Jio Financial Services and BlackRock Corporation. On Tuesday, it was announced that two joint venture companies have been established to run the mutual fund business. The two newly established companies are Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited. According to a regulatory filing by Jio Financial Services, these companies were incorporated on October 28, 2024, primarily to engage in mutual fund activities, pending regulatory approvals. Jio Financial Services has invested ₹82.50 crore for a 50% stake, or 0.633 crore equity shares, in Jio BlackRock Asset Management, and ₹40 lakh for a 50% stake, or 4 lakh shares, in Jio BlackRock Trustee. These joint ventures were formed following the preliminary approval obtained by Jio Financial Services and BlackRock Financial Management Inc. The companies will collaborate as co-sponsors to establish the proposed mutual fund, focusing on its operations pending regulatory approvals. They received their incorporation certificates from the Ministry of Corporate Affairs on October 28. In another update, Jio Financial Services announced that its fully owned subsidiary, Jio Payment Solutions Limited (JPSL), has been granted approval by the RBI to operate as an online payment aggregator. “The Reserve Bank of India has issued a certificate of authorization to JPSL to function as an ‘Online Payment Aggregator’ under Section 7 of the Payment and Settlement Systems Act, 2007, effective from October 28, 2024,” stated Jio Financial in a stock exchange filing. As of 11:50 AM, Jio Financial Services shares were down 0.63%, trading at ₹314.75 each on the BSE.
