Jio BlackRock Mutual Fund has received approval from the Securities and Exchange Board of India (SEBI) to launch four new passive investment schemes, the market regulator’s website showed on Wednesday.
The four funds to be launched by Jio BlackRock are:
JioBlackRock Nifty Midcap 150 Index Fund
JioBlackRock Nifty Next 50 Index Fund
JioBlackRock Nifty Smallcap 250 Index Fund and
JioBlackRock Nifty 8-13 yr G-Sec Index Fund
Out of these four funds, three are equity-oriented index funds while one is a debt-oriented index fund.
Announced in July 2023, Jio BlackRock is a joint venture between Mukesh Ambani’s Jio Financial Services and BlackRock. Earlier last week, a Reuters report had maintained that the JV is planning to launch nearly a dozen equity and debt funds in India by year-end.
The asset manager has garnered more than $2.1 billion through three debt mutual fund schemes, drawing interest from 90 institutional investors and 67,000 retail investors to date.
The asset manager is making its entry into India’s Rs 72.2 trillion ($844 billion) mutual fund industry with a combination of active and passive products, aiming to bypass conventional distributor channels by tapping into its digital presence.
Shares of Jio Financial Services were down 0.28 per cent at 12:00 noon today at a trading price of Rs 320.30.