SEBI approves 4 Jio BlackRock Mutual Fund schemes

The Securities and Exchange Board of India (SEBI) on Wednesday allowed Jio BlackRock Mutual Fund to launch four new passive investment schemes, according to regulatory filings posted on its official website.

Jio BlackRock is a joint venture between the Mukesh Ambani-led Reliance Industries, through its subsidiary Jio Financial Services, and BlackRock, one of the world’s largest asset managers.

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The 50:50 joint venture was first announced in July 2023 and received SEBI approval to start a mutual fund (MF) business in late May this year. Since then, Jio BlackRock has also secured approvals to operate as an investment adviser and commence operations as a brokerage firm.

SEBI’s latest approval to the four mutual fund schemes sets the stage for Jio BlackRock to further expand its footprint in India’s growing passive mutual fund space.

The four approved schemes are JioBlackRock Nifty Midcap 150 Index Fund, JioBlackRock Nifty Next 50 Index Fund, JioBlackRock Nifty Smallcap 250 Index Fund, and the JioBlackRock Nifty 8–13 yr G-Sec Index Fund.

The last-mentioned mutual fund will track the performance of medium-to-long-term government securities (gilts) in the 8–13 year maturity range. The JioBlackRock Nifty 8–13 yr G-Sec Index Fund is aimed at fixed-income investors seeking lower credit risk with higher interest rate sensitivity, while the first three funds mentioned have exposure to the stock market.

All four schemes have been structured as index funds and will only offer direct plans with growth options. All four approved schemes are structured with no exit loads, minimum application amounts as low as Rs 500, and standardised asset allocations in line with SEBI norms.

The new funds will open for subscription during a New Fund Offer (NFO) period lasting between three and 15 calendar days, as mandated by the SEBI, though exact dates are yet to be announced.