JioBlackRock gets Sebi nod for brokerage; Jio Financial stock becomes top Nifty gainer

JioBlackRock Broking is set to soon begin its operations as a brokerage firm in India after the unit of Jio BlackRock Investment Advisers Pvt Ltd received the regulatory nod from the Securities and Exchange Board of India (Sebi), it announced.

JioBlackRock Investment Advisers Pvt Ltd is an equal part joint venture between Ambani-led Jio Financial Services Ltd (JFSL) and US investment management firm, BlackRock Inc.

Recently, both JioBlackRock Asset Management Pvt Ltd and JioBlackRock Investment Advisers clinched the Sebi approvals in their respective fields. The latest approval adds to the ever-growing offerings from the JV.

“With JioBlackRock Investment Advisers, we will be able to offer personalised advice to retail investors. Now with brokerage, we will also bring an execution platform for self-directed investors,” JioBlackRock Investment Advisers MD and CEO Marc Pilgrem said.

Following the news, Jio Financial Services stock jumped at least 4 per cent to hit a daily high of ₹329.30 apiece. The shares of Reliance’s financial arm have appreciated by more than 10 per cent from a week ago so far.

It was also one of the most traded shares on the NSE, with close to 5.5 crore shares changing hands, making it the biggest gainer in the NSE Nifty.

Indian equity benchmarks BSE Sensex and NSE Nifty gained on Friday, as global market cues improved. This was further helped by a fresh influx of foreign funds.

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