Jio BlackRock Asset Management Private Limited on Tuesday announced that it has received approval from the Securities and Exchange Board of India (SEBI) to commence operations as an investment manager for their mutual fund business in India. Jio BlackRock Asset Management is a 50:50 joint venture between Jio Financial Services Limited (JFSL) and BlackRock.
JioBlackRock Asset Management also announced the appointment of Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO).
In a regulatory filing, Jio Financial Services said, “…the Securities and Exchange Board of India, vide letter dated May 26, 2025, has granted: (a) certificate of registration to ‘Jio BlackRock Mutual Fund’; and (b) approval to Jio BlackRock Asset Management Private Limited to act as the Asset Management Company for ‘Jio BlackRock Mutual Fund’.”
This marks a key milestone for the joint venture, which was first announced on July 26, 2023. During the same time, Jio Financial Services and BlackRock had announced plans to enter India’s asset management industry. SEBI had earlier granted in-principle approval on October 4, 2024. On October 28, 2024, the two partners incorporated Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited to carry out mutual fund operations.
In a statement, the company said, “Key differentiators for all investors of the JioBlackRock Asset Management offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock’s pre-eminent risk management expertise.” For retail investors, it added, the offering will also be distinctive for its digital-first customer proposition.
Isha Ambani, Non-Executive Director, JFSL, said, “Our 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. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India.”
Rachel Lord, Head of International at BlackRock, said, “JioBlackRock’s digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets.”
Who is Sid Swaminathan?
Sid Swaminathan has over 20 years of experience in asset management. He was previously Head of International Index Equity at BlackRock, where he was responsible for an AUM of $1.25 trillion. Prior to that, he served as the Head of Fixed Income Portfolio Management for Europe at BlackRock, responsible for Systematic and Indexed strategies.
Sid has a deep understanding of investments – across asset classes, investment styles and geographies.
“JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country’s investment ecosystem. I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing,” he said.