So, as India waits for parliamentary discussion to kick off on a bill to either ban or limit cryptocurrency, Navi Mutual Fund is applying for a Blockchain Index Fund of Funds (FoF) approval. Notably, this does not directly invest in cryptocurrencies or crypto exchanges as per information by a report from Bloomberg Livemint.
Furthermore, Navi Mutual Fund is part of Navi Technologies, which Sachin Bansal leads. Notably, Sachin Bansal founded ecommerce giant Flipkart and also sold it to Walmart.
More so, Navi Mutual Fund’s filing with the Securities and Exchange Board of India is just weeks after Invesco gets a go ahead order from SEBI. Notably, this is for the nation’s first blockchain FoF.
Additionally, Navi proposed fund will monitor the Index Blockchain Index. Then, also looks at tracking the performance of companies that are actively using. Even, investing in, developing, or having products ready to benefit from blockchain technology.
Notably, The Navi fund and the index avoids direct investments in crypto or crypto exchanges. As, its largest holdings are Nvidia, Advanced Micro Devices and Micron Technology.
Currently, India’s crypto bill is still under discussion in parliament, so no certain information on that yet. However, recent reports indicate that the government wants to adopt an equal approach and regulate crypto as assets.
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