印度证券交易委员会已正式批准一项聚焦于利用分布式账本技术实现公司债券代币化的试点项目。SEBI 主席图欣·坎塔·潘迪（Tuhin Kanta Pandey）在孟买举行的 CareEdge Debt Market Summit 2026 期间确认了该进展。该举措标志着朝将基于区块链的基础设施纳入主流金融市场迈出的重大监管举措，监管方计划先以有限规模推出该项目，然后再考虑在整个公司债市场范围内更广泛地实施。
代币化是指将传统金融资产转换为在区块链网络等分布式账本系统上记录的数字代币。这些系统使多个参与方能够访问同步的交易记录，而无需完全依赖中央化中介机构。根据潘迪的说法，该试点将重点评估相较于现有市场基础设施，分布式账本技术能否改善交易与结算流程，其目标是实现更快的结算、更高的透明度以及改善流动性。
Focus on Efficiency and Transparency
SEBI intends to examine whether tokenized bond infrastructure can deliver four key benefits: shorter settlement cycles, better traceability of transactions, automated servicing of debt instruments, and enhanced transparency for all participants in the market ecosystem.
Pandey clarified that the initiative was not designed to replace the current corporate bond framework but rather to determine whether blockchain technology could add an additional layer of efficiency to the existing system. He stated that SEBI plans to collaborate with multiple stakeholders while developing the operational and technological structure for the pilot.
The SEBI chairman indicated that the implementation process would take time and estimated that different phases of the project could unfold over the next six to nine months. He emphasized that regulators would proceed cautiously because of risks linked to emerging technologies, particularly concerns associated with quantum computing and future cybersecurity challenges.
Existing Blockchain Use Expands Further
India's capital markets have already seen limited adoption of blockchain-based monitoring systems. Depositories such as National Securities Depository Limited and Central Depository Services Limited currently use distributed ledger technology to monitor security creation and covenant compliance for non-convertible securities.
SEBI's 2021 framework regarding security and covenant monitoring laid the foundation for blockchain adoption in debt markets. The new pilot extends blockchain use beyond compliance tracking and into the actual tokenization and settlement of bond instruments rather than simply monitoring compliance activity.
Pandey also confirmed that the Reserve Bank of India was close to finalizing guidelines related to the corporate bond repo platform. He noted that stock exchanges and SEBI were operationally prepared to launch the platform once RBI approvals are completed.
公司债券市场面临参与度挑战
在峰会期间，潘迪强调了过去十年印度公司债券市场的快速扩张。未偿付的公司债券从 FY15 期间约 17.5 万亿卢比增至目前超过 59 万亿卢比，反映出约 12% 的年增长。在仅 FY26 一年中，债务发行规模约为 9.1 万亿卢比，几乎是同期通过股票市场募集资金的两倍。
尽管实现了增长，SEBI 仍担忧债券市场中散户参与度较弱。监管方的投资者调查显示，对公司债券的认知仅为 10%，而家庭渗透率仍低于 1%。
监管方还在审查仅债务上市实体的披露要求，并探索为债务经纪商提供单独的分类，以降低进入门槛并鼓励专业化的中介机构。此外，SEBI 正在研究旨在加强城市基础设施融资选择并提高散户投资者参与度的市政债务证券改革。
