Mukesh Ambani Set To Disrupt Rs 65 Lakh Crore Mutual Fund Space As Jio-BlackRock JV Gets SEBI Green Light

Mukesh Ambani-led Jio Financial Services, in partnership with global investment giant BlackRock, has received final approval from SEBI to launch its mutual fund business in India.

SEBI, in a letter dated May 26, 2025, granted a certificate of registration to the newly formed Jio BlackRock Mutual Fund. It also approved Jio BlackRock Asset Management Private Limited to act as the Asset Management Company (AMC).

This marks a major milestone in the partnership, which was first announced in July 2023. By October 2024, SEBI had given in-principle approval, and two new entities — Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited — were incorporated to handle mutual fund operations.

With the final nod now in place, the joint venture is all set to roll out its first set of mutual fund offerings. This comes at a time when India’s mutual fund industry is witnessing massive growth.

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Mutual Fund Industry In India

In FY25, total assets under management (AUM) surged by over Rs 2 lakh crore to a record Rs 65.74 lakh crore, a 23% increase from Rs 53.40 lakh crore in March 2024. This growth was driven by strong net inflows of Rs 8.15 lakh crore and positive market returns.

The investor base is expanding fast, too. The number of mutual fund folios touched a record 23.45 crore, with 5.67 crore unique investors, including 1.38 crore women investors, accounting for 26% of the total.

Equity-oriented schemes led the pack with a 33.4% jump in folios to 16.38 crore, making up 70% of the industry’s total. Hybrid scheme folios grew by 16%, and other schemes like index funds and ETFs saw a massive 48.3% rise. However, debt scheme folios slipped 3%.

Systematic Investment Plans (SIPs) also saw strong participation, with yearly contributions jumping 45.24% to Rs 2.89 lakh crore. SIP assets rose 24.6% to Rs 3.35 lakh crore, making up over 20% of the industry’s total AUM.