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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.
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.
Read more: Invesco Defers Launch of Blockchain ETF in India
STORY CONTINUES BELOW
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Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
