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

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

Jio's entry in the MF space is expected to spruce up the competition in the industry which currently has over Rs 66 trillion in assets under management