The Reserve Bank of India on Thursday approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said in a filing.Jio Financial Services is the demerged entity of energy-to-telecom conglomerate Reliance Industries Ltd (RIL).
In November 2023, Jio Financial Services submitted an application to the RBI to convert its status from an NBFC to a Core Investment Company.
Jio Financial had applied for the company's conversion to CIC as mandated by the banking watchdog. The regulator had mandated the company to undertake the conversion exercise while giving its approval for change in the shareholding pattern and control of the company pursuant to the demerger of the financial services business from Reliance Industries Limited (RIL).
Jio Financial made its official debut on the bourses on August 21, 2023.
Shares of Jio Financial Services Ltd. will be in focus on Friday after the company announcement.
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