October 29, 2024
New Delhi, India
Jio Financial Services-BlackRock
Jio Financial Services (JFS) and BlackRock Inc. have incorporated two new joint venture companies, Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, aimed at entering the mutual fund sector. The announcement, made on Tuesday, reveals that the companies were incorporated on October 28, 2024, and will focus on mutual fund operations, pending regulatory approvals.
JFS has invested ₹82.50 crore for a 50% stake, comprising 8.25 crore equity shares in Jio BlackRock Asset Management, and ₹40 lakh for a similar stake in Jio BlackRock Trustee, which includes 4 lakh shares. These entities mark the formalization of the Jio BlackRock collaboration, originally announced in July 2023 as a 50:50 joint venture to establish a mutual fund business in India.
The joint ventures are part of an approved collaboration by market regulator SEBI, which provided in-principle approval in October for JFS and BlackRock Financial Management Inc. to act as co-sponsors of the proposed mutual fund. The incorporation certificates for both joint ventures were issued by the Ministry of Corporate Affairs on October 28, 2024.
Jio Payment Solutions Secures RBI Nod for Online Payment Aggregation
In a parallel development, Jio Financial Services also announced that its subsidiary, Jio Payment Solutions Limited (JPSL), has received authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator. Effective October 28, 2024, JPSL’s authorization under Section 7 of the Payment and Settlement Systems Act, 2007, permits it to handle online payment processing in India.
Jio Financial Services, part of the Reliance Group, is expanding its presence in the financial services sector through key collaborations and regulatory clearances.
Latest Q2 Results
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
