Jio BlackRock, a 50:50 joint venture between Reliance's Jio Financial and global asset manager BlackRock, has received regulatory approvals and made notable progress in India's financial sector. In June 2025, the Securities and Exchange Board of India (SEBI) granted Jio BlackRock broking and clearing licenses, enabling it to operate as a stockbroker. Following this, Jio Financial Services shares rose by approximately 5%. In July 2025, Jio BlackRock Asset Management raised over ₹17,800 crore (about $2.1 billion) through its debut New Fund Offer (NFO), attracting more than 67,000 retail investors and over 90 institutional investors across three debt funds, including overnight, liquid, and money market funds. This fundraising positioned Jio BlackRock among the top 35 mutual fund houses by total assets under management (AUM). The company plans to launch nearly a dozen equity and debt funds by the end of 2025, focusing on small-ticket investments and a low-cost strategy that bypasses distributors to reduce expenses. SEBI also approved Jio BlackRock’s launch of four passive index mutual funds in mid-July 2025, with reports indicating the nod extends to five passive funds. Meanwhile, Reliance Industries is preparing to sell a 5% stake in its Jio telecommunications unit through an initial public offering (IPO) that could raise over $6 billion. Concurrently, Jio Financial Services is set to raise up to ₹15,825 crore via a preferential issue of warrants from its promoter entities, including the Mukesh Ambani family, which is also expected to invest up to ₹10,000 crore in Jio Financial Services. These moves underscore the Ambani group's strategic expansion in India's financial services and shadow banking sectors.