# The settlement-record schema

**The Operator's Map · GFF 2026 Special · 11 September 2026** — The Sovereign Stack, *A token settles where the ledger is sovereign* (vikramjha.work).

The fields a single tokenized settlement must be able to show an examiner, each keyed to the primary document that makes the field necessary. Derived from SEBI's FAQs on Demat 2.0 (10 September 2026), SEBI PR 56/2026, RBI speech Id 1578 and Id 1525, the RBI Annual Report 2025-26 and the RBI Digital Rupee FAQ (29 April 2026). Every URL is listed at the foot.

**Rule:** a field answered "not disclosed" is printed, not dropped. The blank is the finding.

## Fields

| Field | What it holds | Why it exists | Source |
| --- | --- | --- | --- |
| `isin` | The security identifier; the same ISIN as the conventional bond | The token *is* the bond; it "retains the same ISIN, issuer obligations, coupon, maturity, covenants, rating, security and investor rights as a conventional dematerialised bond" | SEBI FAQ Q2 |
| `isin.public_record_flag` | Whether the flag the FAQ calls "pilot/tokenised" is visible on the depository's public repository (present / absent) | FAQ Q4 says the ISIN "is flagged as a pilot/tokenised ISIN"; on 11 September 2026 the flag was not visible on CDSL's public repository rows | SEBI FAQ Q4; CDSL repository |
| `security_leg.ledger_owner` | The institution that owns the ledger | "The ledger is owned by the depositories." | SEBI PR 56/2026 |
| `security_leg.node_operators` | Who runs the nodes | "nodes will be operated by the depositories and stock exchanges" | SEBI FAQ Q20 |
| `security_leg.ledger_software` / `.license` / `.maintainer` | The codebase, its license, who maintains it | **Not disclosed** on any fetched primary as of 11 September 2026; printed as such | Absence, SOURCES §E |
| `funds_leg.asset` | The settlement asset (here, wholesale CBDC, e₹-W) | "CBDC provides digital money (e₹) for the funds leg of the transaction." | SEBI FAQ Q9; RBI FAQ Q23 |
| `funds_leg.rail` | The rail the funds leg travels (here, the Unified Markets Interface) | "Demat 2.0 is connected to RBI’s wholesale CBDC (e₹) through Unified Market Interface (UMI) of RBI." | SEBI PR 56/2026; RBI Annual Report I.23 |
| `funds_leg.asset_lifecycle` | What the asset is on its issuer's balance sheet and when it is redeemed (here, intraday; auto-redeemed to reserves at close) | "balances in e₹-W are redeemed back to the underlying current account at the end of the day" | RBI Annual Report XII.4.8 |
| `atomicity` (`timestamp`, `failure_branch`) | Whether both legs settled as one linked transaction, when, and what happened if either failed | "either both legs settle or neither does"; "the transfer of the bond and transfer of funds occur as a single linked transaction" | SEBI FAQ Q9, Q10 |
| `record_of_title.authority` | Which institution's record is authoritative, and under which law | "The depository remains the authoritative record of beneficial ownership." (Depositories Act, 1996) | SEBI FAQ Q16 |
| `holder.identity_basis` | How the holder was identified (here, the existing demat account and existing KYC) and the consent given | "The investor's existing KYC is used." | SEBI FAQ Q6 |
| `keys.custodian` | Who holds the private keys that move the token | "The depositories will hold and manage the private keys on behalf of investors." | SEBI FAQ Q7 |
| `servicing.smart_contract_terms` | The encoded terms: coupon rate, payment dates, day-count convention, redemption terms | "encoded into the token through a smart contract" | SEBI FAQ Q3 |
| `controls.freeze_attachment_path` | How a freeze, attachment or direction reaches the tokenized holding | "will apply to the linked tokenised holding as well" | SEBI FAQ Q17 |
| `regulatory_basis` | The sandbox relaxation, its scope and its period | "provided within the sandbox framework and for a defined scope and period" | SEBI FAQ Q23 |
| `evidence_retained` | What evidence is kept, where, for how long | The pilot's stated objectives include "cyber security, scalability, resilience and auditability" | SEBI FAQ Q21 |

## Worked instance — the pilot as of 11 September 2026

- `isin`: INE020B08GK9 (REC), INE018A08BO8 (L&T), INE530B07682 (IIFL) — CDSL repository rows of 8 and 10 September 2026
- `isin.public_record_flag`: absent on the public repository
- `security_leg.ledger_owner`: the depositories — `security_leg.node_operators`: depositories and stock exchanges
- `security_leg.ledger_software` / `.license` / `.maintainer`: not disclosed
- `funds_leg.asset`: wholesale CBDC (e₹-W) — `funds_leg.rail`: Unified Markets Interface — `funds_leg.asset_lifecycle`: intraday, auto-redeemed to the current account at end of day
- `atomicity`: both legs or neither (FAQ Q9); timestamps not published
- `record_of_title.authority`: the depository, Depositories Act 1996
- `holder.identity_basis`: existing demat account and existing KYC, with consent through the depository interface
- `keys.custodian`: the depositories
- `servicing.smart_contract_terms`: coupon, payment dates, day-count convention, redemption terms (values per issuer: REC 7.30% for 1 year 9 months; L&T 3-year tenure; IIFL 9.10% for 2 years)
- `controls.freeze_attachment_path`: applies to the linked tokenized holding
- `regulatory_basis`: SEBI Regulatory Sandbox; scope and period per application by the MIIs
- `evidence_retained`: not published for the pilot; auditability is a stated objective

## Sources

- SEBI PR 56/2026, 10 September 2026: https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789039783353.pdf
- SEBI FAQs on Demat 2.0, 10 September 2026: https://www.sebi.gov.in/sebi_data/faqfiles/sep-2026/1789049630065.pdf
- RBI Governor, 10 September 2026 (Id 1578): https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1578
- RBI Governor, 8 October 2025 (Id 1525): https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1525
- RBI Annual Report 2025-26, chapter I: https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1461 · chapter XII: https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1472
- RBI Digital Rupee FAQ, 29 April 2026: https://www.rbi.org.in/Scripts/FAQView.aspx?Id=169
- CDSL corporate-bond trade repository: https://www.cdslindia.com/corporatebond/CorporateBondReports.aspx