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2w ago

Jio Financial Shares Surge on SEBI Nod for Jio BlackRock Broking

The SEBI nod marks final clearance for Jio BlackRock Broking following prior mutual fund/advisory approvals

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Jio Financial shares jump 5% as Jio BlackRock gets Sebi nod to operate as stock broker
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Overview

  • SEBI granted Jio BlackRock Broking Pvt. Ltd. a certificate of registration on June 25 to operate as a stock broker and clearing member.
  • Jio Financial’s shares jumped nearly 5% to around ₹328 in morning trade on June 27 after the broking approval.
  • Earlier this month SEBI licensed Jio BlackRock Investment Advisers as an investment adviser and in May cleared its mutual fund arm to launch operations.
  • Jio Financial made Jio Payments Bank a wholly owned subsidiary by acquiring SBI’s 17.8% stake for ₹104.54 crore and infusing ₹190 crore into the unit.
  • The company reported a 2% year-on-year rise in consolidated net profit to ₹316 crore for the March quarter as it builds a full-spectrum financial services platform with BlackRock.