Jio Financial Services to enter FTSE indices from July 20

Jio Financial Services will be included in FTSE All World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index and FTSE All World ex CW Balanced Factor Index

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Jio Financial Services, a subsidiary of India’s biggest company Reliance Industries Ltd, will be included in several FTSE indices effective July 20, according to a release from FTSE Russel.

Jio Financial Services will be included in FTSE All World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index and FTSE All World ex CW Balanced Factor Index.

Meanwhile, the release from FTSE said Jio Financial Services’ listing date has not been announced yet, resulting in the company remaining in the index at a static estimated price until its trading commences.

If the trading day remains unknown after 20 business days, FTSE Russell will review the company in compliance with the FTSE Russell Spin-offs policy, it added.

Recently, the National Company Law Tribunal has given its nod to the demerger of RIL’s financial services undertaking and its listing.

RIL has set July 20 as the official date for determining which shareholders qualify to receive shares from the demerged entity, Under the scheme of arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of the face value of Rs 10 each for every share of RIL as of the record date. RSIL will be renamed Jio Financial Services (JFSL).

The company also announced on July 8 that Hitesh Kumar Sethi would be the managing director and chief executive officer of the new entity. The appointment is for a period of three years and is subject to the Reserve Bank of India’s approval.

Former home secretary Rajiv Mehrishi has been appointed the additional director on the board of RSIL. Mehrishi was also the 13th Comptroller and Auditor General of India. Former MD and CEO of Punjab National Bank Sunil Mehta has been appointed the additional director.

Isha Ambani and Anshuman Thakur have been appointed as non-executive directors.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.​

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