BlackRock (BLK) and Jio Financial Services' joint venture has received the Securities and Exchange Board of India's approval to start its mutual fund business operations in the country, Jio Financial said Tuesday.

The Indian regulator has granted a registration certificate to Jio BlackRock Mutual Fund and the approval for Jio BlackRock Asset Management to act as the fund's asset management company, Jio Financial said.

BlackRock shares were up 1.2% in recent premarket activity.