Jio Financial Services has received in-principle approval from the Securities and Exchange Board of India (SEBI) to co-sponsor a mutual fund with BlackRock Financial Management Inc. The approval, detailed in a letter dated October 3, 2024, marks a significant milestone for the collaboration between the two financial giants.
The in-principle nod from SEBI follows a joint application submitted by Jio Financial Services and BlackRock on October 19, 2023. This application was part of a broader strategic initiative first announced in a joint press release on July 26, 2023, and subsequently clarified in January 2024.
SEBI’s approval is contingent upon both companies fulfilling specific requirements outlined in the letter. Once these conditions are met, SEBI will grant final approval for the registration of the mutual fund.
Jio Financial Services, headquartered in Mumbai’s Bandra Kurla Complex, communicated the development to the stock exchanges on October 4, 2024. The company, under the trading symbol JIOFIN, remains committed to expanding its financial services portfolio through this new venture with BlackRock.
