Jio Financial Services and BlackRock Financial Management Inc. have received in-principle approval from the Securities and Exchange Board of India (Sebi) to serve as co-sponsors and establish the proposed mutual fund.

Jio Financial and U.S.-based BlackRock got in-principle approval from India's markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

Jio Financial Services, through its NBFC arm, is gearing up to expand its range of financial products. It is in advanced stages of rolling out home loans, which are currently in the beta phase. The company also plans to offer loans against property and securities in the near future.

The firm said that it would act as co-sponsors with BlackRock and establish the proposed mutual fund after it received an in-principle approval from SEBI

The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter, Jio Financial said

The companies signed a second joint venture in April to set up a wealth management and broking business in the country

"The final approval for registration will be granted by SEBI subject to fulfillment by the Company and BlackRock of the requirements set out in the said letter," JFS said in an exchange filing.

Capital market regulator SEBI has granted in-principal approval to Mukesh Ambani's Jio Financial Services Limited and BlackRock Financial Management Inc (BlackRock) to act as co-sponsors and set up the proposed mutual fund.

Jio Financial Services Ltd (JFS), a subsidiary of Reliance Industries, announced on October 4 that it has received in-principle approval from the Securities and Exchange Board of India ( SEBI ) to collaborate with BlackRock Financial Management as co-sponsors to establish a proposed mutual fund,

Jio Financial Services Ltd, the spun-off financial services entity of Mukesh Ambani-led Reliance Industries, said on October 4 that capital markets regulator Securities and Exchange Board of India (SEBI) has granted the in-principle approval to the company and BlackRock Financial Management to act as co-sponsors and set up the proposed mutual fund

Shares of Jio Financial Services slipped 1.95 per cent on BSE, Friday, October 04 to settle at Rs 338.75 per share. The scrip opened at Rs 344.50 per share, making a high of Rs 345.05 and a low at Rs 336.