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Jio Financial-BlackRock and Abira Securities file for mutual fund license with SEBI

Jio Financial BlackRock with SEBI

To begin operating mutual funds in India, io Financial Services Ltd. and BlackRock Financial Management have submitted paperwork to the Securities and Exchange Board of India (SEBI), the capital market regulator.


Since the joint venture businesses filed an application on October 19, 2023, displaying the most recent list of mutual fund applications as of December 31, 2023, SEBI is now reviewing the in-principle approval.


Abira Securities has also submitted a new application for the mutual fund license. Abira Securities is a stock trading company situated in Kolkata that was founded in 2012. Abira had already submitted an application in April 2022 for an MF license, but its name was absent from the ensuing listings.


With 45 participants and more trying to enter, the Indian mutual fund market is now one of the most fiercely competitive industries, with assets under management exceeding Rs 50 trillion.


Notably, in 2023, three new fund houses joined the Indian mutual fund business. In June, Bajaj Finserv Asset Management introduced its inaugural programme. In October, Samir Arora's Helios Mutual Fund introduced its inaugural plan. Zerodha Fund House introduced its first two initiatives at about the same time. While Bajaj Finserv and Helios plan to provide actively managed funds, Zerodha Fund House has chosen a more passive strategy.




ANTICIPATION BUILDS FOR JIO-BLACKROCK ASSET MANAGEMENT CORPORATION
  • The anticipated launch of Jio-BlackRock Asset Management Co. has generated considerable interest.
  • BlackRock, the world's largest fund house, was previously active on our shores as DSP BlackRock but separated from DSP in 2018.

  • Now, BlackRock has re-entered the Indian market by partnering with JFSL.
  • This collaboration between two financial powerhouses is expected to significantly impact the Indian mutual fund industry.


    • WHAT IS ABIRA?
    In 2012, Abira Securities was founded as a stock brokerage. The company had previously sought in 2022 for and been denied a mutual fund license. On February 8 of last year, its rival Angel Once obtained in-principle permission for a license akin to this.


    The mutual fund business in India is still growing. With 45 firms managing more than Rs. 50 lakh billion in assets, the mutual fund industry in India is extremely competitive.

    Three new fund houses—Bajaj Finserv Asset Management, Helios Mutual Fund, and Zerodha Fund House—entered the market in 2023 alone.

    In the upcoming year, other fund houses—Old Bridge Capital Management and Unifi Capital Pvt Ltd, both of which have been approved by SEBI—are anticipated to open.