Jio BlackRock Broking Pvt Ltd is set to launch its first Indian ETFs by August, marking a significant milestone in the joint venture's expansion into passive investing. As reported by The Economic Times, the company plans to initially focus on equity strategies to mirror BlackRock's global success in passive investing. The joint venture, which already manages $1.9 billion in assets, is positioning itself to tap into India's growing, albeit nascent, ETF market. The company has also outlined plans for GIFT City products as part of its broader international financial services strategy.
Jio BlackRock Broking Pvt Ltd has applied to the International Financial Services Centres Authority (IFSCA) for permission to operate as a broker-dealer and investment advisor from GIFT City's International Financial Services Centre (IFSC), as the Reliance-BlackRock venture expands its presence across financial services segments. According to reports from The Hindu BusinessLine, the company has proposed to establish operations from GIFT SEZ in Gandhinagar and undertake activities permitted under the IFSCA (Capital Market Intermediaries) Regulations, 2025, subject to regulatory approvals from the unified regulator. The application from the company was still being processed at the time of reporting.
The company plans to initially operate from a 17 square meter office space at Pragya Accelerator-II in GIFT SEZ and employ eight personnel. As reported by The Hindu BusinessLine, the proposed operations will be funded by its head office. This expansion builds on the group's existing presence in GIFT City, where Jio BlackRock International AMC (IFSC) Pvt Ltd is already operating as a Fund Management Entity (FME) in the IFSC, offering investment management services from the international financial centre.
The move comes as GIFT City's broker-dealer ecosystem continues to expand, with more than 100 registered entities including SGX India Connect, Zerodha IFSC, Groww IFSC, Upstox Securities, Angel One, Motilal Oswal Finsec IFSC and Nuvama Capital Services IFSC, alongside offshore banking units of major lenders. According to The Hindu BusinessLine, the segment forms a key part of GIFT City's efforts to emerge as an international trading and investment hub. Under the IFSCA framework, broker-dealers form a key part of the capital markets ecosystem in GIFT City alongside investment advisers, investment bankers, custodians and other intermediaries.
Jio BlackRock Broking is part of the broader 50:50 partnership between Jio Financial Services Ltd (JFSL) and global asset manager BlackRock. Through the joint venture, the partners already offer asset management services in India via Jio BlackRock Asset Management Pvt Ltd and have outlined plans to expand into wealth management and broking through Jio BlackRock Investment Advisers Pvt Ltd and Jio BlackRock Broking Pvt Ltd, respectively. As reported by The Hindu BusinessLine, Jio Financial Services, a Reserve Bank of India-registered Core Investment Company, operates businesses spanning lending, insurance broking, payments, leasing and digital financial platforms.
