Navi MF plans to develop a blockchain fund and has filed an offer document with the Securities and Exchange Commission (Sebi)
The plan will be linked to the Indxx Blockchain Index, which is a measure of how well companies connected to the blockchain ecosystem are performing.
The Navi Mutual Fund (MF), led by Sachin Bansal, submitted an offer document with the Securities and Exchange Board of India (Sebi) on Friday for a blockchain index fund.
The plan will be linked to the Indxx Blockchain Index, which is a measure of how well companies connected to the blockchain ecosystem are performing.
The index includes firms such as Advanced Micro Devices (AMD), Nvidia Corp, and Salesforce.com Inc.
Due to regulatory concerns, Invesco Mutual Fund had to postpone the debut of its blockchain fund, Invesco CoinShares Global Blockchain ETF Fund of Fund.
It’s unclear whether Sebi would approve Navi’s proposed fund’s launch. According to market analysts, the CoinShares Global Blockchain ETF is made up of cryptocurrency exchanges. The Indxx Blockchain Index, on the other hand, is primarily made up of chipmakers.
While some regulators, like the Reserve Bank of India (RBI), are skeptical of bitcoin, the majority are concerned about alternative applications of the underlying technology.
Navi MF also filed an offer document for the Navi World Index Fund of Fund, in addition to the blockchain fund.
