Jio Financial and U.S.-based BlackRock got in-principle approval from India's markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

Mukesh Ambani’s Reliance Industries is expanding with Jio Financial Services venturing into the mutual fund market after its demerger. Following a joint venture with BlackRock, SEBI has granted in-principle approval for the initiative.

Reliance Industries, under Mukesh Ambani, plans to enter India's mutual fund market through Jio Financial Services' joint venture with BlackRock. Leveraging expertise and vast consumer data, the venture seeks to capitalize on the growing investment habits of Indians and aims to expand the industry's distribution reach.

SEBI approves Jio Financial and BlackRock to set up mutual fund, aiming to provide innovative investment solutions in India.

The firm said that it would act as co-sponsors with BlackRock and establish the proposed mutual fund after it received an in-principle approval from SEBI

"The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter," JFS said in an exchange filing.

The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter, Jio Financial said

Capital market regulator SEBI has granted in-principal approval to Mukesh Ambani's Jio Financial Services Limited and BlackRock Financial Management Inc (BlackRock) to act as co-sponsors and set up the proposed mutual fund.

Jio Financial Services Ltd (JFS), a subsidiary of Reliance Industries, announced on October 4 that it has received in-principle approval from the Securities and Exchange Board of India ( SEBI ) to collaborate with BlackRock Financial Management as co-sponsors to establish a proposed mutual fund,

Jio Financial Services Ltd, the spun-off financial services entity of Mukesh Ambani-led Reliance Industries, said on October 4 that capital markets regulator Securities and Exchange Board of India (SEBI) has granted the in-principle approval to the company and BlackRock Financial Management to act as co-sponsors and set up the proposed mutual fund

Shares of Jio Financial Services slipped 1.95 per cent on BSE, Friday, October 04 to settle at Rs 338.75 per share. The scrip opened at Rs 344.50 per share, making a high of Rs 345.05 and a low at Rs 336.