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SEBI has granted in-principal approval today to Jio BlackRock Mutual Fund to launch mutual fund business in India.
In a regulatory filing, Jio Financial Services said that SEBI has granted in-principal approval to the company and BlackRock Financial Management to act as the co-sponsors and set up the proposed mutual fund. The final approval will be granted by SEBI subject to fulfilment by the company and BlackRock of the requirements set out in the said letter, said SEBI.
Earlier, Jio Financial Services and BlackRock have joined hands to form Jio BlackRock MF, a 50:50 joint venture, to deliver tech-enabled access to affordable solutions for investors.
The two entities target to bring an initial investment of 150 million USD each in the joint venture.
