Flipkart Co-Founder-Backed Navi Mutual Fund Files for Blockchain Fund in India
Navi Mutual Fund, which is backed by Flipkart co-founder Sachin Bansal, summited a draft submitting with Indian market regulator Securities and Exchange Board of India (SEBI) to checklist a blockchain fund.
- According to the filing, Navi Blockchain Index Fund of Fund will put money into different funds which are primarily based on the Indxx Blockchain Index relatively than investing straight in crypto or blockchain-based corporations.
- The Indxx Blockchain Index tracks the efficiency of corporations in rising or developed economies that use or can profit from blockchain know-how.
- The submitting comes after Invesco deferred the launch of its blockchain exchange-traded fund (ETF) in India final month, citing regulatory uncertainty
- The Indian authorities is about to introduce a crypto invoice in parliament, which might reportedly ban most non-public cryptocurrencies within the nation.
- Navi Mutual Fund is a part of monetary providers firm Navi Group, which was began by Bansal. He can be the co-founder of e-commerce firm Flipkart, which is now owned by U.S. retail big Walmart.
Read extra: Invesco Defers Launch of Blockchain ETF in India