Coindesk Logo
FinanceFinanceFinance

Flipkart Co-Founder-Backed Navi Mutual Fund Files for Blockchain Fund in India

Flipkart Co-Founder-Backed Navi Mutual Fund Files for Blockchain Fund in India

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.

The filing comes after Invesco deferred the launch of a similar fund due to the regulatory uncertainty in the country.

The filing comes after Invesco deferred the launch of a similar fund due to the regulatory uncertainty in the country.

By Parikshit Mishra
AccessTimeIconDec 3, 2021, 12:06 PM
Updated May 11, 2023, 4:09 PM
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

STORY CONTINUES BELOW

Recommended for you:

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about
BlockchainFundsIndia