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19 Nov 2024
The Securities and Exchange Board of India approves Jio Financial Services-BlackRock joint venture to enter India's mutual fund sector. The information about it was given by Jio on Friday in a stock exchange filing. In an exchange filing, Jio said that the SEBI’s final approval is still awaited for registration. The final approval will be given by SEBI when the companies fulfill the conditions mentioned in the letter.
The 2023-formed partnership aims to enhance the asset management landscape by the offering innovative and affordable investment solutions via a digital-first approach. Both the companies would act like co-sponsors and have committed a $150 million initial investment each for the venture.
Jio’s entry into the mutual fund sector would intensify the competition in the industry, which currently is managing assets of more than ₹66 lakh crore.
Jio Financial Services, which spun off in July 2023 from Reliance Industries Limited, has seen a fluctuation in stock performance. The company reported a one-year return of 50.38%, recently closing at ₹338.95, despite experiencing a decline of 1.92% on the day.
The mutual fund initiative is a representation of a strategic move for Jio Financial as it seeks broadening its footprint in the financial services sector. SEBI’s approval aligns with accessible and digital investment options in India’s growing trend, particularly with investor confidence being robust post-COVID-19. With the development, BlackRock and Jio Financial aim to leverage tech for catering to investors evolving needs within India’s dynamic financial market.
Reliance's financial services business comprises 6 companies,
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