Indian mutual fund organizations should not allocate funds to any cryptocurrency-based new fund offers (NFOs).
India’s crypto saga did not have any significant breakthrough this year. As the regulatory climate remained unclear, the country’s market regulator feels mutual fund houses should not come up with fund offers related to cryptocurrency assets.The Securities and Exchange Board of India chairman, Ajay Tyagi,noted that the regulatory entity does not want the domestic mutual funds to develop any crypto-based new fund offers until the government comes up with a digital asset bill.
Earlier, the country’s securities regulator approved the Invesco Mutual Fund to launch its blockchain fund. It was slated to go live for subscription on November 24th. The fund would have been India’s first such offering to provide exposure to companies across the world to participate in the blockchain space.
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