Sebi gives in-principle nod for Jio Financial-BlackRock's proposed mutual fund business. SEBI approval for mutual fund business of Jio Financial-BlackRock: Final approval is yet to be received, both the companies had entered into partnership in July 2023.

Reliance's financial services business was separated from its parent company Reliance Industries Limited (RIL) in July 2023.

The joint venture of Jio Financial Services and BlackRock has been given in-principle approval by market regulator Securities Exchange Board of India (SEBI) to enter the mutual fund sector in India. Jio gave this information in its stock exchange filing on Friday.

Both the companies will act as co-sponsors for the mutual fund. Jio said in its exchange filing that it is yet to receive final approval from SEBI for registration. SEBI will give the final approval when Jio Financial and BlackRock fulfill the conditions mentioned in the letter.

Competition will increase in MF industry worth more than Rs 66 lakh crore Jio's entry into the mutual fund sector is likely to further increase competition in the mutual fund industry with assets under management (AUM) of more than Rs 66 lakh crore.

Both the companies had partnered for mutual fund business in July 2023 and applied for license with SEBI in October 2023.

Both the companies had announced an investment of $150 million for asset management business in India.

Jio Financial shares gave a return of 50.38% in one year Shares of Jio Financial Services had closed at Rs 338.95 with a decline of 1.92% on Friday. At the same time, the stock has given a negative return of 9.18% in the last 6 months. Whereas, in the last one year, Jio Financial shares have given a positive return of 50.38%.

Jio Financial Services was separated from RIL in July 2023. Reliance's financial services business was separated from its parent company Reliance Industries Limited (RIL) in July 2023. After demerger, the share price of Jio Financial was fixed at Rs 261.85 under the price discovery mechanism.

After this, on August 21, the company's shares were listed on Bombay Stock Exchange (BSE) at Rs 265. At the same time, the share was listed at Rs 262 on the National Stock Exchange (NSE). After listing, there was a decline in JFSL shares that day. The stock closed at Rs 251.75 on BSE with a lower circuit of 5%. At the same time, on NSE also the share closed at Rs 248.90 with a lower circuit of 5%.

Reliance's financial services business includes 6 companies…