Flipkart Co-Founder-Backed Navi Mutual Fund Files for Blockchain Fund in India

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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 record a blockchain fund.

  • According to the filing, Navi Blockchain Index Fund of Fund will make investments in different funds which might be based mostly on the Indxx Blockchain Index slightly than investing immediately 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 about to introduce a crypto invoice in parliament, which might reportedly ban most personal cryptocurrencies in 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.

Read extra: Invesco Defers Launch of Blockchain ETF in India