Jio Financial Services Shares Rise 3% After SEBI Approves Mutual Fund Partnership with BlackRock

Jio Financial Services saw its share price increase by over 3% in morning trading on Monday. The rise came after the company announced it had received in-principle approval from the Securities and Exchange Board of India (SEBI) for its mutual fund business in partnership with BlackRock.

On the Bombay Stock Exchange (BSE), Jio Financial Services shares opened at ₹346.90, which was about 2.4% higher than the previous closing price. The shares then climbed further to reach a high of ₹349.50, marking gains of more than 3%. Overall, the share price has risen more than 10% since its lows in August.

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In a statement released on October 4, Jio Financial Services confirmed that SEBI has granted in-principle approval for the company and BlackRock Financial Management Inc. to act as co-sponsors to establish the proposed mutual fund. The final approval for registration will be given by SEBI once both companies meet the necessary requirements outlined in the approval letter.