Securities and Exchange Board of India (SEBI) has granted in-principal approval to Jio Financial Services Limited and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund.
Rachel Lord, Head of International for BlackRock said, ““We are excited by the opportunity to deliver affordable and innovative investment solutions to millions of people in India. With our partner Jio Financial Services, we want to contribute to the country’s evolution from a nation of savers to a nation of investors. Investing is the way for people to reach their financial goals more quickly, and to accelerate wealth creation.”
Jio and BlackRock had announced setting up a JV for asset management business in India in July 2023. In October 2023, Jio Financial and BlackRock Management filed papers for their mutual fund with the Securities and Exchange Board of India (SEBI). BlackRock Asset Managers is one of the world’s largest asset managers. It previously operated in India in a JV with the DSP Group through DSP BlackRock Mutual Fund. The partnership ended in 2018, following which BlackRock announced its plans to re-enter India with Jio Financial.