Jio BlackRock gets SEBI nod for mutual fund operations; Sid Swaminathan appointed as MD & CEO

Jio BlackRock Mutual Fund has received regulatory approval from the Securities and Exchange Board of India (SEBI). In a letter dated May 26, SEBI issued a certificate of registration to the Jio BlackRock Mutual Fund and approved Jio BlackRock Asset Management, a 50:50 joint venture (JV) between Jio Financial Services Limited and BlackRock, to act as the Asset Management Company (AMC) for the mutual fund.

“...the Securities and Exchange Board of India, vide letter dated May 26, 2025, has granted a certificate of registration to ‘Jio BlackRock Mutual Fund’; and approval to Jio BlackRock Asset Management Private Limited to act as the Asset Management Company for ‘Jio BlackRock Mutual Fund’,” Jio Financial Services said in a regulatory filing on May 27.

The JV was first announced in July 2023. Later in October 2024, SEBI granted in-principle approval to Jio Financial Services and BlackRock Financial Management Inc to set up the proposed mutual fund.

The companies incorporated Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited in October to operate the mutual fund, subject to regulatory approvals.

“India’s rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian,” said Isha Ambani, Non-Executive Director, JFSL.

Sid Swaminathan appointed as MD & CEO

JioBlackRock Asset Management appointed Sid Swaminathan as the company’s Managing Director and Chief Executive Officer. Swaminathan has over 20 years of asset management experience and has previously served as the Head of International Index Equity at BlackRock, where he was responsible for assets under management (AUM) of $1.25 trillion, the official release stated.

Sid Swaminathan, Managing Director & CEO of Jio BlackRock Asset Management Private Limited, said, “JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country’s investment ecosystem. I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing.”

Jio Financial Services shares

Shares of Jio Financial Services were trading higher by up to 3% after the announcement. At 2:45 pm, the Jio Financial Services stock was up 2.93% at ₹290 apiece on the NSE. The company’s market capitalisation stood at ₹184,368 crore.