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The Ministry of Corporate Affairs (MCA) has cleared the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer, Jio Financial Services (JFS), effective November 15, 2023, for a three-year term, as per a regulatory filing.

Before this, Sethia served as the Head of financial services at Reliance Industries since January 2023, and was previously the Head of Transaction Banking at ICICI Bank. He has also lead ICICI Bank’s international operations in Germany and Hong Kong.

The approval comes amid media speculations of JFS looking to appoint Standard Chartered’s India country manager, Kusal Roy, as CEO.

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Earlier this month, JFS partnered with American financial heavyweight BlackRock to provide wealth management and brokerage services in India, building on their formative partnership with an asset management company.

“This joint venture further strengthens the company’s relationship with BlackRock, with whom the company had announced a 50:50 joint venture on July 26, 2023, to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India,” JFS said in a regulatory filing.

The financial arm of Reliance Industries was demerged from the parent entity last year and is now listed separately on the BSE and NSE. After the demerger, JFS formed a 50:50 joint venture with BlackRock, infusing $150 million from each into asset management company Jio BlackRock.