Capital market regulator Securities and Exchange Board of India (Sebi) has granted in-principle approval to Jio Financial Services and BlackRock Financial Management Inc to act as co-sponsors and set up proposed fund.

BLK & India-based Jio Financial receive in-principle regulatory approval to function as co-sponsors and set up a mutual fund business in India.

The firm said that it would act as co-sponsors with BlackRock and establish the proposed mutual fund after it received an in-principle approval from SEBI

Jio Financial and BlackRock received in-principle approval from Sebi for their mutual fund project. The joint venture also plans wealth management and broking services. Jio Financial aims for major growth in fintech,

The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter, Jio Financial said

Jio Financial and U.S.-based BlackRock got in-principle approval from India's markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

Reliance Industries, under Mukesh Ambani, plans to enter India's mutual fund market through Jio Financial Services' joint venture with BlackRock. Leveraging expertise and vast consumer data, the venture seeks to capitalize on the growing investment habits of Indians and aims to expand the industry's distribution reach.

Jio Financial Services, through its NBFC arm, is gearing up to expand its range of financial products. It is in advanced stages of rolling out home loans, which are currently in the beta phase. The company also plans to offer loans against property and securities in the near future.

SEBI approves Jio Financial and BlackRock to set up mutual fund, aiming to provide innovative investment solutions in India.

The NBFC arm of Reliance Industries, Jio Financial, and BlackRock Advisors Singapore Pte. Ltd have come together to create a joint venture company named 'Jio BlackRock Investment Advisers Private Limited' for the purpose of carrying out investment advisory services.

The joint venture between Jio Financial Services and BlackRock has applied for a mutual fund licence with the market regulator, and the application is currently under consideration, according to a SEBI update.