Jio Financial seeks RBI nod to convert from NBFC to CIC

As per the RBI, core investment company (CIC) are firms whose assets are largely invested in their group companies either in the form of equity, preference shares or convertibles bonds or loans

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Jio Financial Services, the demerged entity of Reliance Industries, has submitted an application to the Reserve Bank of India (RBI) for converting to a core investment company (CIC) from a non-banking financial company (NBFC) following a regulatory mandate.

In an exchange filing dated November 21, the company notified that it submitted an application for conversation to CIC from NBFC to change its shareholding pattern and control after demerger from Reliance Industries, as per the RBI mandate.

According to RBI guidelines, CIC are companies whose assets are largely invested in their group companies either in the form of equity, preference shares or convertibles bonds or loans. Such companies are passive holding companies meant to maintain control over their group companies and do not carry on any other financial activity.

ALSO READ: RBI nod to appointment of Isha Ambani, 2 others as directors of Jio Financial Services

Essentially, it is defined as an NBFC carrying on the business of acquisition of shares and securities on several conditions, one being that it does not hold less than 90 percent of its net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies.

Secondly, it does not trade in its investments in shares, bonds, debentures, debt or loans in group companies except through block sale for the purpose of dilution or disinvestment.

Thirdly, it does not carry on any other financial activity except granting of loans to group companies, issuing guarantees on behalf of group companies and investment in bank deposits, money market instruments, government securities, and bonds or debentures issued by group companies.

Jio Financial Services refuted reports of raising money by way of bond issuance. A Reuters report had suggested that Jio Financial could raise up to Rs 10,000 crore through bond issuance. Quoting four bankers, it suggested that Jio Financial could tap the market in the March quarter, subject to regulatory approvals.

ALSO READ: Jio Financial Services takes early steps on a long growth journey

Jio Financial, however, dismissed the claim. “We have always made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges,” it said.

In the September quarter, the company’s net profit jumped 101 percent on a sequential basis, while interest income declined 8.6 percent.

At 9.43 am, the stock was trading at Rs 221.25 on the NSE, up 0.48 percent from the previous close. In the past month, the stock has risen 2 percent, beating the 0.8 percent rise in the benchmark Sensex.

Disclaimer: 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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