Jio Payments Bank, a subsidiary of Jio Financial Services, has successfully obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI). This Category 1 Execution-only Platform (EOP) license enables Jio Payments Bank to distribute the direct plans of various mutual fund schemes, marking a significant step in its expansion within the financial services sector.
Increased Stake in Jio Payments Bank
Strategic Partnerships
Future Implications
Presence
Summary/Static | Details |
Why in the news? | Jio Payments Bank, a subsidiary of Jio Financial Services, has successfully obtained a mutual fund distribution license from the Association of Mutual Funds in India (AMFI). |
License Type | Category 1 Execution-only Platform (EOP) |
Scope of License | Enables distribution of direct plans of various mutual fund schemes |
Transaction Charges | ₹2 per transaction, providing a structured revenue model for distribution |
Current Market Landscape | 15 Category 1 EOPs registered with AMFI; dominated by stock brokers like Groww and Zerodha |
Strategic Partnerships | Joint venture with BlackRock for wealth management and broking, expanding into mutual fund distribution |
SEBI Approval | Joint venture with BlackRock received in-principle approval from SEBI for mutual fund business |
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