Navi Mutual Fund has applied to the Securities and Exchange Board of India (SEBI) to list a blockchain fund.
Flipkart co-founder Sachin Bansal-backed Navi Mutual Fund has applied to the country’s regulator, the Securities and Exchange Board of India (SEBI), to seek a blockchain fund in India. Bansal is the co-founder of e-commerce company Flipkart, which is currently owned by US retail giant Walmart.
Navi Blockchain Index Fund of Fund will invest in other funds based on the Indxx Blockchain Index instead of investing directly in crypto or blockchain-based companies. This index tracks the performance of companies in emerging or developed economies that use or could benefit from blockchain technology.
As it is known, India has recently stepped up its efforts to regulate crypto assets. In particular, the country that preferred regulation rather than a comprehensive ban has created excitement in the crypto community. On the other hand, it is preparing to submit a bill to parliament that aims to ban most private cryptocurrencies in the country.