The Securities Exchange Board of India has given an in-principle approval to Jio Financial Services Ltd. and BlackRock Financial Management Inc. to set up mutual fund operations and act as co-sponsors for the same, the company informed exchanges on Friday.
"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 letter," the exchange filing said.
Last year, Jio Financial Services and BlackRock announced an agreement to create Jio BlackRock, which would be a 50:50 joint venture to enter India's asset management industry.
This has come as Reliance Industries through its subsidiaries has been foraying into several businesses, from the non-banking financial space to launching home loan products.
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