Jio Financial Services is being removed from several FTSE Indices for failing to commence trading after 20 business days. A notice shared by FTSE Russell said that the company had also not announced a firm trading date since its inclusion on July 20. The omission will come into effect from August 22.
“Further to the FTSE Russell notice issued on 13 July 2023 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," read an official update.
As per the notice, Jio Financial Services will be removed from FTSE RAFI All World 3000 Index, FTSE RAFI All World 3000 Index - QSR, FTSE RAFI Emerging Index and FTSE RAFI Emerging Index - QSR.
The announcement from FTSE also comes at a time when Reliance Industries Ltd is working to list shares of its financial services unit. Earlier reports indicated that a listing date could be shared in the wake of the company’s upcoming annual general meeting.
“Jio Financial Services Ltd is positioned uniquely to capture the growth opportunities in financial services sector and play a crucial role in transforming the landscape of digital finance in India,” Chairman Mukesh Ambani had recently said in a message to shareholders.
Ambani stated that Jio Financial Services aims to offer straightforward, reasonably priced, and creative digital first solutions.
“Jio Financial Services 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,” he said.
Last month, Jio Financial Services Ltd and BlackRock, the world’s largest asset manager, have joined hands to set up an asset management company with a combined investment of $300 million.
Source Link: Jio Financial to be removed from FTSE Indices | Mint