Mukesh Ambani's Jio Financial Now Eyes Big Mutual Fund Play After Zerodha's Entry Last Year

Jio Financial Services and investment major BlackRock Financial Management have submitted applications to the Securities and Exchange Board of India (SEBI) to establish a mutual fund business in the country.

What Happened: The joint venture filed the application on October 19, 2023 and is awaiting in-principle approval from SEBI, as per the updated list of mutual fund applications as of December 31, 2023.

Abira Securities, a Kolkata-based stockbroking house, has reapplied for a mutual fund license after its earlier application in April 2022. Angel One Limited received in-principle approval on February 8, 2023, and is awaiting final registration consideration from the regulator.

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The Indian mutual fund industry, currently hosting 45 players, manages assets under management exceeding ₹50 trillion.

In 2023, three new fund houses entered the industry: Bajaj Finserv Asset Management, Helios Mutual Fund and Zerodha Fund House.

More launches are anticipated in the coming year, with Old Bridge Capital Management and Unifi Capital among the expected entrants.

BlackRock re-entered the Indian market in partnership with Jio Financial Services after separating from DSP BlackRock in 2018.

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Posted In: Mutual FundsMarketsJio Financial Services