Shares of Jio Financial Services Ltd. rose 3%, reaching a day’s high of Rs 348.90 on 7th October, after the company announced it had received SEBI’s in-principle nod for its mutual fund business with BlackRock.

In its release on 4th October, the company announced that SEBI granted in-principle approval to the Company and BlackRock Financial Management Inc. to act as co-sponsors and establish the proposed mutual fund. SEBI will provide final registration approval after both companies meet the required conditions outlined in the letter.

On 6th September 2024, Jio Financial Services and BlackRock Advisors Singapore Pte. Ltd. formed a joint venture named “Jio BlackRock Investment Advisers Private Limited,” focused on providing investment advisory services as its core business.

The firm’s joint venture with BlackRock Inc. is a well-established and ongoing partnership. On 26th July 2023, the companies announced a 50:50 joint venture to create an Asset Management Company, each committing an initial investment of $150 million.

The partners filed an application with SEBI for in-principle sponsor approval in Q3 FY24. On 15th April 2024, the partnership was further expanded to include wealth management and broking services.

The stock has surged by almost 42% so far in 2024. The company’s market capitalisation is around Rs 211,056 crore.

At 11:11 AM, Jio Financial Services’s shares were trading 2.29% lower at Rs 331.05 on NSE.

Ready to invest like a pro? Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists and insightful market analysis and much more!