BUSINESS
The joint venture of Reliance Industries and BlackRock has got the approval from the SEBI Market regulator to start Jio BlackRock's operation as a brokerage firm in India. After the announcement of the approval, Jio Financial Services stock rises.
The joint venture of Reliance Industries and BlackRock has got the approval from the SEBI Market regulator to start Jio BlackRock's operation as a brokerage firm in India. After the announcement of the approval to operate as a stockbroker, Jio Financial Services climbed by about 4 percent to Rs 329.30 on BSE. It rose by 4.22% to Rs 325.70 on NSE.
About Jio BlackRock
Jio BlackRock is a subsidiary of Jio BlackRock Investment Advisers, and Jio Financial Services Limited and BlackRock Inc both have 50:50 stake in it which was announced in July 2023. Jio BlackRock aims to help people to buy and sell shares in the stock market. This will support Indian investors with more affordability, transparency, and technology base (AI) investment solutions to the people of India. Jio BlackRock have got the brokerage license and can now give full investment services to people in India.
Mark Pilgram, Managing Director and CEO, Jio BlackRock Investment Advisers Private said, "We are thrilled to receive SEBI's final approval for JioBlackRock Broking. This will enable us to help transform India from a nation of savers to a nation of investors. With JioBlackRock Investment Advisers, we will be able to provide personalized advice to small investors. Now, along with brokerage, we will also bring a platform for self-investors where they can easily buy and sell shares."
Hitesh Sethia, Managing Director and CEO, Jio Financial Services, said, "This is a very exciting time for us. Jio BlackRock's asset management division is bringing new mutual funds to the market, and JioBlackRock Investment Advisers is also going to start its operations soon. In such a situation, getting approval for the brokerage company further strengthens our strategy, under which we want to make investing easy in India, so that everyone can easily invest digitally. "
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