Jio and BlackRock file for mutual fund license in India
Jio Financial Services Limited (JFSL) and BlackRock Financial Management, have applied to the Securities and Exchange Board of India (SEBI), for permission to start a mutual fund business here. The joint venture's application, submitted on October 19, 2023, is currently under review. In other news, Kolkata-based Abira Securities has refiled for a mutual fund license after its initial application in April 2022.
Anticipation builds for Jio-BlackRock Asset Management Co
The anticipated launch of Jio-BlackRock Asset Management Co. has generated considerable interest. BlackRock, the world's largest fund house, was previously active on our shores as DSP BlackRock but separated from DSP in 2018. Now, BlackRock has re-entered the Indian market by partnering with JFSL. This collaboration between two financial powerhouses is expected to significantly impact the Indian mutual fund industry.
What about Abira?
Abira Securities is a stock broking house established in 2012. The firm had earlier applied for a mutual fund license back in 2022, but failed to get it. Its competitor Angel Once bagged in-principle approval for a similar license on February 8 last year.
Indian mutual fund industry continues to expand
The Indian mutual fund market is highly competitive, with 45 companies managing over Rs. 50 lakh crore in assets. In 2023 alone, three new fund houses joined the industry: Bajaj Finserv Asset Management, Helios Mutual Fund, and Zerodha Fund House. More fund houses are expected to launch in the coming year, including Old Bridge Capital Management and Unifi Capital Pvt Ltd, both of which have received SEBI approvals.
