Jio BlackRock gets Sebi nod for broking business
Mumbai:
Jio BlackRock
Investment Advisers has received approval from the Securities and Exchange Board of India (Sebi) to launch a
stock broking business
in the country. The firm is a 50:50
joint venture
between Mukesh Ambani's
Jio Financial Services
and US asset manager BlackRock.
Jio
BlackRock
Broking aims to bring "affordable, transparent, and technology-driven execution capabilities" for Indian investors, said a release.
This is the third regulatory clearance granted to the joint venture between Jio and BlackRock, following approvals for its asset management and investment advisory businesses. With the broking licence, the venture completes its plan to offer investment advisory, mutual fund, and execution services in India.
"With Jio BlackRock Investment Advisers, we will be able to offer personalised advice to retail investors," said Marc Pilgrem, managing director and CEO of Jio BlackRock Investment Advisers, in the release. "Now with brokerage, we will also bring an execution platform for self-directed investors."
In May, Jio BlackRock Asset Management had received
Sebi approval
to start the mutual fund business in India. Sid Swaminathan, a BlackRock veteran, was appointed as its managing director and chief executive officer.
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In July 2023, Jio and BlackRock had announced an agreement to create Jio BlackRock, a 50:50 joint venture, marking the US-based asset manger's re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $11.58 trillion globally as of March 31.
BlackRock had exited India in 2018 by selling its stake in DSP BlackRock Mutual Fund.
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