India“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Asset tokenization in India
We analyze what can be tokenized in India under the current framework: today, only corporate bonds within SEBI's Demat 2.0 pilot. With the law firm, we prepare the asset's structure and the technology for when the issuer can access a regulated route.
Tell us about your project
They trust Metlabs to tokenize their assets
Current framework
Can assets be tokenized in India?
India has no general tokenization regime. Today the only route for a tokenized security is Demat 2.0, SEBI's corporate bond pilot on a private network run by the depositories, launched in September 2026. Virtual digital asset providers have registered with FIU-IND since 2023, and the asset tokenization bill introduced in 2026 is still a bill.
2023
year since which virtual digital asset providers have been subject to the anti-money laundering law
Ministry of Finance · Mar 7, 20233
stages of the Demat 2.0 pilot; retail investors and secondary trading come in the second
SEBI · Sep 20262025
year of IFSCA's consultation on asset tokenization in GIFT IFSC, still without a final framework
IFSCA · consultationWhat gets tokenized
Debt, equity and revenue: what gets tokenized in India
Almost every tokenized issuance represents one of these three rights against the issuer. In India, the right determines whether a route exists today: only debt has one, and within a pilot.
| Right | Debt | Equity | Revenue |
|---|---|---|---|
| What is issued | Corporate bonds | Shares | Revenue rights |
| The investor receives | The investor lends to the issuer and receives interest and, at maturity, the principal. | The investor joins the share capital: dividends, voting rights and a share of any sale or liquidation. | The investor would receive a share of the income from an asset: rents, energy sold, sales or royalties. |
| The token enforces |
|
|
|
| Issuer | Company, within SEBI's pilot | No tokenized route today | No specific regime |
| Register | Depository (Depositories Act) | Depository for a public offer | Depends on classification |
| Law | Companies Act and SCRA 1956 | Companies Act 2013 | No dedicated law |
| How it is issued | Tokenized, it is only possible today in Demat 2.0: the token is the bond, with the same ISIN, on a private network run by the depositories, which remain the legal record and hold the keys. It is issued through the exchanges' bidding platform and starts with institutional investors. | SEBI's pilot covers corporate bonds only. A public offer requires shares to be issued in dematerialized form with a depository, and a private company restricts share transfers and caps its members at 200, with private placements to persons identified by the board. | There is no regime for revenue tokens. If the right is a security, it enters the dematerialized system; if it is issued as a virtual digital asset, registration with FIU-IND only covers anti-money laundering and does not authorize any offer. |
Regulation
Regulation guide for IndiaWhich regulation applies to tokenization in India?
No general law. A tokenized bond is still a security under the Securities Contracts (Regulation) Act of 1956, and SEBI only admits it today in the Demat 2.0 pilot, within its sandbox. Virtual digital asset services require registration with FIU-IND, which is an anti-money laundering control, not a permission to offer products.
In Demat 2.0 the technology changes, not the instrument: the bond keeps its rating, its trustee and the listing rules, settlement uses the central bank's digital rupee and the depository remains the record of ownership. Retail investors and secondary trading come in the second stage, and sandbox exceptions have a defined scope and period.
Two fronts are in progress. The asset tokenization bill introduced in Parliament in March 2026 has not been passed. In GIFT IFSC, IFSCA consulted on an approach to asset tokenization in 2025 and is working on a new sandbox framework, whose public comments it answered in March 2026; its 2024 sandbox application form did not accept tokenization applications. Meanwhile, we prepare the structure and technology with the law firm for when the framework allows it.
India
NeutralScore43
- Authorities
- FIU-IND, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and IFSCA within IFSCs
- Latest regulatory change
- Sep 2026
Key authorisations
- FIU-IND reporting entity registration for covered VDA services
- SEBI or RBI permissions according to instrument and activity
- Specific admission and conditions for sandbox trials
- IFSCA permissions corresponding to the activity within an IFSC
Our legal partners
Methodology
How we tokenize an asset in India, step by step
The four phases of our methodology, with the parties involved in India. In a restricted framework, the first two decide whether there is a route and which one; development only starts when there is.
