Jio Financial Services and BlackRock Financial Management Inc. have received in-principle approval from the Securities and Exchange Board of India (Sebi) to serve as co-sponsors and establish the proposed mutual fund.
Jio BlackRock Investment Advisers Private Limited is a joint venture company established by Reliance Industries' NBFC division, Jio Financial, and BlackRock Advisors Singapore Pte. Ltd to provide investment advisory services. The company disclosed this information in a stock exchange filing.
The filing states that the Sebi approved the proposal in a letter dated October 3. The company revealed that Jio Financial and BlackRock must fulfil the conditions mentioned in the regulator's letter to the company in order for Sebi to grant the final approval for registration.
Mutual fund rolling out
'Note that the Company and BlackRock Financial Management Inc. (BlackRock) have received in-principle approval from the Securities and Exchange Board of India (SEBI) to serve as co-sponsors and establish the proposed mutual fund, as per a letter dated October 3, 2024.
Subject to the company and BlackRock meeting the requirements outlined in the aforementioned letter, SEBI will grant the final approval for registration,' Jio Financial stated in an exchange filing on Friday.
Shareholding pattern of the company
The Department of Economic Affairs has also approved a raise in the company's overall cap on foreign investment (including FPIs) to 49 per cent of the fully diluted paid-up equity share capital, which is led by Mukesh Ambani.
Exchange data indicates that as of right now, foreign investors hold 17.55 per cent of the company's shares, or almost 53 per cent of the shares that are available to the general public.
Secured loans and other financial products
The NBFC division of Jio Financial Services, Jio Finance Ltd., announced in August that it was nearing the completion of the home loan launch process.
The loans are currently being offered in beta. In addition, the business plans to introduce additional products like loans secured by real estate and loans secured by securities.
