Jio BlackRock Asset Management, a 50:50 joint venture between Jio Financial Services and global investment firm BlackRock, has received approval from the Securities and Exchange Board of India (SEBI) to commence operations as an investment manager for mutual funds in India.

The partnership aims to leverage Jio's extensive digital infrastructure and BlackRock's global investment expertise to offer a range of investment products tailored for both retail and institutional investors. A key differentiator will be the use of BlackRock's Aladdin platform, a renowned risk management and investment system, to provide data-driven investment solutions.

Sid Swaminathan, formerly Head of International Index Equity at BlackRock, has been appointed as the Managing Director and CEO of the new venture. The joint venture plans to adopt a digital-first approach, aiming to make investing more accessible and cost-effective for a broader segment of the Indian population.

This development marks a significant milestone in India's asset management industry, which currently comprises 44 asset management companies overseeing assets worth approximately ₹69.5 trillion. The entry of Jio BlackRock is expected to intensify competition and drive innovation in the sector.