Jio Financial Services said that the final approval for registration from SEBI will be contingent upon certain requirements to be fulfilled by it and BlackRock
The in-principle approval was issued by SEBI in a letter dated October 3
This comes more than a year after Jio Financial Services said that it signed a joint venture agreement with the global investment giant to foray into the Indian asset management space
Jio Financial Services and BlackRock have received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up their proposed mutual fund.
“… Securities and Exchange Board of India (SEBI) vide letter dated October 3, 2024 has granted in-principle approval to the Company (JFS) and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund,” Jio Financial Services said in a filing with the BSE.
The financial services company said that the final approval for registration from SEBI will be contingent upon certain requirements to be fulfilled by it and BlackRock.
This comes more than a year after Jio Financial Services said that it signed a joint venture (JV) agreement with BlackRock to foray into the Indian asset management space. At the time, it said that Jio Financial Services and BlackRock would target an initial investment of $150 Mn each in the JV, where both entities will own 50% stake each in the newly formed digital-first company.
(This story will be updated soon.)
By Inc42 Media
Source: Inc42 Media