Jio Financial Services Ltd (JFSL) officially announced through a company statement on Tuesday that its subsidiary Jio BlackRock Mutual Fund has received capital market regulator Securities & Exchange Board of India’s (SEBI) approval to enter the mutual fund business.

Jio Financial Services has received the final approval letter from SEBI on May 26, 2025 to enable its 50:50 joint venture subsidiary Jio BlackRock Mutual Fund to officially operate in India. SEBI has also approved Jio BlackRock Asset Management Private Limited to manage the fund’s operations, according to the company statement.

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SEBI’s final approval follows an earlier “in-principle” approval granted by it on October 4, 2024. The companies concerned had already incorporated Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, on October 28, 2024, specifically to operate the mutual fund business.

Meanwhile, Jio BlackRock Mutual Fund has appointed Sid Swaminathan, JioBlackRock Asset Management’s Managing Director & Chief Executive Officer. Swaminathan brings over two decades of global asset management experience, having previously led BlackRock’s International Index Equity division, managing assets worth $1.25 trillion. He also formerly headed Fixed Income Portfolio Management for Europe at BlackRock.

“JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country’s investment ecosystem. I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing,” Swaminathan said.

Jio Financial Services Ltd’s (JFSL) non-executive director Isha Ambani said, “India’s rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation”.

Blackrock’s Head of International Business Rachel Lord said, “The opportunity in asset management in India today is tremendously exciting. JioBlackRock’s digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets”.

JioBlackRock Asset Management will leverage BlackRock’s Aladdin platform to enhance risk management and data integration, aiming to streamline and scale its investment process.

JioBlackRock Mutual Fund is expected to launch its suite of mutual fund offerings in the coming months, including products utilising advanced data-driven strategies, according the the company statement.

The company plans to target India’s growing base of retail and institutional investors with competitive pricing, data-driven investment strategies, and a strong digital-first customer experience, the statement mentioned.