Jio Financial–BlackRock JV Receives Sebi Approval for Mutual Fund Business

Reliance Industries’ financial services arm, Jio Financial Services Ltd (JFSL), and US investment giant BlackRock have received approval from the Securities and Exchange Board of India (Sebi) to begin operations of their mutual fund business under Jio BlackRock Asset Management Pvt Ltd.

Sebi, via a letter dated May 26, 2025, granted the certificate of registration to 'Jio BlackRock Mutual Fund' and approved Jio BlackRock Asset Management Private Limited to act as the Asset Management Company (AMC) for the mutual fund, JFSL said in a regulatory filing.

Jio Financial Services and BlackRock had announced a 50:50 joint venture in October 2023, incorporating two entities—Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited—to launch and operate a mutual fund business, subject to regulatory clearances.

In January, JFSL and BlackRock jointly invested Rs 117 crore in the venture, each subscribing to 5.85 crore equity shares valued at Rs 10 per share. Earlier, both companies had made an initial investment of Rs 82.5 crore each.

Jio BlackRock to Offer Innovative Investment Solutions

In a joint statement, Jio and BlackRock said that Jio BlackRock Asset Management will introduce an innovative investment proposition for India’s growing base of retail and institutional investors. The company also announced the appointment of Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO).

“Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. We are committed to making investing simple, accessible, and inclusive for every Indian. I am confident that Jio BlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India,” said Isha Ambani, Non-Executive Director at JFSL, as quoted by PTI.

Rachel Lord, Head of International at BlackRock, added, “The opportunity in asset management in India today is tremendously exciting. Jio BlackRock’s digital-first customer proposition—delivering institutional-quality products at a lower cost—will enable more Indians to benefit from access to capital markets.”

The AMC aims to leverage the unique strengths of its two sponsors: JFSL’s digital reach and deep understanding of the Indian market, and BlackRock’s global investment acumen and advanced risk management technology.