Jio Financial Services informed that the Securities and Exchange Board of India (SEBI) has given principal approval to the company and BlackRock Financial Management Inc. to become co-sponsors of a new mutual fund. Jio Financial Services said in an exchange filing, "If the company and BlackRock meet the prescribed requirements for registration, final approval will be received from SEBI." The company has received this notification on October 4, 2024, which was informed to the exchange.

Proposal given to SEBI

Earlier this year, Jio and BlackRock submitted their proposal to SEBI with the aim of starting their mutual fund business in India. In July 2023, they formed a strategic joint venture called Jio BlackRock, designed to transform India's asset management landscape by providing affordable, innovative investment solutions from a digital-first approach. This mutual fund initiative is a significant step for Jio Financial Services, formerly known as Reliance Strategic Investments Limited, as it aims to broaden its reach in the financial services sector. Shares of Jio Financial fell 1.9%, closing at ₹ 338.95 per share in Friday's session. Stock performance In the last 1 month, Jio Financial shares have given negative returns during 1 week, 1 month and 3 months. Talking about one year, investors have got a return of 50 percent due to this stock.