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The market regulator SEBI is in the process of giving in-principal approval to the joint venture between Jio Financial Services and BlackRock Financial Management for launching mutual fund business.
The company filed an application with SEBI on October 19, 2023.
Last July, Jio Financial Services announced that it is partnering with the US-based BlackRock Inc to launch asset management services in India. The joint venture will operate on a 50:50 ownership basis and plans to make an initial investment of $150 million each.
In the wait-list
Angel One, which was granted in-principle approval last February, is waiting for final registration with the regulator.
Further, Abira Securities has reapplied for the mutual fund licence. Established in 2012, Abira Securities is a Kolkata-based stock broking firm. Abira had applied for MF licence in April 2022, but its name was missing in the subsequent lists.
Currently, the mutual fund industry is one of the most competitive sectors with 45 players vying for a share of business.
The industry manages assets under management of more than ₹50-lakh crore.
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