Jio BlackRock AMC gets Sebi approval, names Sid Swaminathan as CEO

Jio BlackRock AMC receives Sebi's final approval to start mutual fund business and appoints Sid Swaminathan as MD & CEO, aiming for innovation and inclusivity

Jio BlackRock Asset Management (AMC) has received the final approval from the Securities and Exchange Board of India (Sebi) to start a mutual fund (MF) business, the company said on Tuesday.

 

The approval to the 50:50 joint venture between Jio Financial Services (JFS) and BlackRock takes the number of players in the ₹70-trillion MF industry to 48.

 

The MF licence is a key milestone for the venture, which was first announced on 26 July 2023. The company had received in-principle approval from Sebi for the MF foray on 4 October 2024. 

 

Jio BlackRock said it plans to offer innovative products at competitive pricing.

 

“Key differentiators for all investors of the Jio BlackRock offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock’s pre-eminent risk management expertise,” it said in a release, while highlighting BlackRock’s proprietary technology platform, Aladdin.

 

The joint venture will be headed by Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO). He was previously Head of International Index Equity at BlackRock, where he was responsible for assets under management (AUM) of $1.25 trillion, according to the release.

 

“Our [JFS] 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, JFS.