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Larsen & Toubro (L&T) has become the first private-sector corporate in India to issue tokenised bonds

ICICIdirect Research 10 Sep 2026 DISCLAIMER

News: Larsen & Toubro (L&T) has become the first private-sector corporate in India to issue tokenised bonds, raising ₹500 crore through a 3-year bond under SEBI’s newly introduced blockchain-based tokenisation framework. The transaction uses Distributed Ledger Technology (DLT) for bond issuance and related processes, with fund settlement facilitated through a Central Bank Digital Currency (CBDC) wallet. The framework aims to improve transparency, efficiency and digitalisation of India’s corporate bond market.

View: The development is strategically positive for L&T, strengthening its positioning as an early adopter of technology-led capital-market solutions and potentially improving efficiency in future treasury and funding operations. More broadly, successful execution validates India’s blockchain-based bond framework and could support the evolution of a more transparent and efficient corporate debt market; however, near-term financial impact remains limited given the pilot nature of the framework and institutional-only participation.

Impact: Positive

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