Navi Mutual Fund whose parent company is Navi Group is filing for a Blockchain Index Fund of Funds (FoF) with the Securities and Exchange Board of India (SEBI).
Against the backdrop of the report that suggests that the Indian Government might only regulate Cryptos instead of banning them altogether, Navi Mutual Fund which is backed by Sachin Bansal, the ex-CEO of Flipkart is filing for a Blockchain fund.
The fund is also aiming to collect a minimum subscription amount of INR 10 Cr under the scheme.
Navi Blockchain Index Fund of Fund (FoF) will invest in an ETF or an index fund that traces the performance of Indxx Blockchain Index by tracking the returns of a market index. Indxx is an index provider that develops specialised indices.
It also has a total of 100 stocks, a list which includes major Indian companies like Infosys, Wipro, TCS, and Kotak Mahindra Bank whose index will be tracked by the Fund.
In October, Navi MF also filed for Navi World Index FoF, which would invest in units of an international ETF or index fund that tracks the performance of the MSCI World Index.
Moreover, Aditya Birla Sun Life Mutual Fund (MF) and Mirae MF have also filed for silver exchange-traded funds (ETFs), which were recently permitted by the SEBI.
Silver ETFs shall be evaluated and compared against the price of silver (based on the London Bullion Market Association’s (LBMA) Silver daily spot fixing price).
Last month, Invesco Asset Management Company filed for Blockchain Fund. However, Invesco AMC indefinitely deferred the fund on account of regulatory uncertainty surrounding cryptos even after receiving Sebi approval for launch and announcing New Fund Offer (NFO) dates.
