Is Sachin Bansal backed Navi Mutual funds bringing India's first blockchain fund?

Navi mutual fund, formerly Essel mutual fund, founded by Flipkart co-founder Sachin Bansal has filed a draft for opening a Blockchain fund. The question is, is it really a "Blockchain" fund?

Navi Blockchain Index Fund of Fund (FoF) will invest in ETF, an index fund that reflects the price of the Indxx Blockchain Index. So instead of investing directly in crypto-based companies, the new fund is slated to track the Indxx Blockchain Index.

"The Indxx Blockchain 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."

Below are some of the companies that are being allocated in the fund.

The fund has 100 stocks overall, and to our surprise, the list also includes Indian companies like Infosys, Wipro, TCS, and Kotak Mahindra Bank. After looking over the list, the fund doesn't seem like they are investing in blockchain-related companies. These are basically software development companies and plan to or haven't started blockchain-related programs yet.

Whereas Invesco had previously filed for a similar ETF in India and got SEBI approval for the launch. While the ETF was deferred due to regulatory issues in India, it was more directly designed to invest in crypto companies such as Coinbase and Grayscale Bitcoin trust.