Jio Financial Services To Continue In FTSE Indices, To Be Added In MSCI Global Standard Index

Jio Financial Services (JFSL), which recently demerged from Reliance Industries (RIL), will continue to remain in the FTSE Russell indices and will also be added in MSCI Global Standard Index, as per the notification issued by the exchanges.

The non-banking financial company will be added to the MSCI index from August 23. However, FTSE reversed its decision to drop JFSL from its indices from August 22, as reported a day earlier in the day.

Also read: Laptop, Tablet Import Curb: Apple, Google, Other Tech Giants Urge US To Push India To Reconsider Restriction

The index manager had earlier said that JFSL will be removed from the FTSE-All World Index and other global indices with effect on August 22, as did not commence trading after 20 days and no trading date was announced by the conglomerate by then. 

FTSE decided to reverse its decision after RIL, on August 18, announced that JFSL shares will be listed on the exchange houses 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.

Also read: Byju’s Layoff: Edtech Company Sacks Over 400 Jobs From Monitoring And Product Department

The shares of JFS were credited to the demat account of shareholders last week. As part of the demerger, Reliance shareholders would get 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 list its financial services arm — Reliance Strategic Investments.