Shares of Jio Financial Services are trading flat at Rs 351.35 on 12 July despite the company announcing in an exchange filing that it received approval from the RBI yesterday to transition from a Non-Banking Financial Company to a Core Investment Company.

This process began last November when Jio Financial applied to the RBI to convert from an NBFC to a CIC. A CIC is a specialized NBFC with assets exceeding Rs 100 crore, primarily tasked by RBI guidelines to purchase shares and securities under specific conditions.

Jio Financial Services is a subsidiary of Reliance Industries Ltd. Last year, on 21 August, Jio Financial officially debuted on the stock exchanges. Reliance Industries, the parent company of Jio Financial, will release its June quarter financial results on Friday, 19 July.

Jio Financial recorded a 6% rise in consolidated net profit for the fourth quarter ending in March 2024, totalling Rs 311 crore, due to improved income. The firm declared a profit of Rs 294 crore for the quarter ending in December. Revenue increased marginally from Rs 414 crore in the December quarter to Rs 418 crore.

Besides investment and lending, the firm also provides payment gateway, banking, and payment aggregator services.

At 10:55 AM, the shares of Jio Financial Services were trading 1.03% higher at Rs 351.65 on BSE.

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