Answers, in plain language

Recording units of a regulated fund as permissioned digital tokens instead of rows in a registrar's spreadsheet. The unit is the investment; the token is the format of the record. It is register infrastructure, not a new asset class.

An open standard for permissioned securities on EVM networks, also known as T-REX. Eligibility and transfer rules live inside the token contract, so a transfer to an ineligible party fails at the contract rather than being unwound afterwards. Participant uses the published implementation unmodified.

An ONCHAINID is a digital identity contract bound to an investor's wallet. A claim is a signed attestation on it — for example that KYC is complete, or that the holder is eligible and resident in a permitted jurisdiction. The token reads these claims before it lets units move.

No. A unit would be a unit of a Category II AIF — a security — backed by an identified building. It is not a cryptocurrency, stablecoin or Virtual Digital Asset, cannot be sent to an anonymous wallet, and is not priced by market speculation. The classification is subject to a formal legal opinion before any issuance.

A factual comparison of designs, not of any named platform.

The holding belongs to the verified identity, not the device. After identity re-verification and approval by the FME's compliance officer, units are re-issued to a new whitelisted wallet bound to the same identity, and the move is permanently recorded.

Only eligible investors as defined by the scheme's documents and the rules that apply in GIFT City IFSC. The fund management entity decides who is admitted; Participant's infrastructure records and enforces that decision. Some jurisdictions — for example the United States — may be excluded.

Identity verification, proof of address, source of funds where required, sanctions and AML screening, and an eligibility assessment. These are non-relaxable, and are performed by or under the responsibility of the FME.

Paper-based verification — certified copies sent by email and courier — is slow and has to be repeated. A verified claim on the investor's ONCHAINID can be checked instantly by the token on every transaction, revoked the moment it lapses, and audited later without reassembling a file.

That depends on the scheme's documents and on the rules that apply to the investor at the time. Participant does not determine eligibility; the FME does, on advice.

Units would be transferable, not liquid. A transfer can only happen between two eligible, identity-verified holders, only when the scheme documents permit, and only if a willing counterparty exists. No buyer is guaranteed and an investor may be unable to transfer at all.

• Recipient must carry a verified identity and the required claims.
• Any lock-in period, transfer window or price band is set by the FME in the scheme documents and enforced by the contract.
• Holding and investor caps in the scheme apply to the recipient.
• Transfers reference the published NAV rather than a speculative quote.
• A frozen holding or a paused scheme cannot transfer.

No exchange, order book or trading venue exists or is planned. A bulletin board on which eligible holders could find a counterparty is a possible future feature; it would be scoped with counsel and, if required, tested in the IFSCA FinTech Regulatory Sandbox before being offered.

It updates in the same operation. The contract balances are the register, so there is no second book to reconcile and a position report can be produced as at any past date.

Only where the scheme documents, a regulator or a court require it — a sanctions match, a succession, a court order. Each action needs two approvals from different roles and is permanently recorded.

Any distribution would be set by the scheme's documents and decided by the FME. Timing, frequency and amount are not guaranteed, and a scheme may retain income instead of paying it out.

In US dollars, through the scheme's IFSC Banking Unit, to holders on the register at the record date. Participant produces the allocation; it never holds the money.

Position statements as at any date, transaction history, and the notices and reports the FME issues. Tax documentation would come from the FME and its administrator.

One-time costs to set a scheme up, ongoing annual costs, costs on transfer and costs on exit. Each is explained on Knowing your costs; amounts would be set only in the offering documents.

By the FME, under a services agreement for tokenisation infrastructure. Whether that cost is borne by the scheme is set in the scheme's documents. Participant does not charge investors directly and offers no promotional credits or referral rewards.

A property being evaluated for our own first scheme. Diligence has not started, nothing is contracted, and no developer or tenant agreement exists or is implied.

Developer marketing material and Participant's June 2026 GIFT City survey. It is unverified and every figure is labelled with its source.

Because nothing is authorised, and figures of that kind would read as a promise. We show structure, costs, rules and risks instead, which are knowable now.

Token deployment and configuration to your offering documents, identity and whitelist infrastructure your compliance officer controls, the register, servicing tooling, and reporting. See services and diligence & assurance.

The contracts belong to the scheme, run on a public network and follow an open standard. An engagement would include escrow, a hand-over runbook and the right to appoint a replacement provider.

Yes. The prototype deployment and its compliance test suite are available for technical review under NDA. Its SHA-256 fingerprint is published on each candidate asset page.