Jio Financial Services has received approval from the Reserve Bank of India to become a core investment company. “Further to the disclosure dated November 21, 2023, the company has today received from the Reserve Bank of India approval for conversion of the Company from Non-Banking Financial Company to Core Investment Company,” Jio Financial said in a stock filing.
The Reserve Bank of India defines a core investment company as a specialized non-banking financial organization with a minimum asset value of Rs 100 crore. Regarding CIC’s main business goals, the Central Bank has released a statement back in 2016. A CIC must concentrate on acquiring securities and shares, per the RBI statement. There are rules governing this business.
Jio Financial Services will now be able to operate more flexibility on a daily basis thanks to this approval. It can now prioritize key investments over other financial activities. With the market conditions always changing, Jio Financial can now seek diversification in its investment portfolio.
On July 22, 1999, Jio Financial Services Ltd was first established under the Companies Act of 1956 as Reliance Strategic Investments Private Limited. Following this, on January 14, 2002, the company received a new certificate of incorporation and changed its name to Reliance Strategic Investments Limited. The firm renamed itself Jio Financial Services Limited on July 25, 2023, and a new certificate of incorporation was granted. Jio Financial, a demerged entity of the energy-to-telecom giant RIL, debuted on the D-Street on August 21, 2023.
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