Jio Financial Services to debut on exchanges on August 21
Jio Financial Services Limited (JFSL), recently spun off from Reliance Industries, is set to make its debut on the stock exchange on August 21. This move comes against the backdrop of global index aggregator FTSE Russell's decision to remove JFSL from the FTSE All-World and other indices. FTSE Russell made the decision as JFSL is yet to start trading. It plans to drop JFSL from its indices on August 22.
JFSL did not start trading for 20 days: FTSE Russell
It seems Reliance has sprung into action to prevent FTSE Russell from going through with its decision. While announcing the decision, FTSE Russell had said JFSL did not commence trading after 20 business days or have set a firm trading date. The index aggregator included JFSL in multiple indices on July 20. On the same day, the NSE and BSE also added the company to their key indices. Three weeks ago, exchanges conducted a special pre-open session for JFSL.
JFSL plans to expand into insurance, digital payments, asset management
Last week, shareholders of Reliance Industries received shares of JFSL in their demat accounts. As part of the demerger, Reliance shareholders received one JFSL share for each Reliance Industries share held. Primarily operating in the non-banking financial company (NBFC) sector and credit market segment, JFSL has plans to expand into insurance, digital payments, and asset management. The company recently partnered with BlackRock, the world's largest asset manager, to launch a mutual fund company targeting an initial investment of $300 million.
