Tokenization services

Infrastructure for funds that want a better register

Participant Technologies is being built as a TechFin entity providing tokenization support services to fund management entities in GIFT City IFSC. We do not manage funds or distribute units. We give the FME the infrastructure to issue units of its scheme as permissioned securities, keep one register that always reconciles, and produce evidence on demand.

Where we stand. Participant is not registered with IFSCA as a TechFin entity, and holds no authorisation, registration or licence of any kind today. No fund is a client and no units have been issued. “Tokenization support services” is a service listed as permissible under the IFSCA (TechFin and Ancillary Services) Regulations, 2025; registration under that framework is a step we intend to take, not one we have completed.
Who we serve

Fund management entities

IFSC-registered FMEs running non-retail schemes who want their units issued and serviced digitally.

What we provide

Tokenization support

Contract deployment, identity infrastructure, register, servicing tooling and reporting.

What stays yours

The fund, entirely

The scheme, the investors, the decisions and the regulatory obligations remain the FME’s.

The engagement

Six services, one lifecycle

Tokenization is often sold as an issuance event. In practice the issuance is the short part — the register has to be maintained, serviced and evidenced for the life of the scheme.

01 · Scheme set-up

Token deployment & rule configuration

We deploy a dedicated ERC-3643 contract set for the scheme and configure it to the terms in the offering documents: the units, the supply cap, per-holder limits, permitted jurisdictions, the lock-in and the claims a holder must carry. The rules live inside the instrument, so they apply to every holder identically.

Contract deploymentRule configurationClaim topicsTest transactions
02 · Identity infrastructure

Digital identity & whitelist

Each investor the FME admits receives a digital identity carrying signed claims. Your compliance officer decides who is admitted; we provide the infrastructure that records the decision and enforces it at every subsequent transaction.

ONCHAINID deploymentClaim issuanceWallet whitelistingRevocation
03 · Issuance

Allotment against reconciled subscriptions

Units are allotted in bulk against subscriptions your paying agent has reconciled. Every allotment is checked against the scheme cap, the holder cap and the recipient’s claims before it can execute — an ineligible allotment fails rather than being unwound later.

Bulk allotmentPre-trade checksSubscription matching
04 · Register

One record, reconciled by construction

The register of unit holders is the contract’s own record of balances. Your investor’s statement and your auditor’s extract are the same data at the same moment, so there is no second book to agree and no reconciliation exercise to schedule.

Live registerPosition reports as at any dateConcentration monitoring
05 · Servicing

Corporate actions & controls

Distribution runs, NAV publication, notices to holders, and the controls a regulated fund needs — partial freeze, scheme-wide pause, forced transfer, and recovery of a holding to a new wallet when an investor loses access. Each is delegated to a named role and permanently recorded.

Distribution schedulesNAV publicationFreeze / pauseRecovery
06 · Assurance

Reporting & audit trail

Position reports, transaction listings, control-action logs and distribution schedules, produced from the register rather than assembled from it. Entries cannot be edited or removed, which removes the hardest question in a dispute: whether the record changed after the fact.

Auditor read accessImmutable trailExport on demand
The console

See the operator view

The clearest way to understand the service is to look at the screen your team would work in: schemes under service, the investor queue, the register, corporate actions, four-eyes approvals and the audit trail.

Why this matters to an FME

What changes in your operations

☰

Reconciliation stops being a task

The register is the contract’s balances. There is no registrar’s book to agree against a custodian’s file, because there is only one record.

⚖

Eligibility is enforced, not remembered

Jurisdiction limits, holder caps and lock-ins sit inside the instrument. An ineligible transfer cannot execute, so there is nothing to unwind.

☶

Evidence is immediate

A position report as at any past date is produced, not reconstructed. Your auditor can be given read access rather than a spreadsheet.

●

Smaller tickets become workable

Fractional units and automated servicing make a larger investor base administratively feasible, which is usually what blocks it.

⇄

Transfers become possible to administer

Where the scheme documents permit transfers, the compliance check is automatic and the register updates as part of the transfer itself.

⚑

Investors stop losing access

Holdings are bound to a verified identity rather than a device, so a lost wallet is a recovery request, not a loss event.

The boundary

What we are, and are not

This distinction is what makes the service straightforward to place in your compliance framework.

Participant provides

  • ●Deployment and configuration of the token contracts for your scheme
  • ●Digital identity infrastructure and the whitelist your compliance officer controls
  • ●An on-chain register of unit holders, reconciled by construction
  • ●Tooling to execute the allotments, distributions and controls you instruct
  • ●Position reporting and a permanent audit trail for you, your auditor and the Authority

Participant does not

  • ✗Manage a fund, take investment decisions, or hold an FME registration
  • ✗Offer, market or distribute units to investors
  • ✗Decide who is admitted — your compliance officer decides, we execute
  • ✗Hold client money, provide custody, or act as paying agent
  • ✗Operate an exchange, a trading venue, or any order book

Where a capability sits close to a regulated activity — facilitating peer-to-peer transfers between holders is the clearest example — it is scoped with counsel and, if required, tested in the IFSCA FinTech Regulatory Sandbox before it is offered to a client. We would rather narrow a feature than blur a perimeter.

The technology

A reviewed standard, deliberately

We did not invent a token standard. ERC-3643 is an open, widely deployed standard for permissioned securities, and this stack has already been examined once by IFSCA in GIFT City. Choosing something reviewed removes a category of technical novelty from your regulatory conversation.

Layer
What it does
Our choice
Why
Token standard
Encodes eligibility and transfer rules in the instrument
ERC-3643 (T-REX)
Open standard, audited, used for regulated securities
Identity
Carries verified claims about a holder
ONCHAINID
Designed for the same standard; claims are revocable
Settlement
Records the token leg of a transaction
EVM network
Mature tooling; the cash leg stays with your banking partner
Cash
Subscription and distribution money
Your IFSC Banking Unit
We never touch client money

Contracts are deployed per scheme and configured to its documents. A prototype deployment with a passing compliance test suite is available for technical review under NDA.