Jio Financial Services

Jio Financial Services Ltd (JFSL) is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries (RIL), it was demerged as an independent entity and listed on the Indian stock exchanges in August 2023.^[3] The company provides financial services, including payment services and insurance broking.^[4][5] Its subsidiary Jio Finance holds an NBFC license from the RBI. Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.

Jio Financial Services Limited

Formerly	Reliance Strategic Investments Private Limited (1999–2002) Reliance Strategic Investments Limited (2002–2023)
Company type	Public
Traded as	BSE: 543940 NSE: JIOFIN NSE NIFTY 50 constituent
ISIN	INE758E01017
Founded	22 July 1999; 26 years ago (1999-07-22)
Founder	Mukesh Ambani
Headquarters	Mumbai, Maharashtra
Area served	India
Key people	K. V. Kamath Rajiv Mehrishi
Owners	Ambani family (47.12%)[1]
Subsidiaries	Jio Finance Jio Insurance Broking Jio Payment Solutions Jio Leasing Services[2] Jio Payments Bank (77%)
Website	www.jfs.in

History

Jio Financial Services was initially a financial services subsidiary of Reliance Industries. In July 2023, it was spun-off via a demerger,^[3] with shareholders of Reliance Industries receiving one equity share of Jio Financial Services for every share they held in Reliance.^[6] Reliance Industries transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services as part of the demerger scheme. This gave Jio Financial Services a liquid asset base of Rs 20,700 crore.^[7]

JFSL was listed on the stock exchanges on 21 August 2023. Following the demerger and listing, JFSL was briefly a part of Nifty 50, BSE SENSEX and FTSE indices, but was removed from these indices over the following weeks as it did not meet their inclusion criteria.^[8][9][10]

In July 2023, JFSL entered the asset management company (AMC) business, by forming a 50:50 joint venture with BlackRock called Jio BlackRock.^[11] In April 2024, JFSL and BlackRock announced a partnership in wealth management and broking business.^[12]

In May 2024, JFSL launched JioFinance, an app with digital payments, loans and insurance offerings.^[13]

Controversies

Related party transactions

In 2024, Jio Financial Services established a subsidiary called Jio Leasing Services Ltd, an unrelated leasing services business.^[14] The subsidiary signed a $4.4 billion deal with another promoter-owned company, Reliance Retail for leasing routers.^[15]