Jio Financial Services and BlackRock apply for SEBI Mutual Fund License

Jio Financial Services (JFS) shares rose 1.7% on 4-Jan-2024 as Reliance Industries' arm partnered with global giant BlackRock Financial Management to launch a joint mutual fund company.

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Securities and Exchange Board of India (SEBI) is currently considering their application filed on 19 October 2023 for in-principle approval.

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Jio Financial Services Ltd, led by Mukesh Ambani and BlackRock announced their 50:50 joint venture in July 2023 backed by a $150 million investment each.

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As of 31 December 2023, SEBI's status report indicates that Jio's mutual fund application is "under process," positioning JFS and BlackRock among the applicants awaiting approval.

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The launch of Jio Financial Services-BlackRock Asset Management Co is anticipated to be a disruptor in India's $580 billion mutual fund industry.

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BlackRock is making a comeback in India's asset management sector by teaming up with Jio Financial Services.

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The initial investment of $150 million from each partner highlights the commitment to providing tech-enabled and affordable investment solutions to Indian investors.

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With 45 players in a highly competitive mutual fund industry managing assets worth ₹50 trillion, Jio-BlackRock alliance aims to carve a distinctive niche in the market.

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Kaushalya Logistics IPO Subscribed 390.88 time

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