Jio Financial Services, BlackRock joint venture sets up broking unit

Jio Financial Services on Tuesday said its joint venture (JV) with BlackRock—Jio BlackRock Investment Advisers—has incorporated a new unit to undertake broking operations.

 

The JV’s wholly owned subsidiary will be called Jio BlackRock Broking, which will undertake “the business of broking subject to regulatory approvals.”

 

At present, the broking industry is dominated by so-called discount brokers, with the top three players accounting for nearly half of the active industry clients.

 

Reliance Industries-led Jio and global asset manager BlackRock joined hands in 2023. Since then, they have set up units in the mutual fund (MF) and wealth management spaces. In October, their MF JV received in-principle approval from market regulator Sebi.