The shares of Jio Financial Services (JFSL), the demerged financial services arm of Reliance Industries Ltd (RIL), will be listed on the stock exchanges on August 21.

“Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” the BSE said on Friday.

The scrip, to be traded under symbol JIOFIN, will be in the Trade-for-Trade (T2T) segment for 10 days, it said. In the T2T segment, only delivery trades are permitted, unlike intra-day trading where buying and selling takes place on the same day without taking delivery.

Intra-day trading is not allowed in the T2T segment.

The shares of JFSL were credited to the demat accounts of RIL shareholders last week
in the ratio of 1:1.

Last month, JFSL became the second largest non-banking finance company (NBFC) in terms of market capitalisation as it was valued at $20 billion after a special pre-open market session.

The session was held to discover its share price which came in at Rs 261.85 apiece.
This took its implied market value to Rs 1.6 lakh crore given its outstanding shares estimated at 620 crore.

At this valuation, it is now the second-largest NBFC in India and the 32nd most valued company, bigger than giants such as Tata Steel, Coal India and Indian Oil.

Bajaj Finance is the biggest NBFC with a market cap of Rs 4.15 lakh crore and JFSL will be second to it ahead of Bajaj Holdings, SBI Cards, Shriram Finance, Muthoot Finance and Paytm.

The much-anticipated listing date comes at a time index managers were growing concerned about the delay.

UK’s FTSE Russell on Thursday decided to remove JFSL from its indexes due to the delay, but reversed the decision on Friday after the listing date was announced.

According to brokerage BofA Securities, by separating financial services
from the core business, Reliance appears to be keeping arm’s length transactions from other entities, helping them to attract strategic or JV partners who are keen only in the financial services arm — like what they did with Reliance Jio or the tower InvIT.

JFSL will compete directly with the likes of Paytm and Bajaj Finance and will complement Reliance’s consumer businesses.