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The joint venture of Reliance Industries and BlackRock has got the green signal to start business in India after Market regulator SEBI approved Jio BlackRock Broking Private Limited to start work as a brokerage firm in India.
What is BlackRock?
This company is a fully owned subsidiary of Jio BlackRock Investment Advisors. After this news, shares of Jio Financial Services rose by about 5 percent to Rs 329.30 on BSE. The company aims to provide Indian investors the facility to buy and sell shares with the help of technology at a low price. Jio Financial Services Limited and BlackRock Inc. have a 50:50 stake in its parent company JioBlackRock Investment Advisers. Jio BlackRock Asset Management Private Limited and Jio BlackRock Investment Advisors have already received approval from SEBI to start business. Now after getting the brokerage license, Jio BlackRock will be able to provide all the investment solutions to the people of India.
What will be the benefit?
Mark Pilgram, Managing Director and CEO, Jio BlackRock Investment Advisers Private said, 'We are thrilled to receive SEBI's final approval for JioBlackRock Broking. This will enable us to help transform India from a nation of savers to a nation of investors. With JioBlackRock Investment Advisers, we will be able to provide personalized advice to small investors. Now, along with brokerage, we will also bring a platform for self-investors where they can easily buy and sell shares.'
Hitesh Sethia, Managing Director and CEO, Jio Financial Services, said, 'This is a very exciting time for us. Jio BlackRock's asset management division is bringing new mutual funds to the market, and JioBlackRock Investment Advisers is also going to start its operations soon. In such a situation, getting approval for the brokerage company further strengthens our strategy, under which we want to make investing easy in India, so that everyone can easily invest digitally. '
How will Mutual Fund Business get affected?
Rachel Lord, International Head at BlackRock, said, 'Jio BlackRock was launched to bring technology-enabled access to capital markets for millions of investors in India, and give them access to new ways to invest at a lower cost. This third approval from SEBI will complete the full range of services of our joint venture. Through these three companies, JioBlackRock will provide a complete investment service, helping Indian investors achieve their financial goals.' Last month, JioBlackRock Asset Management received approval from SEBI to start its mutual fund business.
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