were in the spotlight on Thursday after its joint venture with BlackRock received regulatory approval to operate as an investment adviser in India. Despite the development, the stock traded slightly lower around Rs 300, reflecting subdued overall market sentiment.
Jio BlackRock Investment Advisers Pvt Ltd, the 50:50 joint venture between Jio Financial Services (JFSL) and BlackRock Inc., has received a certificate of registration from the Securities and Exchange Board of India (SEBI) to act as an investment adviser. The approval, dated June 10, was disclosed by JFSL in a regulatory filing to the stock exchanges on Wednesday.
This marks a significant milestone for JioBlackRock, which had earlier secured Sebi approval in May to manage mutual funds through its asset management company (AMC). The JV has also received approval from the BSE to operate as an investment adviser.
With the new license in place, the company is now preparing to offer digital-first, insight-driven investment advisory services tailored to India’s evolving investor base. It plans to share more details about its offerings closer to launch.
"We are pleased to announce that JioBlackRock Investment Advisers has received regulatory approval, marking a significant milestone in our partnership with BlackRock,” said Hitesh Sethia, Managing Director and CEO of Jio Financial Services. “As Indian investors increasingly seek personalised, insight-driven financial solutions, this joint venture is poised to democratize access to world-class advisory services."Rob Goldstein, Chief Operating Officer of BlackRock, said, "India is one of the fastest-growing and most dynamic investment markets in the world. JioBlackRock Investment Advisers will benefit from the power of BlackRock’s global investment expertise and technology, combined with Jio’s local market knowledge and digital innovation."JioBlackRock Investment Advisers has also announced the appointment of Marc Pilgrem as its Managing Director and CEO. Pilgrem, a veteran with over 25 years of experience, previously served in leadership roles at BlackRock, including Head of Specialist Clients and Investment Trusts for EMEA, and COO for iShares EMEA.
Shares of Jio Financial Services have delivered a mixed performance over the past year. The stock is down 13.4% over the last 12 months and has dropped nearly 12% in the past six months. However, recent momentum has been strong, with the stock rising 39% in the past three months and gaining 22% in the last month.
From a technical perspective, the stock is trading above all its key simple moving averages — the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs — indicating strong bullish undertones across short to long-term timeframes.
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The Relative Strength Index (RSI) stands at 74.1, which suggests the stock may be overbought and could be prone to a pullback. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 11.1 and remains above both the centre and signal lines, reinforcing the bullish trend.
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