SUMMARY
- SEBI grants in-principle approval to Jio Financial & BlackRock for a mutual fund venture.
- Jio Financial and BlackRock previously formed joint wealth management and brokerage services joint ventures.
- Jio-BlackRock joins other newly licensed firms like Old Bridge Capital, Helios Capital, and Zerodha.
The Securities and Exchange Board of India (SEBI) has granted in-principle approval to Jio Financial Services and BlackRock to establish their proposed mutual fund operation.
In a filing with BSE, Jio Financial Services stated, ” Securities and Exchange Board of India (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.” JFS further said that it and BlackRock must meet specific standards before SEBI can provide final clearance for registration.
Jio Financial Services and BlackRock inked a second joint venture in April of this year to establish wealth management and brokerage businesses. At the time, the financial services company claimed that the change would allow it to “democratize” access to investing solutions and offer digital products first.
As a result, Jio Financial Services-BlackRock is now the most recent company to get its mutual fund venture approved by SEBI. The regulator has licensed companies like Old Bridge Capital Management, Helios Capital, Zerodha, and others to offer mutual funds throughout the last 12 months.
