Navi Mutual Fund, which is backed by Flipkart co-founder Sachin Bansal, summited a draft submitting with Indian market regulator Securities and Alternate Board of India (SEBI) to checklist a blockchain fund.
- In response to the submitting, Navi Blockchain Index Fund of Fund will put money into different funds which can be primarily based on the Indxx Blockchain Index somewhat than investing straight in crypto or blockchain-based firms.
- Indxx Blockchain Index tracks the efficiency of firms 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 ETF in India final month, citing regulatory uncertainty
- The Indian authorities is ready to introduce a crypto invoice in parliament, which might reportedly ban most personal cryptocurrencies within the nation.
- Navi Mutual Fund is a part of monetary providers firm Navi Group, which was began by Bansal. Bansal can also be the co-founder of e-commerce firm Flipkart, which is now owned by U.S. retail big Walmart.
Learn extra: Invesco Defers Launch of Blockchain ETF in India