Jio BlackRock Mutual Fund has received the green light from the Securities and Exchange Board of India (SEBI) to launch four new passive investment schemes. This approval allows the joint venture between Jio Financial Services and BlackRock to expand its presence in India's growing mutual fund sector by offering investors cost-effective, index-based investment options.

The four index funds approved by SEBI are:

• JioBlackRock Nifty Midcap 150 Index Fund
• JioBlackRock Nifty Next 50 Index Fund
• JioBlackRock Nifty Smallcap 250 Index Fund
• JioBlackRock Nifty 8-13 yr G-Sec Index Fund

Three of these funds will focus on equity indices, providing investors with diversified access to mid-cap, small-cap, and next 50 stocks. The remaining fund will track a debt-oriented government securities index with maturities between 8 and 13 years.

All four schemes will be available exclusively as direct plans, offering only the growth option. The minimum lump sum investment amount is ₹500, with subsequent investments allowed in any amount. For systematic investment plans (SIP), the minimum installment is ₹500, with additional contributions accepted in multiples of Re 1.

The equity-oriented funds, namely the JioBlackRock Nifty Midcap 150 Index Fund, JioBlackRock Nifty Next 50 Index Fund, and JioBlackRock Nifty Smallcap 250 Index Fund, will be managed by Tanvi Kacheria, Anand Shah, and Haresh Mehta, respectively. The debt-focused JioBlackRock Nifty 8-13 yr G-Sec Index Fund will be overseen by Vikrant Mehta, Siddharth Deb, and Arun Ramachandran.

These passive index funds aim to replicate the returns of specified market indices, serving as an economical alternative to actively managed schemes. SEBI's approval is expected to increase competition among asset management firms, given the rising investor interest in passive investment products in India and globally.

Each new fund will open for subscription during a New Fund Offer (NFO) period lasting between three and 15 calendar days, as mandated by SEBI. However, the exact dates are yet to be announced.

Jio BlackRock is a 50:50 joint venture between Jio Financial Services and BlackRock, announced in July 2023. The asset manager has already garnered significant interest through three debt mutual fund schemes, attracting over $2.1 billion from institutional and retail investors. The company aims to tap into its digital presence to bypass conventional distributor channels as it enters India's ₹72.2 trillion ($844 billion) mutual fund industry with a combination of active and passive products.