond-tokenisation","tag-tokenisation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tokenisation Targets 3x Growth in \u20b954 Lakh Crore Bond Market<\/title>\n<meta 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