TokenBank
Markets · India
Nothing tracked at all

1.4 billion people and not one rupee stablecoin.

India returns an empty set, and an empty set is a finding. Across 423 stablecoins covering 28 peg currencies, there is no INR stablecoin — not a small one, none. No tokenized Indian security appears in any catalogue we read either.

Market size
no tracked market
Instruments we hold
0
nothing readable
Regulator
SEBI / RBI
Currency
INR

Why this one cannot be read

There is nothing to read. This is not a gap in our sources: the same measurement that finds four Brazilian real stablecoins and five yen ones finds zero rupee ones. The explanation is regulatory rather than technical — India taxes and restricts crypto heavily and has not created a tokenized securities regime.

What would change that: A rupee stablecoin is issued and tracked, or SEBI creates a tokenized securities regime. Neither is close.

The rules there

No tokenized securities framework. The RBI has pursued a central bank digital currency rather than permitting private rupee stablecoins.

In the same position: Vietnam (VND), Indonesia (IDR), Thailand (THB). Each returns an empty set, and each gets a line here rather than a page of its own — a page that says nothing helps nobody.

Official registers

What the authorities publish — and what we read

Status: Public register, read. Every address below was loaded, not guessed. A register entry records that an authority licensed, registered or approved something; it says nothing about whether you may or should buy it.

AuthorityRegisterFinding
IFSCA (GIFT City)Directory of Regulated Entities — Fintech Sandbox Entities (ParentTypeId=24)Public register, read
SEBIRegulatory Sandbox — status of applicationsPublic register, read
about 13 entries
SEBI / DepositoriesDemat 2.0 — tokenisierte UnternehmensanleihenNo public register
about 0 entries
RBIRegulatory Sandbox KohortenRegister exists, not machine-readable

Directory of Regulated Entities — Fintech Sandbox Entities (sandbox, exits, authorisations, revocations)

Sandbox participants · 62 entries

International Financial Services Centres Authority (IFSCA) · source · read 2026-10-14

