Jio gets SEBI approval for MF business

Jio BlackRock Asset Management Pvt Ltd, a 50:50 joint venture between Jio Financial Services Ltd (JFSL) and US-based BlackRock, has received regulatory approval from the capital market regulator SEBI to commence operations as an investment manager for its mutual fund business.

The Securities and Exchange Board of India (SEBI), vide letter dated May 26, has granted the certificate of registration to ‘Jio BlackRock Mutual Fund’ and approval to Jio BlackRock Asset Management Private Limited to act as the Asset Management Company for Jio BlackRock Mutual Fund, JFSL said in a regulatory filing.

The company, on October 29, 2024, announced incorporation of two companies, ‘Jio BlackRock Asset Management Private Limited’ and ‘Jio BlackRock Trustee Private Limited’, to carry on the primary business of mutual fund, subject to regulatory approvals, it said.

JFSL non-executive director Isha Ambani in a statement said, “Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation.”

Together, she said, “we are committed to making investing simple, accessible, and inclusive for every Indian. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India.”

Rachel Lord, Head of International at BlackRock, said, “The opportunity in asset management in India today is tremendously exciting. JioBlackRock’s digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets.”

JioBlackRock Asset Management has also announced the appointment of Sid Swaminathan as its managing director and Chief Executive Officer.

The company will seek to leverage the unique strengths of its two sponsors — JFSL’s digital reach and its deep understanding of the local market, alongside BlackRock’s global investment expertise and leading risk management technology. JFSL in January said that the company and its joint venture partner, US-based BlackRock, infused Rs 117 crore in the mutual fund company.