Effective from August 22, FTSE Russell will remove Jio Financial Services from its indices as it is yet to start trading on bourses. The company demerged from Reliance Industries last month.
The index manager said Jio Financial Services is being removed from the FTSE All-World Index, FTSE MPF All-World Index, FTSE Global Large Cap Index and FTSE Emerging Index.
“Further to the FTSE Russell notice issued on July 13 in relation to the demerger of Jio Financial Services (India, constituent) from Reliance Industries (India, constituent), since Jio Financial Services did not commence trading after 20 business days and no firm trading date has been announced," FTSE Russell said in an official update.
According to media reports, shares of Jio Financial Services have been credited to the demat accounts of Reliance Industries shareholders but they cannot trade them yet. The date of listing of the demerged entity is yet to be announced.
It is this merchant base that Jio Financial Services will target for loan disbursal, banking experts say. "The data on these kirana stores would often be proprietary to Jio Financial and hence, Jio Financial would know more about kirana stores and merchants than what the rest of the world might know," HDFC Securities' ASV Krishnan told Moneycontrol last week.
Expanding its financial footprint last month, Jio Financial Services and BlackRock, which is the world’s largest asset manager, joined hands to set up an asset management company with a combined investment of $300 million.
As of 9.51 am, the shares of Reliance Industries traded at Rs 2516, down 0.61 percent, on the BSE.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
