Latest News | Jio Financial-BlackRock JV Applies for Mutual Fund Licence
Get latest articles and stories on Latest News at LatestLY. The joint venture between Jio Financial Services and BlackRock has applied for a mutual fund licence with the market regulator, and the application is currently under consideration, according to a SEBI update.
Kolkata, Jan 3 (PTI) The joint venture between Jio Financial Services and BlackRock has applied for a mutual fund licence with the market regulator, and the application is currently under consideration, according to a SEBI update.
An update on mutual fund approval status from the Securities and Exchange Board of India (Sebi) as of December 31, 2023, lists Jio Financial Services & BlackRock Financial Management among the applicants under consideration for a mutual fund licence.
Jio submitted its application on October 19, and Sebi's status report showed that it is "under process".
Jio Financial Services Ltd, the newly demerged financial services arm of billionaire Mukesh Ambani's Reliance, and BlackRock announced an agreement in July 2023 to form a 50:50 joint venture with a USD 150 million investment each to enter the asset management business in India.
"Jio BlackRock combines Jio Financial Services' knowledge and resources with BlackRock's scale and investment expertise to deliver affordable, innovative investment solutions to millions of investors in India," an earlier statement said.
The potential MF may utilize a digital-first approach to democratize the Rs 50 lakh crore MF industry.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)