On Monday morning, the price of Jio Financial Services’ shares increased by over 3%. The business declared that it has obtained SEBI’s in-principle approval to do mutual fund business with BlackRock.
On Monday, the share price of Jio Financial Services opened at ₹346.90 on the BSE, over 2.4% higher than its previous closing. Following that, the price of Jio Financial Services’ shares increased even higher, reaching a high of ₹349.50, representing gains of more than 3%. From its August lows, the share price of Jio Financial Services has increased by over 10%.
In a press release on October 4, Jio Financial Services stated that the Securities and Exchange Board of India (SEBI) had given the company and BlackRock Financial Management Inc. preliminary approval to serve as co-sponsors and establish the proposed mutual fund.
SEBI will provide the final clearance for registration after the Company and BlackRock have fulfilled the conditions outlined in the aforementioned letter.
On September 6, 2024, Jio Financial Services and BlackRock Advisors Singapore Pte. Ltd. created “Jio BlackRock Investment Advisers Private Limited,” a joint venture company, with the primary objective of conducting investment advisory services.
But the joint venture between Jio Financial Services and BlackRock Inc. is still young and growing. On July 26, 2023, Jio Financial Services announced a 50:50 joint venture with BlackRock Inc. to establish an asset management company.
Jio Financial Services and BlackRock had pledged initial investment of $ 150 million apiece. In Q3FY24, they submitted an application to SEBI seeking the sponsors’ in-principle approval. On April 15, 2024, the Partnership added wealth management and broking services.
In other developments, Jio Financial Services introduced the JIOFINANCE APP in May 2024. It was suggested that users use the app to borrow money for mutual funds, pay bills using UPI, save money in savings accounts, purchase digital insurance, and access other services.
