Sachin Bansal-backed Navi Mutual Fund files for blockchain fund

Navi Mutual Fund, which is backed by Flipkart founder Sachin Bansal, has filed a draft document to file a blockchain fund even as there exists uncertainty related to cryptocurrencies that are closely linked to blockchain technology.

According to data available with the Securities and Exchange Board of India (SEBI), the Navi Blockchain Index Fund of Fund will be benchmarked against the Indxx Blockchain Index.

Indxx is a global provider of index and offers benchmarks based on various themes.

As per Indxx, the  Indxx Blockchain Index is designed to track the performance of companies that are either actively using, investing in, developing, or have products that are poised to benefit from blockchain technology.

"The index seeks to include only companies that have devoted material resources or made material commitments to the use of blockchain technologies," as per information available on Indxx website.

Some of the companies that are currently part of the blockchain index are Tesla, Advanced Micro Devices, Nvidia Corp, Microsoft, Samsung, IBM, Oracle and Accenture among others.

It also includes a few Indian entities like Infosys, TCS, Wipro and Kotak Mahindra Bank.

Meanwhile, Aditya Birla Sun Life Mutual Fund and Mirae Asset have filed draft documents for launching silver ETFs. Only recently, capital markets regulator SEBI had given its go-ahead for fund houses to launch funds based on silver as an underlying asset.

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