Jio Financial Services Ltd (JFSL) will now venture into mutual fund operation now that its subsidary has received an approval for mutual fund operation from the Securities and Exchange Board of India (SEBI).
The certificate of registration was granted to Jio BlackRock Mutual Fund on May 26, 2025, JFSL said in a statement, adding that approval was given to Jio BlackRock Asset Management Private Limited to act as the Asset Management Company for Jio BlackRock Mutual Fund.
In a country of growing mutual fund retail investors, the two companies will bring to board innovative investment propositions and leverage the strength of its sponsors.
The company, on October 29, 2024, intimating 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.
In January, JFSL had said that the company and its joint venture partner, US-based BlackRock, have infused ₹17 crore in the mutual fund company.
JFSL and BlackRock each have further subscribed to and have been allotted 5.85 crore equity shares of ₹ 10 each of Jio BlackRock Asset Management Private Limited (a 50:50 Joint Venture between the company and BlackRock), aggregating ₹117 crore.
JFSL and BlackRock have made an initial investment of ₹82.5 crore each in this entity.
On October 19, 2023, Jio Financial and BlackRock Financial Management Inc. filed papers with Sebi for launching a mutual fund business.
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