Can blockchain-based representations of real-world assets be regulated under India’s existing securities law? This article analyses the scope of Section 2(h) of the Securities Contracts (Regulation) Act, 1956, arguing that tokenized assets should be classified according to their economic substance rather than their technological form. It further examines the jurisdictional and enforcement constraints confronting SEBI and proposes a principled regulatory framework for tokenized securities in India. Continue reading India’s Tokenisation Challenge: From Grey Zones to Clarity