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Stocks that are trading heavily or have substantial price changes on Thursday: Johnson & Johnson, Abbott rise; Discover Financial, Equifax fall

SVANidhi) scheme. He further urged banks to devise the strategy and step up efforts to increase the digital onboarding of street vendors and scale up their digital payments, the finance ministry said in a statement on Thursday. PM SVANidhi scheme envisages empowerment of street vendors through hassle free access to affordable credit and their digital onboarding for their economic development.

The United Kingdom’s Financial Conduct Authority (FCA) has announced the launch of its Digital Sandbox, aimed at supporting tech firms in the early stages of product development.

The finance ministry has asked public sector banks to achieve the targets allocated to them under the various schemes for financial inclusion for the current financial year at the earliest. The call came on Thursday during a review meeting chaired by Department of Financial Services (DFS) secretary Vivek Joshi with heads of public sector banks (PSBs).

Nikhil Rathi (pictured) is the CEO of the Financial Conduct Authority

Sequoia Financial Group is expanding its reach in Ohio with the acquisition of a Cleveland wealth management firm.

Reliance Industries Ltd (RIL), has unsettled shadow lenders space in the country by claiming the second spot.  Post demerging with RIL on Thursday, Jio Financial Services (JFSL) boasts off an implied market capitalisation of ₹1.6 lakh crore, that's way behind Bajaj Finance m-cap of ₹4.59 lakh crore, but significantly higher to its contemporaries in the space. Shares of Jio Financial will remain at ₹261.85 until it lists on the bourses. However, upon listing, Jio Financial Services will surpass Cholamandalam Investment and Finance which has an m-cap of over ₹95,000 crore, being the second largest NBFC presently.

Jio financial services, backed by Mukesh Ambani's ... moreJio financial services, backed by Mukesh Ambani's Reliance is set to enter & disrupt the financial lending space in India.

Reliance Industries - Jio Financial Services Demerger: Reliance Industries Ltd. (RIL) share price gained over a percent after the demerger of its NBFC unit Jio Financial Services Ltd (JFSL), which was valued at ₹261.85 per share, much higher than analysts estimates. The stock exchanges conducted a special pre-opening session for the discovery of RIL share price and that of its financial arm JFSL.

Reliance Industries (RIL) will create a non-banking financial behemoth with a size of approximately ₹1.5 lakh crore which could pose a tough challenge to existing non-banking financial companies (NBFCs), according to experts. The financial arm of Reliance Industries was demerged from its parent company Reliance Industries today. The demerged entity RSIL (Reliance Strategic Investments Limited), would be renamed JFSL (Jio Financial Services Limited) and it will be listed separately on NSE and BSE in the next few months.

«I do not know much about how it will make such a big difference to Zerodha, but to the financiers, it will. Because these guys are themselves selling what 50-60% of smartphones or phones, and they are selling their own televisions and everything else through their own network,» says Samir Arora, Helios Capital.We got a unique listing today. When I say not listing, but a price discovery of Jio Financial Services. What do you think would be the medium to long-term implications of this because Reliance is giving birth to a business which is backed by technology, which is backed by scale and they have advantage of data and reach. What implications do you think this could have on the lenders, the distributors, and even, for that matter, platform companies like Zerodha and Policy, PB Fintech? I do not know much about how it will make such a big difference to Zerodha, but to the financiers, it will.

Reliance Industries - JIO financial Services Demerger: Reliance Industries share price opened at ₹2,580 per share ex-Jio Financial Services (JFSL) after the special pre-open call auction session on the stock exchanges Thursday. On BSE, Reliance share price opened at ₹2,589 apiece, while it started trading at ₹2,580 per share on the National Stock Exchange (NSE). Meanwhile, the Jio Financial Services share price was valued at ₹261.85 per share after the pre-opening session.

₹261.85 per share on the National Stock Exchange at the end of a special pre-open call auction session conducted in the capital market segment for price discovery on Thursday. This follows its demerger with Reliance Industries Ltd. (RIL), the share price of which fell to ₹2,580.

Reliance-JFSL demerger: The Jio Financial Services share price would list on the National Stock Exchange (NSE) at ₹273 per share. This calculation came after Reliance share price settling on NSE at ₹2,580 per share in special pre-open session on Thursday as the RIL stock had ended at ₹2,853 apiece on NSE ( ₹2,853 - ₹2,580).

Reliance-JFSL demerger: Ahead of Reliance Industries Ltd (RIL) and Reliance Strategic Investments Limited demerger, The RIL board has declared cost of acquisition of Reliance and Jio Financial Services Ltd. As per the latest exchange filing of the Reliance Industries has informed Indian stock market exchanges that after demerger, cost of acquisition for Reliance Industries Ltd would be 95.32 per cent while the rest 4.68 per cent for Reliance Strategic Investments Limited.

Jio Financial Services gets demerged from Reliance Industries. Looking at the Reliance playbook, be it in telecoms or retail, it is obvious that Jio Financial will try to take the services to the masses, multiple industry insiders said.

₹2,853 apiece on the NSE. Stay tuned to our RIL-Jio Financial Services Demerger Live blog for the latest updates.The record date for the Reliance-Jio Financial demerger is today, July 20, 2023.Jio Financial Services (JSFL) is going to be demerged from Reliance Industries (RIL) on Thursday (July 20).

Crypto memes may amount to criminal offenses if they don’t comply with existing financial promotion rules, warned the United Kingdom’s top financial regulator on Monday. 

French banking giant Societe Generale’s crypto arm has received a full Digital Asset Service Provider (DASP) license from the country’s financial regulator Autorité des Marchés Financiers (AMF).

The Australian Securities and Investments Commission (ASIC) has canceled the financial services license of FTX’s Australian subsidiary effective from July 14, impacting 30,000 customers.

LPL Financial says that supporting greater diversity and inclusion is not only important for advisors but also to enable better access to financial services for all.