National Securities Depository Limited has launched Demat 2.0, a next-generation platform that supports tokenised securities and enables near-instant settlement through the Reserve Bank of India’s wholesale Central Bank Digital Currency.
The initiative forms part of a joint SEBI-RBI pilot for tokenised corporate bonds, unveiled at the Global Fintech Fest 2026 by RBI Governor Sanjay Malhotra and SEBI Chairman Tuhin Kanta Pandey.
In an interview at the event, an NSDL official described Demat 2.0 as the next step after the original dematerialisation system introduced about 30 years ago. Demat 1.0 replaced physical share certificates with electronic records. This improved settlement speed, reduced disputes and built greater trust in the market. Settlement cycles gradually shortened from several days or weeks to the current T+1 cycle, with optional T+0 available in some segments.
Demat 2.0 extends that framework. It operates on a blockchain platform and uses two linked wallets: a securities wallet that holds the tokens and a currency wallet that holds the wholesale CBDC (digital rupee).
This instantaneous settlement reduces settlement risk compared with the existing system, where a gap remains between payment and delivery. The official compared the difference to that between NEFT and IMPS, or to the speed of UPI.