Navi MF looks to launch blockchain fund, files offer document with Sebi

Sachin Bansal-led Navi Mutual Fund (MF) on Friday filed an offer document with the Securities and Exchange Board of India (Sebi) for a blockchain index fund of fund.

The scheme will be pegged to the Indxx Blockchain Index, a gauge for the performance of companies tied to the blockchain ecosystem.

Advances Micro Devices (AMD), Nvidia Corp and Salesforce.com Inc are some of the stocks that form part of the index.

Recently, Invesco Mutual Fund had to put the launch of its blockchain fund Invesco CoinShares Global Blockchain ETF Fund of Fund on hold amid regulatory concerns.

It remains to be seen whether Sebi okays the launch of Navi's proposed fund. Market observers say the CoinShares Global Blockchain ETF comprised of cryprto exchanges. However, Indxx Blockchain Index comprises mainly chip makers.

While regulators including the Reserve Bank of India (RBI) are wary of allowing cryptocurrency, most about other uses of the underlying technology.

Apart from the blockchain fund, Navi MF also filed an offer document for Navi World Index Fund of Fund.