Jio Financial Services, in collaboration with BlackRock Financial Management, has applied for a mutual fund license from the Securities and Exchange Board of India (Sebi). The application, filed on October 19, 2023, dispels earlier speculations that Jio Financial might pursue acquisition routes to enter the Rs 50-trillion mutual fund industry. The joint venture partners, Jio Financial and BlackRock Financial Management, plan to invest $150 million each in the venture. The mutual fund license approval process typically involves an initial in-principle approval, allowing the setup of the asset management company (AMC), followed by final approval after a few months.
Jio Financial Services Among Applicants for Mutual Fund License from Sebi
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