Governance
The IRG-FTR platform is operated by a standing Trust under a perpetual licence from the IPR holder. The Trust is bound by the system's hardcoded provisions, by an independent Advisory Board, and by a regional Ombudsman network — with every parameter change anchored on chain.
Trust Structure
The platform is operated by a Private Irrevocable Specific Trust constituted under the Indian Trusts Act, 1882.
It is framed as a maintenance / obligation trust — not a benefit trust. Royalty inflows are a first charge against the discharge of the maintenance obligations hardcoded into the IRG applications. Only the residue, if any, accrues to the named beneficiaries.
- The Settlor settles the corpus irrevocably and retains no power of revocation or amendment.
- The beneficiaries' interest is residual only — they have no right to compel distribution out of step with the maintenance obligation and play no role in management.
- Income of the Trust is determinate (50:50 between the named beneficiaries) and is assessed in the beneficiaries' hands under section 161(1) of the Income-tax Act, 1961.
Independence from the IPR Holder
The IPR holder, Mr. Rohit Tidke, and the licensor entity hold no office of management in the Trust, exercise no veto, and retain no ongoing approval right over operations.
The licence granted to the Trust is a one-time, perpetual, non-revocable licence. The arrangement creates no agency, employment, or fiduciary relationship between the licensor and the Trust. The IPR holder bears no warranty, support, or indemnity obligation to the Trust or any third party.
Board of Trustees — Structure
The Board of Trustees is composed of independent professionals. The beneficiaries are excluded from management to preserve the determinate-trust character and avoid look-through under sections 60–63 of the Income-tax Act.
- One Managing Trustee — an independent senior professional (chartered accountant or retired civil servant).
- Two further independent Trustees of differing professional backgrounds (typically legal and technology).
- One Trustee-Banker — chartered accountant or banker, who handles the Trust's financial operations.
Advisory Board — Structure
The Advisory Board is composed of noted domain experts drawn from the sectors the platform serves. It advises the Trust on policy and major operational matters. The Advisory Board's resolutions on parameter changes are binding within the system.
- Members are individually insulated from liability for collective decisions — encouraging prudent, candid counsel.
- Procedures for meetings, agendas, quorums, decision-making, and record-keeping are pre-defined and audit-anchored.
- Changes to terms of appointment, remuneration, and removal are subject to an order of the Ombudsman — not to discretion of the management.
The Seven Roles
The system recognises seven operational roles — constitutional, defined in code, and enforced by the Change Protocol.
| Role | Authority |
|---|---|
| ADMIN | Operates the platform. May propose; may approve where Admin is the named approver. Must apply approved proposals. |
| OPERATOR | Day-to-day operator. May propose; co-signs live-cutover changes. |
| GOVERNANCE VOTER | Votes YES / NO on proposals where the lock-status requires a vote. |
| DOMAIN CONSULTANT | VRF-selected sectoral expert. Signs proposals requiring domain approval. |
| OMBUDSMAN | Independent oversight. Signs proposals reserved to the Ombudsman; adjudicates disputes. |
| CHAIN COORDINATOR | Validator-restart coordinator. Co-signs hard-fork proposals. |
| AUDITOR | Read-only. Views all parameters, proposals, history, and chain anchors. |
Parameter Change Protocol
No parameter, threshold, fee, or rule may be changed except through the protocol: PROPOSE → APPROVE → APPLY. Every transition is anchored on the IRG chain. The protocol cannot be bypassed by direct edits, side letters, or extrinsic agreements.
| Lock-status | Approval policy |
|---|---|
| Editable | 1 Admin (not the proposer) |
| Editable (Gov Vote) | Majority of registered Governance Voters |
| Editable (Domain Vote) | 1 VRF-selected Domain Consultant |
| Editable (Ombudsman) | 1 Ombudsman |
| Editable (Hard fork) | 1 Admin + 1 Chain Coordinator |
| Editable (Live cutover) | 1 Admin + 1 Operator |
| Statutory | System auto-applies on gazette publication; Admin confirms |
| Locked | Cannot be changed via protocol — requires constitutional supermajority and chain hard-fork |
Ombudsman
The Ombudsman is the independent grievance, dispute, and re-mint authority. Appointments are regional and common to every IRG application. Each appointment is registered on chain in the OmbudsmanRegistry — a constitutional act of the Trust under a resolution of the Advisory Board.
- Case assignment uses on-chain VRF to remove discretion.
- Orders are final within the system; aggrieved parties retain recourse to a court of competent jurisdiction.
- Ombudsmen are former judicial persons, appointed for their experience and independence.
Regulatory Position
The Trust is deed-bound to maintain the platform's regulatory disclaimers:
- SEBI — the FTR is not a Collective Investment Scheme. No returns are promised. The residue release to beneficiaries is a residual distribution after maintenance, not a yield.
- RBI — the platform is not a payment intermediary or payment aggregator. Settlement roles lie with the seller, the buyer, and the regulated payment service.
- Virtual Digital Assets — the FTR is not a digital asset or cryptocurrency. It is a registered Right to buy services or goods at a pre-fixed price.
Audit & Disclosure
- The Trust maintains audited accounts annually, with a summary published on the platform within ninety days of fiscal year-end.
- Every parameter change, ombudsman order, advisory board resolution, and royalty inflow is published as a chain-anchored event in the public audit trail.
- Policies, audit reports, and project vetting reports are viewable on the platform subject to applicable privacy laws.