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Anirudha Yerunkar
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Jio Financial Services Ltd (JFSL) announced on Tuesday that its subsidiary has received approval from capital market regulator Sebi to start mutual fund operations.
In a regulatory filing, JFSL stated that the Securities and Exchange Board of India (Sebi), through a letter dated May 26, 2025, has issued a certificate of registration to ‘Jio BlackRock Mutual Fund’ and granted approval to Jio BlackRock Asset Management Private Limited to serve as the Asset Management Company for the mutual fund.
The company, on October 29, 2024, initiated incorporation of two companies, ‘Jio BlackRock Asset Management Private Limited’ and ‘Jio BlackRock Trustee Private Limited’, to carry on the primary business of mutual funds, subject to regulatory approvals, it said.
In January, JFSL had said that the company and its joint venture partner, US-based BlackRock, have infused Rs 117 crore in the mutual fund company.
JFSL and BlackRock each have further subscribed to and have been allotted 5.85 crore equity shares of Rs 10 each of Jio BlackRock Asset Management Private Limited (a 50:50 Joint Venture between the company and BlackRock), aggregating Rs 117 crore.
On October 19, 2023, Jio Financial and BlackRock Financial Management Inc. filed papers with Sebi for launching a mutual fund business. JioBlackRock Asset Management appointed Sid Swaminathan as its MD & CEO.
Swaminathan has 20 years of asset management experience. He was earlier working as Head of International Index Equity at BlackRock, where he was handling an AUM of $1.25 trillion.
(With Inputs From PTI)
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