Jio BlackRock gets SEBI approval to start broking operations
What's the story
Jio BlackRock Broking has received approval from the Securities and Exchange Board of India (SEBI) to start its operations as a brokerage firm in India. The move complements its parent company's (Jio BlackRock Investment Advisers) investment advisory services and comes after recent approvals for asset management. The company aims to provide affordable and tech-driven investment solutions to Indian investors in a market dominated by Groww and Zerodha.
Investment accessibility
Jio BlackRock aims to democratize investments in India
The newly approved broking entity, Jio BlackRock Broking, is part of a 50:50 joint venture between Jio Financial Services Limited and global investment management firm BlackRock Inc. The company intends to provide affordable, transparent, and tech-driven execution capabilities for Indian investors. With this license, the Jio BlackRock joint venture can now offer comprehensive investment solutions to Indians.
Leadership perspective
SEBI's approval brings us closer to our goals: Marc Pilgrem
Marc Pilgrem, Managing Director and CEO of Jio BlackRock Investment Advisers Private, expressed his delight at receiving SEBI's final approval for JioBlackRock Broking. He said this brings them closer to their goal of transforming India from a nation of savers to one of investors. He added that with JioBlackRock Investment Advisers, they will be able to provide personalized advice to retail investors and an execution platform for self-directed investors.
Strategic expansion
Jio Financial and BlackRock also welcome SEBI's clearance
Hitesh Sethia, Managing Director and CEO of Jio Financial Services, also commented on the SEBI approval for the broking entity. He said this adds another dimension to their strategy of democratizing investments in India through accessible and digital-first solutions. Rachel Lord, Head of International at BlackRock, said that JioBlackRock was founded to provide tech-enabled access to capital markets and innovative investment solutions to millions of investors in India.