The market regulator has also granted approval to Jio BlackRock Asset Management to act as the asset management company for Jio BlackRock Mutual Fund.
In July 2023, Jio Financial Services and BlackRock had agreed to form a joint venture to enter India’s asset management industry.
SEBI had granted the said entities an in-principle approval to act as co-sponsors and set up the proposed mutual fund in October 2024.
In the same month, Jio Financial had announced the incorporation of two companies – Jio BlackRock Asset Management and Jio BlackRock Trustee – to carry on the primary business of mutual fund, subject to regulatory approvals.
Jio Financial Services (JFSL) is a core investment company (CIC), registered with the Reserve Bank of India. JFSL is a new-age institution, which operates a full-stack financial services business through customer-facing entities, including Jio Finance, Jio Insurance Broking, Jio Payment Solutions, Jio Leasing Services, Jio Finance Platform and Service, and Jio Payments Bank.
The company had reported 1.8% increase in consolidated net profit to Rs 316.11 crore on 18% jump in revenue from operations to Rs 493.24 crore in Q4 FY25 over Q4 FY24.