Jio Financial Services share price rises 3% post SEBI's in-principle nod for mutual fund business with BlackRock

Stock Market Today: Jio Financial Services share price gained more than 3% in morning trades on Monday. The company had announced having received SEBI's in-principle nod for mutual fund business with BlackRock

Jio Financial Services share price opened at ₹346.90 on the BSE on Monday almost 2.4% higher than its previous close. The Jio Financial Services share price thereafter gained further to highs of ₹349.50 marking gains of more than 3%. The Jio Financial Services share price has gained more than 10% from lows in August.

Jio Financial Services in its release on 4 October said that Securities and Exchange Board of India (SEBI) has granted in-principle approval to the Company and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund.

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 Services and BlackRock Advisors Singapore Pte. Ltd. had incorporated a joint venture company named “Jio BlackRock Investment Advisers Private Limited” on September 6, 2024, to carry on the primary business of investment advisory services .

However Jio Financial Services joint venture with BlackRock Inc is quite old and developing. Jio Financial Services had announced 50:50 JV with BlackRock Inc. to set up an Asset Management Company on 26th July 2023

Jio Financial Services and BlackRock had committed initial investment of $ 150 million each. They had • Filed application with SEBI in Q3FY24 for in-principle approval of sponsors. The Partnership was expanded to wealth management & broking services on 15th April 2024

In other developments Jio Financial Services in May 2024 had launched JIOFINANCE APP. The app had been proposed to be used for loan on Mutual Funds , UPI and Bill Payments, Savings Account, Digital Insurance while more services were to be added.

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