Jio Financial Services: Jio Fin-BlackRock gets Sebi nod to start MF business

Mumbai: The joint venture between Mukesh Ambani-owned Jio Financial Services and BlackRock, the world’s largest asset manager, for starting a mutual fund business in India has received the Securities and Exchange Board of India’s in-principle approval, according to an exchange filing on Friday.

The capital markets regulator gave the nod on October 3, said Jio Financial in a release.

“The final approval for registration will be granted by Sebi subject to fulfilment by the company and BlackRock of the requirements set out in the said (Sebi) letter,” said Jio Financial.

In July 2023, Jio and BlackRock had announced an agreement to create Jio BlackRock, a 50:50 JV, marking the US-based asset manger’s re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $10.5 trillion globally.

BlackRock had exited India in 2018 by selling its stake in DSP BlackRock Mutual Fund. “We are excited by the opportunity to deliver affordable and innovative investment solutions to millions of people in India,” said Rachel Lord, head of international business for BlackRock, in a release.

The Indian mutual fund industry is one of the fastest growing with its assets under management more than doubling in the last five years from ₹25.48 lakh crore to ₹66.7 lakh crore.

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