SEBI: Market regulator SEBI has taken a big decision for the mutual fund market. SEBI has given approval to Jio and BlackRock to enter the mutual fund industry. The entry of Mukesh Ambani-led Jio Financial Services may increase competition in the mutual fund industry. Mutual funds currently have assets worth Rs 66 lakh crore.
Both the companies had joined hands with each other in July, 2023
Jio Financial Services said in an exchange filing on Friday that its joint venture with BlackRock Financial Management has received in-principle approval to enter the mutual fund industry on October 3. According to the company, SEBI will give final approval to Jio and BlackRock after providing all the necessary documents. Both the companies had joined hands with each other in July, 2023. Also, he had applied for license with SEBI in October, 2023. Both the companies had announced that they would invest about $300 million in the asset management business. Both the companies will invest $150 million each in the joint venture.
Will try to provide cheap and sustainable investment options
BlackRock’s International Head Rachel Lord said that we are happy to get this approval. We will try our best to provide cheap and sustainable investment options to crores of people of India. Together with Jio Financial Services, we will try to transform India from a saving country to an investing country. We will introduce new types of products in India. Rachel Lord said that through investment we can achieve our financial goals quickly. You can also raise capital as well. Jio and BlackRock will work together strongly in wealth management and stock broking business.
Jio Financial Services to be listed on stock market in August, 2023
Jio Financial Services provides many types of financial services to the customers. Earlier this company was a subsidiary of Reliance Industries. It was listed in the stock market in August 2023. Jio Finance, a subsidiary of Jio Financial Services, has an NBFC license from RBI. Its another subsidiary is Jio Payments Bank. Jio Financial Services has received approval from RBI to convert from NBFC to Core Investment Company (CIC).
read this also
Gold Price: Gold prices broke the old record, due to demand of festive season.
