The company stated in a letter that Jio Financial and BlackRock will have to fulfill the conditions cited in the SEBI's letter in order to get the final approval for registration. If the company receives final approval,

Jio Financial Services and BlackRock Financial Management Inc. have received in-principle approval from the Securities and Exchange Board of India (Sebi) to serve as co-sponsors and establish the proposed mutual fund.

The firm said that it would act as co-sponsors with BlackRock and establish the proposed mutual fund after it received an in-principle approval from SEBI

Mukesh Ambani’s Reliance Industries is expanding with Jio Financial Services venturing into the mutual fund market after its demerger. Following a joint venture with BlackRock, SEBI has granted in-principle approval for the initiative.