Ye can make settlement atomic, but ye cannot smart-contract liquidity into existence; until secondary RFQ trading and broader access arrive, Demat 2.0 be faster plumbing for the same few buyers. SEBI’s launch figures put ₹1,025 crore across just 23 investors—18 in REC, four in L&T, and one in IIFL—while secondary trading comes in a later phase. 🦑

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