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Indian Mutual Fund Houses to Launch Metaverse Schemes Soon -Breaking

by Mike Robinson

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© Reuters. Indian Mutual Fund Houses To Launch Metaverse Schemes Very Soon
  • Navi Mutual Fund, Aditya Birla Sun Life Mutual Fund are soon to launch metaverse and blockchain schemes.
  • The two Indian Mutual Fund houses await SEBI’s approval for the launch.
  • The scheme is not well received by industry professionals.

India’s two mutual fund houses – Navi Mutual Fund and Aditya Birla Sun Life Mutual Fund – have filed separate exchange-traded funds (ETF) drafts to the Securities and Exchange Board of India (SEBI) to enable investors to make profits from companies that are invested in metaverse and blockchain, and virtual assets, respectively.

According to the Scheme Information Document (SID) statements submitted to SEBI’s website by The Navi Metaverse ETF Fund of Fund and Aditya Birla Sun Life Blockchain & Virtual Digital Assets ETFs Fund of Fund, the funds will be open-ended fund of fund schemes investing in the units of ETFs. This scheme will focus on global blockchain themes, as well as virtual digital assets like NFTs and crypto. They are now awaiting SEBI’s approval for the launch.

Further, the document stated that Navi Metaverse ETF Fund of Fund’s minimum application amount would be Rs 500 in multiples of Rs 1. Aditya Birla Sun Life ETF would require a minimum of Rs 100 to apply during the fund’s new offer period.

Industry experts and advisors differ on whether the adoption of either of these schemes will guarantee that the investor’s investment objectives are met. Many believe these schemes keep pace with current trends and are a great way to diversify into other spectrums. Some believe that more regulation is needed to preserve balance within the metaverse.

With rumors of a ban on crypto being waved off by India’s Department of Economic Affairs, the industry around blockchain technology is stepping up. But these schemes aren’t pioneers in the field. Invesco Mutual Fund almost launched Invesco India – Invesco CoinShares Global Ethereum ETF Fund. The launch was halted due to uncertainty surrounding the rules for crypto investments in India.

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