Jio Financial, BlackRock To Start Mutual Fund Venture In India
Jio Financial Services and BlackRock, have together asked SEBI, the group that checks on financial matters in India, to let them start a mutual fund business. They applied on October 19, 2023, and SEBI is thinking about it, as seen on their list on December 31, 2023.
Also, a company from Kolkata named Abira Securities, which started in 2012 and works in stock broking, has asked again to start a mutual fund. They tried once before in April 2022. Another company, Angel One, already got a yes from SEBI in February 2023, and now they're just waiting for the final okay.
India's mutual fund area is really busy with 45 companies and more wanting to join. This area handles more than Rs 50 trillion.
In 2023, three new companies started mutual funds in India: Bajaj Finserv Asset Management, Helios Mutual Fund, and Zerodha Fund House.
Bajaj Finserv and Helios will manage their funds actively, but Zerodha will do it passively.
Next year, more companies like Old Bridge Capital Management and Unifi Capital Pvt Ltd are planning to start their mutual fund businesses. Unifi got approval from SEBI in November, but they need to wait a bit more for the final okay.
Everyone is watching for Jio-BlackRock Asset Management Co. BlackRock is the biggest in the world for managing funds. They were in India before with DSP Group until 2018. Now, they're back with Jio Financial Services. Both are planning to invest $150 million each in their joint project.
As of now, Jio Financial Services and BlackRock, both companies are waiting for SEBI's approval to start their mutual fund in India. Abira Securities is also waiting for a yes from SEBI for their second try. The mutual fund market in India is growing with many companies joining and planning to join soon.
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