JioBlackRock Broking receives SEBI approval to launch brokerage business
Mumbai (Maharashtra) [India], June 27 (ANI): JioBlackRock Broking, a wholly owned subsidiary of Jio BlackRock Investment Advisers, has received regulatory approval from the Securities and Exchange Board of India (SEBI) to commence operations as a brokerage firm in India, a company statement said Friday.
JioBlackRock Broking aims to bring affordable, transparent, and technology-driven execution capabilities for Indian investors.
The broking entity's parent company, JioBlackRock Investment Advisers, is a 50:50 joint venture between Jio Financial Services Limited and BlackRock Inc.
Along with the recent regulatory approvals received by Jio BlackRock Asset Management and Jio BlackRock Investment Advisers to commence operations, the receipt of the broking license enables the Jio BlackRock joint venture to offer holistic investment solutions in India.
Marc Pilgrem, Managing Director and CEO of Jio BlackRock Investment Advisers, said: 'We are delighted to receive SEBI's final approval for JioBlackRock Broking, which moves us closer to contributing to India's continued evolution from a nation of savers to a nation of investors. With JioBlackRock Investment Advisers, we will be able to offer personalised advice to retail investors. Now with brokerage, we will also bring an execution platform for self-directed investors.'
Hitesh Sethia, Managing Director and CEO, Jio Financial Services Limited, said: 'These are exciting times for us. Even as JioBlackRock's Asset Management arm introduces innovative mutual funds to the market, and JioBlackRock Investment Advisers prepares to launch operations, the approval for the broking entity adds another dimension to our strategy of democratising investments in India, through easily accessible and digital-first solutions.'
Rachel Lord, Head of International at BlackRock, said: 'JioBlackRock was founded to provide tech-enabled access to capital markets and affordable, innovative investment solutions to millions of investors in India. This third approval from SEBI completes the range of offerings of our joint venture. Through these three entities, JioBlackRock will provide a full suite of investment services, enabling Indian investors to work towards their financial goals.'
Jio BlackRock Investment Advisers Private Limited (JioBlackRock Investment Advisers) is a 50:50 joint venture between Jio Financial Services Limited (JFSL) and BlackRock Inc. (BlackRock) and received regulatory approval from SEBI and BSE to commence operations as an Investment Adviser in India.
JioBlackRock Investment Advisers will combine BlackRock's global investment, asset allocation and technology expertise with JFSL's digital reach and scale to uniquely provide accessible, affordable, and personalised investment solutions to the people of India. (ANI)
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