MUMBAI: Jio BlackRock Asset Management Pvt Ltd, the 50:50 joint venture between Reliance Group’s Jio Financial Services Ltd (JFSL) and US investment giant BlackRock, has received regulatory approval from Sebi to commence operations as an asset management company (AMC) in India.
The capital market regulator granted a certificate of registration to ‘Jio BlackRock Mutual Fund’ on May 26, 2025, enabling the venture to operate as an investment manager for mutual funds in the country, JFSL said in a stock exchange filing.
The approval marks a key milestone for the JV, which was first announced in October 2024 with the incorporation of two entities: Jio BlackRock Asset Management Pvt Ltd and Jio BlackRock Trustee Pvt Ltd. The companies were set up with the aim of offering mutual fund products in India, subject to regulatory clearances.
As news of the development broke, shares of Jio Financial Services rose nearly 4 per cent before closing at Rs292.65 on the NSE.
Powerful combination
JFSL non-executive director Isha Ambani called the partnership a “powerful combination” of BlackRock’s global investment know-how and Jio’s digital-first approach.
“We are committed to making investing simple, accessible, and inclusive for every Indian,” she said, adding that JioBlackRock aims to drive financial empowerment across the country.
Rachel Lord, Head of International at BlackRock, said the Indian asset management landscape offered tremendous potential. “JioBlackRock’s digital-first proposition, delivering institutional-quality products at a lower cost, will enable more Indians to access the capital markets,” she noted.
The AMC has appointed Sid Swaminathan as its managing director and CEO. The company said it would cater to both retail and institutional investors and intends to offer a differentiated proposition by leveraging JFSL’s digital reach and BlackRock’s investment management and risk analytics capabilities.
JFSL and BlackRock infused ₹117 crore into the AMC earlier this year, subscribing to 5.85 crore shares each at ₹10 per share. The partners had initially invested ₹82.5 crore each in the venture.
The final regulatory go-ahead follows the joint application filed with Sebi in October 2023.
