New Delhi, May 27 (H.S): Jio BlackRock Asset Management has received regulatory approval from the Securities and Exchange Board of India (SEBI) to commence operations as an investment manager for its mutual fund business in India. With this approval, the company is set to enter the Indian mutual fund market soon.

The company stated in a release on Tuesday that Jio Financial Services Limited (JFS) and BlackRock's joint venture, Jio BlackRock Asset Management, have received SEBI's approval for the mutual fund business. Jio BlackRock Asset Management is a 50-50 joint venture between Jio Financial Services Limited and the BlackRock company.

Isha Ambani, the non-executive director of Jio Financial Services Limited, mentioned in the statement that while BlackRock has global investment expertise, Jio brings digital-first innovation. She said that this partnership is a strong collaboration. We are committed to making investment simple, accessible, and inclusive for every Indian. I believe that Jio BlackRock Asset Management will play an important role in shaping the future of financial empowerment in India, Esha stated.

Meanwhile, Rachel Lord, the International Head at BlackRock, emphasized that Jio BlackRock will help provide institutional-quality products to direct investors at a low cost, making it easier for more people in India to access the capital markets.

Notably, amid this news, Jio Financial's shares saw a significant surge on Tuesday, reaching over 290 rupees during trading. The shares rose more than 3% compared to the previous day. This company is a joint venture between Jio Financial Services Limited (JFS) and BlackRock.

Hindusthan Samachar / Jun Sarkar