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 the first trading hour of Monday, October 7. The shares of Jio Financial Services which fell as much as 3.64 per cent over the last five days, are surging after securing approval from the 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 the Company and BlackRock Financial Management Inc (“BlackRock”) to act as co-sponsors and set up the proposed mutual fund. The final approval for registration will be granted by SEBI subject to fulfilment by the Company and BlackRock of the requirements set out in the said letter,” the company informed investors in an exchange filing. 

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

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