JioBlackRock Asset Management gets SEBI nod for mutual funds business; appoints Sid Swaminathan as MD & CEO

Jio BlackRock Asset Management, a 50:50 joint venture between Jio Financial Services (JFSL) and BlackRock, on Tuesday announced the receipt of regulatory approval from the Securities and Exchange Board of India (SEBI) to commence operations as an investment manager for their mutual fund business in India.

JioBlackRock Asset Management also announced the appointment of Sid Swaminathan as it’s Managing Director and Chief Executive Officer (CEO).

“...the Securities and Exchange Board of India, vide letter dated May 26, 2025, has granted certificate of registration to ‘Jio BlackRock Mutual Fund’; and approval to Jio BlackRock Asset Management Private Limited to act as the Asset Management Company for ‘Jio BlackRock Mutual Fund’,” Jio Financial Services said in a regulatory filing on May 27.

The joint venture was first announced on 26 July 2023, when Jio Financial Services and BlackRock announced plans to enter India’s asset management industry.

On October 4, 2024, SEBI had granted in-principle approval to Jio Financial Services and BlackRock Financial Management Inc to act as co-sponsors and set up the proposed mutual fund.

The two partners had then on October 28, 2024, incorporated Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, to carry out mutual fund operations, subject to regulatory approvals.

“India’s rapid growth is driven by a new generation with bold aspirations. 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,” said Isha Ambani, Non-Executive Director, JFSL.

Appointment of Sid Swaminathan as MD & CEO

JioBlackRock Asset Management also appointed Sid Swaminathan as its MD & CEO.

Swaminathan has over 20 years of asset management experience. 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, Jio Financial Services said.

At 1:35 PM, Jio Financial Services share price was trading 1.19% higher at ₹285.10 apiece on the BSE.

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