Jio Financial Services (JFS), the entity demerged from Reliance Industries Ltd (RIL), will continue to remain in the indices of FTSE Russell, and will also be added to the MSCI Global Standard Index, as per the notifications issued by the exchanges on August 18.
The addition to the MSCI Global Index will come into effect from August 23, the notification stated.
FTSE, meanwhile, said it has reversed the decision to drop JFS from its indices from August 22, as reported earlier in the day.
The index manager had, earlier, said that JFS was being removed from the FTSE All-World Index, FTSE MPF All-World Index, FTSE Global Large Cap Index and FTSE Emerging Index. The decisions have been reversed for each of the indices, per the latest set of notifications issued on its website.
Also, earlier in the day, a BSE notification confirmed that JFS is set to get listed on the exchange on August 21. The company is currently listed under a dummy ticker after its price discovery at Rs 261.85, but there is no trading currently happening in the scrip.
"Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities," BSE said in a notice.
The scrip will be in trade-for-trade segment for 10 trading days, it added.
The shares of JFS were credited to demat account of shareholders last week. As part of the demerger, Reliance shareholders would got one share of JFS for holding one share of Reliance Industries.
The creation of the new demerged entity was announced by RIL in October last year, as it planned to rebrand and and list its financial services arm - Reliance Strategic Investments.
JFS, through its operating subsidiaries and joint ventures, will offer broad range of financial services solutions addressing the needs of both consumers and merchants, according to the company. It will primarily operate in the NBFC market and credit market segment, and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.
Last month, JFS announced its tie up with Blackrock, world’s largest asset manager, to float a mutual fund company. Together, the partnership will introduce a new player to the India market targeting initial investment of $300 million.
RIL Chairman and Managing Director Mukesh Ambani in his message to shareholders in the company's 2022-2023 annual report, said, Jio Financial Services is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.
"Jio Financial Services Limited along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens," Ambani said in his message to shareholders. Jio Financial Services aims to provide simple, affordable and innovative digital first solutions," Ambani added.
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