Associated with Flipkart co-founder Sachin Bansal, Navi Group, a financial company, filed an application with SEBI to register the Navi Blockchain Index Fund of Fund. The vehicle will invest in foreign ETFs and/or index funds based on the Indxx Blockchain Index.
The Navi Blockchain Index Fund of Fund is a fund of funds that does not invest directly in shares of crypto- and blockchain companies.
The Indxx Blockchain Index comprises securities of companies from developed and emerging markets that use or may benefit from DLT-technologies.
Earlier reports indicated that India would regulate cryptocurrencies rather than ban them, according to recent press reports.
Earlier reports of the consideration of a ban of “the majority of private cryptocurrencies” spurred a short-term panic on local Bitcoin exchanges.
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