Jio Financial Services Limited (JFSL) saw its shares rise after receiving approval from the Reserve Bank of India (RBI) to transform into a Core Investment Company (CIC).
This change allows JFSL to focus on investing in and promoting other companies. As a CIC, JFSL will mainly manage investments in group companies and will hold at least 90% of its assets in the form of investments in group entities. This approval marks a significant step for JFSL, enhancing its ability to contribute to the growth of its affiliated businesses.