Maharashtra Minister Ashish Shelar Addresses Unchained Summit India on Digital Innovation and Asset Tokenisation

The Unchained Summit India in Mumbai brought together government officials and industry leaders to address the integration of digital assets and real-world asset tokenisation into the national economy. For fintech professionals, the event signals a shift toward establishing the legal frameworks and institutional standards necessary for blockchain-based financial infrastructure to scale within India’s regulatory landscape.

What was announced

The Unchained Summit India, organised by Aeternum, took place on 5–6 November at the Courtyard by Marriott Mumbai International Airport. The event served as a forum for participants from financial markets, investment, and technology sectors to examine the evolution of digital asset markets and the institutional adoption of blockchain technology. Central to the discussions was the concept of Real-World Asset (RWA) tokenisation and the development of stablecoins and financial infrastructure. Ashish Shelar, Maharashtra’s Minister of Electronics, IT, AI & Cultural Affairs, delivered a special address titled "Maharashtra's Digital Future: Innovation, Investment and Financial Transformation," where he emphasised that emerging technologies must deliver measurable economic value and address practical problems.

The summit featured a high-level roundtable titled "RWA Tokenisation in India: From Pilots to Adoption." This session explored the transition from experimental projects to full-scale implementation, focusing on asset classes, enforceable ownership rights, and interoperability. Participants in this discussion included representatives from Trilegal, Finternet, Bharat Web3 Association, Ondo Finance, Canton Foundation, Jio Financial Services, Zoniqx, OpenZeppelin, PwC, and BitViraj Technology. Additionally, the programme included a dedicated workshop, "The 5-Step Tokenisation Playbook," led by Cristian Ulloa, Co-Founder of Crave Management and Liquid Loans. This session provided a strategic framework for organisations to assess risks and structural considerations before launching tokenisation projects. Other sessions covered blockchain scalability, AI applications in finance, and the requirements for secure custody and settlement in digital markets.

"A token cannot strengthen a weak asset, guarantee liquidity or eliminate risk,"

Ashish Shelar

The companies involved

Aeternum, the organiser of the Unchained Summit, is a firm focused on the intersection of financial markets and digital assets, operating via its platform at aeternum.ch. The summit brought together a diverse group of stakeholders from the Indian and global fintech sectors. This included institutional representation from Jio Financial Services, where Ashutosh Dubey serves as Head of Innovation, and professional services from PwC, represented by Pramod Mishra, the firm’s Tokenisation and Programmable Money Lead. Legal expertise was provided by Trilegal, led in this capacity by Jaideep Reddy, Partner in Technology Law.

The industry’s regulatory and advocacy interests were represented by the Bharat Web 3 Association, whose former Secretary General Dilip Chenoy participated in the discussions. Other key technology contributors included OpenZeppelin, represented by Vice President Dinesh Dahiya, and Zoniqx, led by Founder and CEO Prasanth Kalangi. The involvement of Garima Singh, CEO and Director of BitViraj Technology, and Sanmesh Kalyanpur, Director at Finternet, further highlighted the infrastructure layer. Additionally, Parth Chaturvedi of the Canton Foundation and Kunaal Patel of Partior contributed to the dialogue on settlement and interoperability. The participation of these organisations underscores the multi-disciplinary approach currently required to navigate the technical and legal complexities of digital asset adoption in the Indian market.

What this means

The presence of a high-ranking state minister at a Web3 summit suggests that Indian authorities are moving past skepticism toward a focus on practical economic value. The industry is clearly pivoting from speculative digital assets toward Real-World Asset (RWA) tokenisation, which requires rigorous legal and custodial standards. However, the warning that a token cannot fix a "weak asset" indicates that regulators will not allow technology to be used as a mask for poor underlying credit or liquidity risks. For the sector to mature, the primary challenge remains establishing interoperability between new digital ledgers and legacy financial systems, alongside a clear legal definition of digital ownership.