Register no.NameCategory
ASSETFRACTIO ADVISORY PRIVATE LIMITEDASSETFRACTIO ADVISORY PRIVATE LIMITEDSandbox Entities
Afthonia Private LimitedAfthonia Private LimitedSandbox Exits
Ahmedabad University Support FoundationAhmedabad University Support FoundationSandbox Exits
ALT REALTECH PRIVATE LIMITEDALT REALTECH PRIVATE LIMITEDSandbox Exits
APG FinTech LLPAPG FinTech LLPSandbox Exits
Aurionpro Solutions LimitedAurionpro Solutions LimitedFinTech/ TechFin Authorizations
Bharatomni Technolgies Private LimitedBharatomni Technolgies Private LimitedSandbox Entities
BIL-Ryerson Technology Startup Incubator FoundationBIL-Ryerson Technology Startup Incubator FoundationSandbox Exits
Blue Eye Soft Int LLCBlue Eye Soft Int LLCSandbox Exits
Bnkvoy LimitedBnkvoy LimitedSandbox Exits
BONDEVALUE PTE. LTDBONDEVALUE PTE. LTDSandbox Exits
Brontoo Technology Solutions Private LimitedBrontoo Technology Solutions Private LimitedSandbox Exits
Compliance Kart Private LimitedCompliance Kart Private LimitedSandbox Entities
COMTEL TECHFIN IFSC PRIVATE LIMITEDCOMTEL TECHFIN IFSC PRIVATE LIMITEDFinTech/ TechFin Authorizations
Credain Inc.Credain Inc.Sandbox Exits
CropData IFSC Private LimitedCropData IFSC Private LimitedSandbox Exits
Cymbient Technologies Private LimitedCymbient Technologies Private LimitedSandbox Exits
Divsight Intelligence Private LimitedDivsight Intelligence Private LimitedSandbox Exits
DPA SMARTCLOUD IFSC PRIVATE LIMITEDDPA SMARTCLOUD IFSC PRIVATE LIMITEDSandbox Exits
Dygnify Ventures Private LimitedDygnify Ventures Private LimitedSandbox Exits
Edgeverve Systems LimitedEdgeverve Systems LimitedSandbox Exits
FHS ACCELERATOR CONSULTANCY AND SERVICES PRIVATE LIMITEDFHS ACCELERATOR CONSULTANCY AND SERVICES PRIVATE LIMITEDSandbox Exits
FINAGG Technologies Private LlimitedFINAGG Technologies Private LlimitedSandbox Exits
First Answer Pte LimitedFirst Answer Pte LimitedSandbox Entities
Foundation for Innovation & Research in Science & TechnologyFoundation for Innovation & Research in Science & TechnologySandbox Exits
Gieom Business Solutions Private Limited (FIS-01)Gieom Business Solutions Private Limited (FIS-01)Sandbox Exits
Gieom Business Solutions Private Limited (FRS-01)Gieom Business Solutions Private Limited (FRS-01)Sandbox Exits
HyFiHyFiSandbox Exits
IIMK LiveIIMK LiveSandbox Exits
India AcceleratorIndia AcceleratorRevocations
Intersphere Commerce Technologies Private LimitedIntersphere Commerce Technologies Private LimitedSandbox Entities
JPMorgan Chase Bank National AssociationJPMorgan Chase Bank National AssociationSandbox Exits
Launchspan LLPLaunchspan LLPSandbox Entities
Lawrbit Lextech India Private LimitedLawrbit Lextech India Private LimitedSandbox Exits
PMWell Technologies Private LimitedPMWell Technologies Private LimitedSandbox Exits
Poziom Canada Inc.Poziom Canada Inc.Sandbox Exits
Qkrishi Quantum Private LimitedQkrishi Quantum Private LimitedSandbox Exits
Qulabz IncQulabz IncSandbox Exits
Realdom India Private LimitedRealdom India Private LimitedSandbox Exits
RealX Marketplace Private LimitedRealX Marketplace Private LimitedSandbox Exits
Reesecure Pte LtdReesecure Pte LtdSandbox Entities
Sarva Labs Inc.Sarva Labs Inc.Sandbox Exits
ShipfinexShipfinexSandbox Entities
Shubhalaxmi Future Solutions (OPC) Private LimitedShubhalaxmi Future Solutions (OPC) Private LimitedSandbox Exits
Signzy Technologies Private LimitedSignzy Technologies Private LimitedSandbox Exits
Singx Pte. Ltd.Singx Pte. Ltd.Sandbox Exits
Snapper Future Tech Private LimitedSnapper Future Tech Private LimitedSandbox Exits
Solvendo (India) Private LimitedSolvendo (India) Private LimitedSandbox Entities
T- Hub FoundationT- Hub FoundationSandbox Exits
Tech Factory LtdTech Factory LtdSandbox Exits
TRILLIUM ECONOMIC DEVELOPMENT CONSULTING PRIVATE LIMITEDTRILLIUM ECONOMIC DEVELOPMENT CONSULTING PRIVATE LIMITEDSandbox Exits
Trustmore Technologies Private LimitedTrustmore Technologies Private LimitedSandbox Exits
Umbo Idtech Private LimitedUmbo Idtech Private LimitedSandbox Exits
Unobanc Private LimitedUnobanc Private LimitedSandbox Exits
V2RT INSURUETECH SOLUTIONS PRIVATE LIMITEDV2RT INSURUETECH SOLUTIONS PRIVATE LIMITEDSandbox Exits
Vettedcode Technologies India Private LimitedVettedcode Technologies India Private LimitedSandbox Entities
Vouchpay Tech Private LimitedVouchpay Tech Private LimitedSandbox Exits
Webnyay Private LimitedWebnyay Private LimitedSandbox Exits
WTSLN FinTech Private limitedWTSLN FinTech Private limitedSandbox Exits
Yotta Data Services Private LimitedYotta Data Services Private LimitedFinTech/ TechFin Authorizations

Showing 60 of 62. The full list is in the register itself (link above).

Regulatory Sandbox — status of applications received

Sandbox participants · 13 entries

Securities and Exchange Board of India (SEBI) · source · read 2026-10-14

Register no.NameStatus
1SHIV RAM JINDAL INDUSTRIES PVT. LTD.rejected
2ANGEL BROKING LIMITEDwithdrawn
3WIZEMARKETS ANALYTICS PVT. LTD. (CAPITAL MIND)withdrawn
4EVERNEST INVESTMENT ADVISERS PVT. LTD.withdrawn
5STOCKHISSA.COM & ZERODHArejected
6STREAK AI TECHNOLOGIES PVT. LTD. & ZERODHAwithdrawn
7MATDEV INVESTMENT ADVISERS PVT. LTD. (MIAPL)rejected
8ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)approved
9ADITYA BIRLA SUN LIFE AMC LIMITEDwithdrawn
10LOTUSDEW WEALTH AND INVESTMENT ADVISORS PVT. LTD.rejected
11BIVESTORS PRIVATE LIMITEDwithdrawn
12EVAREAP INVESTMENT ADVISORS LLPrejected
13VC BRIDGE PRIVATE LIMITED(EXCLUTO.COM)rejected

In our catalogue: 2 instruments from India

2 live.

Larsen & Toubro 7.40% tokenised NCDs 2029 (Ind…REC 7.30% tokenized corporate bond (India's fi…
How these figures were established

Market sizes are read from named reports; the availability finding is tested separately by loading the platform’s own site, reading the API paths out of its JavaScript bundles and calling them. A guessed endpoint returning 404 proves nothing.

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Tokenization in India — no tracked market | TokenBank