April 7, 2022
By Priyanka Shetty
Navi Mutual Fund and Aditya Birla Sun Life (ABSL) Mutual Fund have filed papers with the Securities Exchange Board of India (Sebi), India’s securities watchdog, separately to launch schemes that will invest in companies focusing on metaverse and blockchain technology themes, according to reports.
Birla MF is a 28-year-old fund house that is part of Aditya Birla Group, one of the oldest business conglomerates in India. Navi MF, on the other hand, is just about a year old firm backed by Sachin Bansal, the co-founder of online retail major Flipkart.
Metaverse is a virtual world focused on social connections. Major global ETFs have already invested in companies that focus on metaverse technology.
According to the papers filed with Sebi by Birla MF, this fund’s aim is to “provide long-term capital appreciation by investing in the units of exchange-traded funds (ETFs) that are focussed on the global blockchain theme.”
According to the papers filed by Navi MF, the main objective is “to provide long-term capital appreciation by investing in units of overseas ETFs and/or index funds that invest in the companies engaged in developing and companies that stand to benefit from the advancement of metaverse”.
Once these two companies receive a nod from the Sebi, they will be able to provide opportunities for Indian investors to invest in these emerging technologies.
About the author
Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.