印度證券交易委員會已正式批准一項聚焦於使用分散式帳本技術進行公司債代幣化的試點計畫。SEBI 主席 Tuhin Kanta Pandey 在孟買舉行的 CareEdge Debt Market Summit 2026 期間，確認了這項進展。該舉措代表朝向將以區塊鏈為基礎的基礎設施納入主流金融市場的重大監管動作；監管機構計畫先以有限規模推出該計畫，再考慮在整個公司債市場進行更廣泛的實施。
代幣化是指將傳統金融資產轉換為在分散式帳本系統（例如區塊鏈網路）上記錄的數位代幣。這些系統使多個參與者能夠存取同步的交易紀錄，而不必完全依賴集中式中介。根據 Pandey 的說法，該試點將特別評估分散式帳本技術是否能夠相較於既有市場基礎設施，改善交易與結算流程；其目標是促成更快速的結算、更高的透明度以及更佳的流動性。
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.
公司債市場面臨參與挑戰
在峰會期間，Pandey 強調過去十年印度公司債市場的快速擴張。未償還公司債規模已由 FY15 約 17.5 萬億盧比，增至目前超過 59 萬億盧比，反映約 12% 的年增長率。僅在 FY26，債務發行額就約達 9.1 萬億盧比，幾乎是同期間透過股權市場動員資金的兩倍。
儘管出現成長，SEBI 仍關切債券市場中散戶參與偏弱。監管機構的投資者調查顯示，對公司債的認知僅為 10%，而家庭滲透率仍低於 1%。
監管機構也正在審視僅限債務的上市實體的揭露要求，並探索針對債務經紀商的獨立分類，以降低進入門檻並鼓勵專業型中介。此外，SEBI 也在檢討針對市政債務證券的改革，目標是強化都市基礎設施的融資選項，並提高散戶投資者的參與度。
