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 Dec. 31, 2023, lists Jio Financial Services & BlackRock Financial Management among the applicants under consideration for a mutual fund licence.
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Jio submitted its application on Oct. 19, and SEBI's status report showed that it is "under process".
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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 $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.
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