JFS stands as a Systemically Important Non-Deposit Taking Non-Banking Financial Company registered with RBI. Their goal is straightforward: offer affordable, innovative financial solutions with a digital-first approach. JFS, along with its subsidiaries, plans to tap into Reliance’s tech prowess and expansive network to deliver financial services.
The recent dip in their stock price can be attributed to a specific cause – index funds being prohibited from holding JFS. The reason? JFS isn’t part of the index, unlike Reliance Industries.
In sum, while a recent sell-off may have raised eyebrows, the bigger picture still holds promise. JFS’s alignment with industry trends, cost-efficient fund-raising potential, and the edge of leveraging both their network and technology for distribution makes it a candidate to watch. Keep an ear out for any insights that might arise during their upcoming Annual General Meeting on August 28th.
Digging a bit deeper, JFS’s journey began when it was established as Reliance Strategic Investments Private Limited on July 22, 1999, under the Companies Act. Subsequent changes led to the current name, Jio Financial Services Limited, officially adopted on July 25, 2023.
V. Kamath, a seasoned market expert appointed as Non-Executive Chairman and Independent Director. He is Ex MD and CEO of ICICI Bank, who led ICICI’s transformation into a diversified, technology-driven financial services juggernaut spanning banking, insurance, and asset management, both in India and globally. Presently, he chairs the National Bank for Financing Infrastructure and Development (NaBFID), boasting a background as a mechanical engineer and a post-graduation in Business Administration from the Indian Institute of Management, Ahmedabad.
Heading up as CEO and MD is Hitesh Sethia, a veteran with over two decades of experience spanning ICICI Bank and McLaren Strategic Ventures. His versatile portfolio includes roles as Head of Corporate Banking, Chief Executive, and Head of Transaction Banking.
Best Stocks From:
Need help on Investing? And more….Puchho Befikar
*Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
*Disclaimer: The securities quoted are for illustration only and are not recommendatory