The company stated in a letter that Jio Financial and BlackRock will have to fulfill the conditions cited in the SEBI's letter in order to get the final approval for registration. If the company receives final approval,

"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.

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.

Jio Financial Services, through its NBFC arm, is gearing up to expand its range of financial products. It is in advanced stages of rolling out home loans, which are currently in the beta phase. The company also plans to offer loans against property and securities in the near future.