We review the asset's title, encumbrances and cash flows, and check with the issuer which right it wants to issue. If it is corporate debt, the starting point is whether it can access the Demat 2.0 pilot; if it is equity or a revenue right, there is no tokenized route today.
The law firm confirms the framework for each piece: SEBI and the depositories for the bond, FIU-IND for any virtual digital asset service, and the status of the bill and of IFSCA's work. No proposal is treated as a permission in force.
In Demat 2.0 the network, the register and the keys belong to the depositories, so the technical work is limited to the issuer's side: documentation, investor tracking and payment reconciliation. The white label platform with ERC-3643 tokens stays ready for when a route exists that admits it.
Placing a pilot bond follows the exchanges' channels and, in its first stage, targets institutional investors. Outside the pilot there is no tokenized offer to launch, and preparation focuses on the issuer's documentation and reporting.
Reviews in India
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Platform
What does our white label tokenization platform include?
The investor portal, ERC-3643 tokens and issuer console, under your brand. Out of the box it handles onboarding, signing, payment and distributions; anything else your issuance needs, such as a local payment method or a connection to your bank or custodian, we build on the same platform.
Request a demo
- Your brand and domainYour visual identity and legal texts across the investor portal.
- Investor onboardingSign-up, KYC, KYB and AML checks, and a custodial wallet per investor.
- End-to-end investmentE-signature and payment by SEPA transfer or stablecoin (USDC/EURC).
- ERC-3643 tokensEvery subscription is issued under the offering's rules.
- Issuer consoleProjects, investors, reconciliation, distributions and reporting.
- Compliance and audit trailKYC status per user and an exportable audit log.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
FAQ
Frequently asked questions about tokenization in India
What we are asked before a project starts.
Talk to our teamIs asset tokenization legal in India?
Today there is no general regime. A tokenized security can only be issued within SEBI's Demat 2.0 pilot, limited to corporate bonds, under its sandbox and with institutional investors in the first stage. Outside it, a public offer requires dematerialized securities with a depository, and registration with FIU-IND does not authorize any offer.
What does an issuer need for the Demat 2.0 pilot?
According to SEBI, the issuer keeps using the exchanges' electronic bidding platform and needs no Demat 2.0 account, but it does need a central bank digital rupee wallet linked to its bank account to receive and make payments. The bond keeps its ISIN, rating and trustee, and sandbox exceptions have a defined scope and period.
Does GIFT City allow asset tokenization?
We have not been able to verify a tokenization route usable today in GIFT IFSC. IFSCA consulted on a regulatory approach to asset tokenization in 2025 and is working on a new fintech sandbox framework, whose public comments it answered in March 2026. Its 2024 sandbox application form stated that it was not accepting tokenization applications.
What would the 2026 asset tokenization bill change?
It is a bill introduced in Parliament in March 2026 that proposes a licensing framework for tokenized assets. It has not been passed and has no timetable, so it opens no route today. Meanwhile, the asset review, documentation and technology can be prepared.
Asset tokenization
Assets we tokenize in India.
Asset tokenization
Articles on tokenization
Real Asset Tokenization: How RWA Tokenization Works
How to structure an RWA project: holder rights, issuance, recordkeeping, payments and recovery. What blockchain adds and what depends on the legal arrangement.
What are the differences between security tokens and utility tokens?
How to distinguish financial rights from service access, what legal classification examines and why a token’s name does not determine its regulation.
OpenZeppelin and ERC-3643: how a security token is built
What OpenZeppelin libraries and ERC-3643 controls provide, and what a securities issuance also requires: rights, permissions, operations and review.
Let's talk about your project in India
Tell us which right you want to issue and we will analyze with the law firm which structure the framework allows today and what is worth preparing.
Where we are
We're your tokenization company in:
Metlabs Offices
Av. García Sabell, 1, Edificio Proa 15009 A Coruña, Spain
We tokenize assets in
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