Jio Financial Services Ltd (JFS), the financial services entity spun off from Reliance Industries under Chairman Mukesh Ambani, said on October 4 that markets regulator SEBI has granted in-principle approval to the company and BlackRock Financial Management to act as co-sponsors and set up the proposed mutual fund.
"The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter," JFS said.
In July 26, 2023, JFS and BlackRock announced an agreement to create "Jio BlackRock," a 50:50 joint venture, which marked BlackRock's re-entry into the Indian market after it exited in 2018.
Jio BlackRock combines BlackRock's expertise in investment management, risk management, and technology with Jio Financial Services' local market knowledge and digital infrastructure. The joint venture aims to introduce a new player to the Indian market with a unique scope and scale.
At the first annual general meeting after listing on stock exchanges, Jio Financial management said the BlackRock joint venture will help bring more investment products and that key leadership has been identified for the JV.
In April, JFS entered into a JV with BlackRock for wealth management and broking business in India.
In September, JFS had entered into a JV with BlackRock Advisors Singapore Pte Ltd to launch a new investment advisory company, Jio BlackRock Investment Advisers Private Limited. The joint venture will focus on providing investment advisory services, subject to receiving regulatory approvals, it said.
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