SEBI approves Jio Blackrock JV for brokerage services in India
Reliance Industries and US-based investment management and financial services firm BlackRock’s joint venture, Jio BlackRock Investment Advisers (JBIAPL), has got approval from India’s market regulator Securities and Exchange Board of India (SEBI), as per reports.The 50:50 joint venture between Mukesh Ambani-led Reliance and BlackRock will allow Ambani to tap into the financial services sector, including broking.Since the announcement on June 11, the stock price of Jio Financial on NSE has gone up by over 7%.Notably, BlackRock oversees $12 trillion in assets globally.As announced earlier this year, Reliance Industries and BlackRock have each invested ₹66.5 crore in their 50:50 joint venture, bringing the total investment in the JV to ₹84.5 crore so far, announced JFS earlier.According to a stock exchange filing made by Reliance Industries, both partners have subscribed to 6.65 crore equity shares of ₹10 each in the JV. The capital will be used to fund the JV’s business operations, primarily in investment advisory services.
Reliance Industries and US-based investment management and financial services firm BlackRock’s joint venture, Jio BlackRock Investment Advisers (JBIAPL), has got approval from India’s market regulator Securities and Exchange Board of India (SEBI), as per reports.
The 50:50 joint venture between Mukesh Ambani-led Reliance and BlackRock will allow Ambani to tap into the financial services sector, including broking.
Since the announcement on June 11, the stock price of Jio Financial on NSE has gone up by over 7%.
Notably, BlackRock oversees $12 trillion in assets globally.
As announced earlier this year, Reliance Industries and BlackRock have each invested ₹66.5 crore in their 50:50 joint venture, bringing the total investment in the JV to ₹84.5 crore so far, announced JFS earlier.
According to a stock exchange filing made by Reliance Industries, both partners have subscribed to 6.65 crore equity shares of ₹10 each in the JV. The capital will be used to fund the JV’s business operations, primarily in investment advisory services.
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