Jio Financial Share Price in Focus: SEBI Grants In-Principle Approval to Start MF Business

The Securities and Exchange Board of India (SEBI) has given the green light to Jio Financial Services and BlackRock Financial Management Inc. to establish a joint venture investment advisory firm. The proposed fund, which aims to provide affordable and innovative investment solutions to millions of Indians, has received in-principle approval from the regulatory body.

Jio BlackRock Investment Advisers Private Limited, the joint venture company formed by the two financial giants, will offer investment advisory services. The company has secured the necessary approvals from the Ministry of Corporate Affairs and is now awaiting final registration from SEBI.

Jio Financial Services, a subsidiary of Reliance Industries, will contribute ₹3 crore to the initial capital of the joint venture. The company has also recently obtained approval from the Department of Economic Affairs to increase its foreign investment limit to 49%.

Rachel Lord, Head of International for BlackRock, expressed enthusiasm about the partnership, stating, “We are excited to bring affordable and innovative investment solutions to millions of people in India. Together with Jio Financial Services, we aim to contribute to the country’s transition from a nation of savers to a nation of investors.”

Jio Financial Services is poised to play a significant role in shaping the fintech landscape in India. With its focus on retail lending, payment services, and other financial products, the company is well-positioned to capitalize on the country’s vast potential.

The partnership between Jio Financial Services and BlackRock is expected to drive growth and innovation in the Indian investment market. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.