Sebi (Securities and Exchange Board of India) has granted in-principle approval to Jio Financial Services, a subsidiary of Reliance Industries, and BlackRock, a global investment management company, to set up a mutual fund. The proposed mutual fund, which will be the first-ever joint venture between an Indian company and a foreign fund house, aims to provide a range of investment products to Indian investors. The approval is subject to certain conditions, including the fulfillment of regulatory requirements and obtaining necessary approvals from other authorities. The new mutual fund is expected to offer a range of products, including equity, debt, and hybrid schemes, to individual and institutional investors. With this approval, Jio Financial Services is set to become the first Indian company to partner with a foreign fund house to launch a mutual fund. The move is expected to enhance competition in the Indian mutual fund industry and provide investors with more choices and investment options.
Source: https://www.msn.com/en-sg