Competition has been intensifying in the mutual fund space with the entry of new players, led by Jio Financial Services Ltd., the Reliance arm which announced a joint venture with BlackRock to set up an Indian asset management venture. The conglomerate owned by Asias richest man, Mukesh Ambani, seeks to propel Jio Financial to become one of the biggest shadow banks in the country and disrupt the financial services space.
Ambani s Jio Can Disrupt India Fund Distribution, Edelweiss Says bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.
Nextbillion Technology (Groww), the venture capital-backed broking platform, has dislodged Zerodha Broking as India s largest brokerage in terms of number of active clients.
Groww had 6.63 million active clients at the end of September, as against Zerodha s 6.48 million, ending the latter s long run at the top.
AngelOne and RKSV Securities (Upstox) were ranked third and fourth with 4.86 million and 2.19 million active clients, according to data available on the National Stock Exchange (NSE).
With the listing of Jio Financial Services‚ Reliance Chairman Mukesh Ambani has lined up all his ducks. Will the new nbfc disrupt the financial space the way Jio roiled mobile telephony despite being a late entrant?