Jio Financial-Blackrock : Market regulator Securities Exchange Board of India (SEBI) has given in-principle approval to the joint venture of Jio Financial Services and BlackRock for entry into the mutual fund sector in India. Jio gave this information in a stock exchange filing on Friday.
Both companies will work as co-sponsors for the mutual fund. Jio stated in the exchange filing that the registration has not yet gotten final SEBI approval. SEBI will give final approval when Jio Financial and BlackRock fulfill the conditions mentioned in the letter.
With Jio Financial-Blackrock: The competition will increase in the MF industry worth more than Rs 66 lakh crore.
Jio’s entry into the mutual fund sector is likely to increase competition in the mutual fund industry with assets under management (AUM) of more than Rs 66 lakh crore.
Both companies had partnered for mutual fund business in July 2023 and applied for a license with SEBI in October 2023.
Both companies had announced an investment of $150 million for asset management business in India.
Jio Financial’s stock gave a return of 50.38% in one year.
Jio Financial Services’ stock closed at Rs 338.95 on Friday with a decline of 1.92%. At the same time, in the last 6 months, the stock has given a negative return of 9.18%. Meanwhile, in the last year, Jio Financial’s stock has had a positive return of 50.38%.
In July 2023, Jio Financial Services and RIL split apart.
In July 2023, Reliance Industries Limited (RIL), the parent company of Reliance, split off its financial services division. The price discovery mechanism set the share price of Jio Financial at Rs 261.85 after the demerger.
Following this, on August 21st, the shares of the company were officially listed on the Bombay Stock Exchange (BSE) at a price of Rs 265. Simultaneously, the stock was also listed on the National Stock Exchange (NSE) at Rs 262. However, after the listing, there was a noticeable decline in the value of JFSL’s stock on that day.The stock closed at Rs 251.75 with a lower circuit of 5% on BSE. At the same time, the stock closed at Rs 248.90 with a lower circuit of 5% on the NSE.
Reliance’s financial services business includes 6 companies…
- Reliance Industrial Investments and Holdings Limited
- Reliance Payment Solutions Limited
- Jio Payments Bank Limited
- Reliance Retail Finance Limited
- Jio Information Aggregator Services Limited
- Investment of Reliance Retail Insurance Broking Limited
