Jio Financials Gets RBI Approval For Core Investment Company Status
The company’s shares are expected to be in the spotlight following the announcement
The Reserve Bank of India (RBI) has granted approval for the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a regulatory filing.
The decision was announced following an application submitted by Jio Financial Services in November 2023, in compliance with the banking regulator's directives. The RBI’s mandate required the company to undertake this conversion as part of the approval process for the change in shareholding pattern and control, which came about due to the demerger of the financial services business from Reliance Industries Ltd (RIL).
Jio Financial Services emerged as a distinct entity following its demerger from the energy-to-telecom conglomerate Reliance Industries. It officially debuted on the stock exchanges on 21 August 2023.
The RBI approval marks a significant milestone in the company’s evolution and aligns its operational framework with regulatory requirements and potentially influencing its investment strategies and governance structures.
The company’s shares are expected to be in the spotlight following the announcement of its new status as a Core Investment Company on Friday.
