“Jio Financial Services’ Stock Exchange Debut and Strategic Listing Plans”

Jio Financial Services, the financial arm of Reliance Industries in India, is set to make its debut on the stock exchange on August 21. The announcement was made through a notification on the Bombay Stock Exchange (BSE).

In an official filing with the stock exchange, the company revealed its strategy to list its shares in the Trade-for-Trade segment for a period of 10 trading days.

As per the filing, starting from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (previously known as Reliance Strategic Investments Limited) will be officially listed and allowed for trading on the Exchange within the T Group of Securities. It’s noteworthy that, following SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012, the shares will remain in the Trade-for-Trade segment for a total of 10 trading days.

This notification comes just one day after FTSE declared that Jio Financial Services would be removed from its indices on August 22.

The Trade to Trade (T2T) segment functions in a way where shares are exclusively traded for delivery, meaning that the delivery of the shares cannot occur on the same trading day.

Currently, Jio Financial Services holds a placeholder ticker symbol and its price discovery was determined at Rs 261.85. It’s important to note that there is no ongoing trading activity for this stock at the moment.

In recent developments, Jio Financial Services issued equity shares to shareholders of Reliance Industries. On the record date of July 20, RIL shareholders were entitled to receive one equity share of Jio Financial Services for each Reliance share they held. However, the board ultimately allocated 6.3532 billion shares, each with a face value of Rs 10, to eligible shareholders last week.

Furthermore, Jio Financial Services has submitted applications to both the BSE and NSE for the listing of these newly allocated equity shares. These allocated shares will remain frozen within the depository system until clearance for listing is granted by BSE Ltd.