The console behind a tokenized fund
Participant Technologies is being built as a TechFin providing tokenization support services — a permitted service under the IFSCA (TechFin and Ancillary Services) Regulations, 2025. Our client is the fund management entity. This is the console their team would work in: issuing units of their AIF as permissioned tokens, maintaining the register, running distributions and producing the reports their auditor and the Authority ask for.
The line between the FME and us
A tokenization service provider is infrastructure. The fund, its units, its investors and every decision about them belong to the fund management entity.
Participant provides
- ●Deployment and configuration of the ERC-3643 token contracts for a scheme
- ●Digital identity infrastructure and the whitelist the FME's compliance officer controls
- ●An on-chain register of unit holders, reconciled by construction
- ●Tooling to execute allotments, distributions and servicing actions the FME instructs
- ●Position reporting and a permanent audit trail for the FME, its auditor and the Authority
Participant does not
- ✗Manage a fund, take investment decisions, or hold any FME registration
- ✗Offer, market or distribute units to investors — that is the FME's function
- ✗Approve or reject an investor; the FME's compliance officer decides, we execute
- ✗Hold client money, custody assets, or act as a paying agent
- ✗Operate an exchange or a trading venue of any kind
This separation is the point. Under the TAS framework the service provider supports regulated entities; it does not become one. Where a capability sits close to a regulated activity — peer-to-peer transfer facilitation is the clearest example — it is scoped with counsel and, if required, tested in the IFSCA FinTech Regulatory Sandbox before it is offered.