Jio Financial Services Ltd, the spun-off financial services entity of Mukesh Ambani-led Reliance Industries Ltd, has secured an in-principle approval from the Securities and Exchange Board of India to establish a mutual fund business in partnership with BlackRock Financial Management.
“Please note that SEBI vide letter dated October 3, 2024 has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund. The final registration approval will be granted by SEBI subject to fulfilment by the Company and BlackRock of the requirements set out in the said letter,” said Jio Financial Services in a regulatory filing to the stock exchanges.
Days after its demerger from Reliance Industries in July 2023, Jio Financial Services announced the formation of a 50:50 joint venture with BlackRock to launch asset management services in India. The companies signed a second joint venture in April to set up a wealth management and broking business in the country.
“With our partner Jio Financial Services, we want to contribute to the country’s evolution from a nation of savers to a nation of investors. Investing is the way for people to reach their financial goals more quickly, and to accelerate wealth creation,” said Rachel Lord, head of international for BlackRock.