Archive · 7 Sep 2026
Equiniti Eyes India’s Tokenised Assets Market After Bullish Acquisition
Equiniti helps companies keep track of who owns their shares.
It works with thousands of public companies in the United Kingdom and the United States.
Its India teams handle technology, operations and other important work.
The company is being acquired by Bullish, a digital-assets platform.
Together, they are exploring ways to turn ownership records into digital tokens.
Equiniti is especially interested in tokenising shares and possibly real estate in India.
Indian regulators have indicated that they are moving toward allowing such assets, but the rules are not finished.
Automation may mean fewer new jobs than before, although more important work will still be done in India.
Equiniti is exploring India’s tokenised equity and broader assets market as regulators signal openness to the sector.
The company keeps ownership records for 3,000 public companies and serves about 55% of FTSE 100 firms and 35% of S&P 500 companies.
Equiniti’s Indian workforce has grown to 2,600 employees across Chennai, Bengaluru and Nagercoil, representing about 43% of its global workforce.
Following its acquisition by Bullish, Equiniti has begun helping seven US customers tokenise shareholder registers, including Bullish.
Automation will moderate the pace of Indian hiring, while teams there continue developing global products such as EQ1 and robotic process automation systems.
- Who
- Equiniti, its CEO Dan Kramer, Bullish, and Indian regulators are involved.
- What
- Equiniti is exploring tokenised equities and other assets in India while expanding digital-asset work after its acquisition by Bullish.
- When
- The acquisition is expected to close at the end of this year or early next year; EQ1 was launched about a week before the interview.
- Where
- The work involves India, particularly Chennai, Bengaluru and Nagercoil, as well as Equiniti’s US customer base.
- Why
- Digitisation is driving interest in tokenisation, and Indian regulators have indicated movement toward a supporting regulatory framework.
Tokenisation Opportunity
Regulatory and Employment Constraints
Indian market expansion
Tokenisation Opportunity
Equiniti says it has the capabilities and Bullish expertise to enter India’s tokenised equity market and eventually address real estate and other assets.
Regulatory and Employment Constraints
The regulatory framework for tokenised assets in India is still being developed and is not yet complete.
Impact of automation
Tokenisation Opportunity
Equiniti expects to move more work to India and continue expanding the scope of work performed there.
Regulatory and Employment Constraints
Automation and efficiency initiatives mean Indian headcount is unlikely to grow as quickly as it did over the previous decade.
- Public-company records
- Equiniti keeps ownership records for 3,000 public companies.
- United Kingdom clients
- It serves about 55% of FTSE 100 listed companies.
- United States clients
- It serves about 35% of S&P 500 companies and is the number-two provider in the US.
- India workforce
- Equiniti has about 2,600 employees in India, representing approximately 43% of its total workforce.
- Tokenisation customers
- Seven US customers have started or agreed to tokenise their shareholder registers, including Bullish.
- Potential Indian assets
- Equiniti is considering tokenising equities, real estate and other assets in India.
- India hiring outlook
- The workforce is expected to grow, but not at the same pace as during the previous 10 years because of automation.