Navi Mutual Fund (formerly known as Essel mutual fund) has recently submitted a draft to Indian market regulator SEBI for a fund. However, the interesting part is that Navi Mutual fund has requested a blockchain fund.
Navi Mutual Fund offers a number of financial services and products such as Personal Loans, Home Loans, Vehicle Loans (two-wheelers), and SME Business Loans. Besides this, it also offers General Insurance. Interestingly, Flipkart co-founder Sachin Bansal and ex-banker Ankit Agarwal have formed this Mutual Fund.
According to the filing, Navi Blockchain Index Fund will invest in funds based on the Indxx Blockchain Index. This is unlike traditional investments where all of the investments are directly onto the crypto or blockchain-based companies.
Recently, Invesco had deferred the launch of its blockchain exchange-traded fund (ETF) due to regulatory uncertainty. As of now, the state of crypto and its affiliated technology is still unknown in the country.
While discussion regarding it is expected next week when the cryptocurrency bill will come into the legislature house, things look ‘cloudy’ for the time being. Previously, the majority of the audience thought that the government will push a ‘blanket ban’ on all cryptocurrencies. However, things may not be as astute as we may expect.
Talking about Indxx, it is a blockchain index that tracks the performance of companies in emerging and developed economies. Their main focus is on companies that use or could potentially use blockchain technology in the future.
Also, Navi Mutual Fund is actually a part of the financial services company Navi Group. In fact, Sachin Bansal had originally started the Navi Group.