Jio Financial share price surges over 1% after securing Sebi nod for MF business

Jio Financial Services:  Mukesh Ambani ’s Reliance Industries-owned Jio Financial Services have gained over 1.1 per cent in first tring hour of Monday, October 7. shares of Jio Financial Services which fell as much as 3.64 per cent over last five days, are surging after securing approval from Securities and Exchange Board of India for setting up its mutual fund business in a joint venture with BlackRock. 

“...Securities and Exchange Board of India ( SEBI ) vide letter dated October 3, 2024 has granted in-principle approval to Company and BlackRock Financial Management Inc (“BlackRock”) to act as co-sponsors and set up proposed mutual fund. final approval for registration will be granted by SEBI subject to fulfilment by Company and BlackRock of requirements set out in said letter,” company informed investors in an exchange filing. 

For last month, shares of company have tred flat while 6-month returns of stock moved to negative with a 7.49 per cent decline. However, in last 12 months, stock has recorded a 55 per cent upside after a stock split from Reliance Industries. 

As of 10:09 am, shares of company were tring at Rs 340.90 apiece, up by 2.15 points or 0.63 per cent.