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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 tokenised 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 tokenised access to Category II performing credit AIFs.
aarna received IFSCA FinTech Sandbox Stage 1 approval on 17 April 2026. Stage 1 was the initial evaluation and approval stage. Stage 2, the full application, has been submitted and is in IFSCA review, with a Q4 2026 launch target.
aarna is not yet fully licensed by IFSCA. Sandbox authorisation permits regulated operations within sandbox-defined limits (investor count, AUM ceiling, product scope).1
Fund Management Entity being established at GIFT City, IFSC, under IFSCA jurisdiction.
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.
Dedicated vehicle holding AIF subscriptions. Investor assets segregated from aarna's operating entity.
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 sanctions lists, aligned to FATF standards.
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.
Investor data is stored in India, on infrastructure hosted in the Mumbai region. Personal data is never stored onchain - identity claims contain only cryptographic hashes.
1 Sandbox parameters are set by IFSCA and may change.