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Stage 2 in IFSCA review. aarna IYP operates within India's regulatory architecture, not around it. This page addresses the questions institutional allocators, regulators, and partners ask before engaging.
aarna IYP (India Yield Platform) is a tokenized asset platform that issues permissioned digital tokens representing beneficial interest in Indian fund assets. The first product, ICT (India Credit Token), gives global accredited investors tokenized access to Category II performing credit AIFs.
aarnâ received IFSCA FinTech Sandbox Stage 1 approval on 17 April 2026. Stage 1 was the initial evaluation and approval stage. The Stage 2 Final Application has been submitted and is in IFSCA review, with a Q4 2026 launch target.
Authorisation under the sandbox is granted in stages, and the remaining approvals are in process. Sandbox parameters such as investor count, product scope and AUM limits are set by IFSCA and will apply to the platform once issued.1
The issuing vehicle, being established at GIFT City, IFSC, under IFSCA jurisdiction. It holds the underlying fund subscriptions and issues ICT. Investor assets are segregated from aarnâ's operating entity.
The GIFT City entity subscribes into established Indian credit funds through the permitted route for offshore capital.
Category II performing credit AIFs, managed by two of India's top credit asset managers, both regulated in India and institutionally rated, with audited multi-vintage track records.
Permissioned token standard. Every transfer validated against on-chain compliance rules.
Institutional-grade identity verification. Accredited investor status, source of funds, jurisdiction verified.
On-chain identity claims bound to investor wallet.
Wallet and transaction screening against applicable sanctions lists, with ongoing monitoring.
Multi-signature approval required for all administrative contract functions
A mandatory delay on all contract upgrades, so no change can be pushed through without notice
Emergency pause capability
Every onchain event mapped to an immutable off-chain compliance record
Consult your tax advisor for treatment specific to your jurisdiction.
Platform data is hosted on infrastructure in the Mumbai region. Some service providers may process data elsewhere, under appropriate contractual safeguards. Personal data is never stored onchain - identity claims contain only cryptographic hashes.
1 Sandbox parameters are set by IFSCA and may change.