New Delhi, July 16 -- Reliance Industries' subsidiary Jio, in partnership with global asset manager BlackRock, has secured approval from the Securities and Exchange Board of India (SEBI) to launch passive index mutual fund schemes. This approval enables both companies to broaden their presence in India's expanding mutual fund sector by providing investors with cost-effective, index-based investment options.

The mutual fund has been authorized by SEBI to introduce four index funds: the JioBlackRock Nifty Midcap 150 Index Fund, JioBlackRock Nifty Next 50 Index Fund, JioBlackRock Nifty Smallcap 250 Index Fund, and JioBlackRock Nifty 8-13 year G-Sec Index Fund.

Among these, three funds will focus on equity indices, while one fund will track...