Flipkart Co-Founder-Backed Navi Mutual Fund Files for Blockchain Fund in India
The filing comes after Invesco deferred the launch of a similar fund due to the regulatory uncertainty in the country.
Dec 3, 2021 at 12:06 p.m. UTCUpdated May 11, 2023 at 4:09 p.m. UTC
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Navi Mutual Fund, which is backed by Flipkart co-founder Sachin Bansal, summited a draft filing with Indian market regulator Securities and Exchange Board of India (SEBI) to list a blockchain fund.
- According to the filing, Navi Blockchain Index Fund of Fund will invest in other funds that are based on the Indxx Blockchain Index rather than investing directly in crypto or blockchain-based companies.
- The Indxx Blockchain Index tracks the performance of companies in emerging or developed economies that use or can benefit from blockchain technology.
- The filing comes after Invesco deferred the launch of its blockchain exchange-traded fund (ETF) in India last month, citing regulatory uncertainty
- The Indian government is set to introduce a crypto bill in parliament, which would reportedly ban most private cryptocurrencies in the country.
- Navi Mutual Fund is part of financial services company Navi Group, which was started by Bansal. He is also the co-founder of e-commerce company Flipkart, which is now owned by U.S. retail giant Walmart.
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Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.