Indian finance has started putting assets on distributed ledgers. ETHIndia Institutional is where banks, market infrastructure, regulators and builders work out what role Ethereum and its ecosystem should play in that.

Why India

India is already tokenising.

  • The regulator mandated the ledger first.

    SEBI has required a distributed ledger for corporate-bond covenant monitoring since April 2022. The depositories, NSDL and CDSL, run it, and no corporate bond activates without it.

  • The first tokenised bonds are live.

    In September 2026 the RBI and SEBI launched a tokenised corporate-bond rail together. It raised ₹1,025 croreT1 across three issuers, settled in wholesale CBDC.

  • The markets are large and slow.

    India has ₹53.6 lakh croreT1 of corporate bonds outstanding and trades about ₹7,645 croreT1 of them a day. Away from the exchange a trade can take three to seven days to settle.

  • The flows are the world's largest.

    India receives $135 billionT1 a year in remittances, more than any other country.

Where Ethereum fits

The rail underneath is still open.

India's first tokenised bonds run on a closed ledger owned by its stock depositories. What comes next could run on that model, on a ledger shared between institutions, or on a public chain like Ethereum.

Ethereum gives institutions a settlement layer that no single one of them controls, the largest pool of smart-contract developers and tooling, and a network that has run since 2015. Its open problem for institutions is confidentiality, which has to be built in a layer above the chain. The research sets out where Ethereum fits in India and where it does not.

Ethereum against the alternativesThe privacy question

On this site

Briefings, convenings and announcements.

  • Briefings

    Briefings on what is live, what Indian law permits and where Ethereum fits. Every figure carries its source, its date and a rating of how strong that source is.

  • Convenings

    Closed-door roundtables for people at banks, asset managers, market infrastructure institutions and regulators.

  • Announcements

    Pilots, working groups and new briefings as they happen, posted to the updates list on this page.

Briefing

Start with the evidence.

Tokenised settlement in India

What's live, what's legal, where Ethereum fits

A seven-module briefing drawn from published sources: what institutions run in production worldwide, what RBI, SEBI and IFSCA permit, where the rupee value sits, how Ethereum compares with Canton and permissioned chains, and the strongest objections in their strongest form.

Read the briefingFigure Ledger

Updates

Events, announcements and reports.

  1. Report

    Tokenised settlement in India published

    The seven-module briefing and its Figure Ledger.