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.

The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter, Jio Financial said

Jio Financial Services, through its NBFC arm, is gearing up to expand its range of financial products. It is in advanced stages of rolling out home loans, which are currently in the beta phase. The company also plans to offer loans against property and securities in the near future.

SEBI approves Jio Financial and BlackRock to set up mutual fund, aiming to provide innovative investment solutions in India.

The NBFC arm of Reliance Industries, Jio Financial, and BlackRock Advisors Singapore Pte. Ltd have come together to create a joint venture company named 'Jio BlackRock Investment Advisers Private Limited' for the purpose of carrying out investment advisory services.

Capital market regulator Securities and Exchange Board of India (Sebi) has granted in-principle approval to Jio Financial Services and BlackRock Financial Management Inc to act as co-sponsors and set up proposed fund.

The joint venture between Jio Financial Services and BlackRock has applied for a mutual fund licence with the market regulator, and the application is currently under consideration, according to a SEBI update.

"The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter," JFS said in an exchange filing.

The companies signed a second joint venture in April to set up a wealth management and broking business in the country