Navi Mutual Fund backed by Sachin Bansal files for Blockchain fund.
- ByStartupStory | December 4, 2021
According to reports, Sachin Bansal’s Navi Mutual Fund, part of his Navi Group, has filed for a Blockchain Index Fund of Funds (FoF) with The SEBI. This investment on an Index Fund will track the performance of the Indxx Blockchain Index. The Fund will count companies like Advanced Micro Devices (AMD), Nvidia Corp and Salesforce.com Inc among its top holdings.
Previous efforts to raise Blockchain funds were attempted by Invesco Asset Management Company, and even after receiving Sebi’s approval for launch and announcing New Fund Offer (NFO) dates, Invesco AMC deferred the fund due to regulatory uncertainty. However, Invesco AMC Fund featured cryptocurrency related companies such as Coinbase Inc whereas Navi MF index plans to stay away from companies related to cryptocurrency related activities.
The index will focus on ‘active enablers’ and ‘active users’ of blockchain. Active enablers are companies actively developing blockchain technology products or systems for their own use internally, but also for sale and support for other companies. The index is up 45.5% over the past year and 19.83% over the past 3 years as of 29th October 2021 according to the Navi MF filing.
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