Financial Financial News

Rajiv Mehrishi are among the directors appointed on the board of demerged financial services unit of Reliance Industries Ltd, the company said on Saturday. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management. Every Reliance shareholder will get one share of the new firm for every share held in the parent. While the effective date of the demerger has been fixed as July 1, July 20 has been fixed as the record day for allocating shares of the new company, according to the company's stock exchange filing. The spinoff, which will create fifth-largest financier in terms of capital and compete directly with the likes of Paytm and Bajaj Finance, will complement Reliance's consumer businesses, which include India's largest wireless operator with about 428 million users, top retail chain with over 17,000 stores.

Reliance Industries (RIL) today announced that July 20 would be treated as the record date for the demerger of its financial services arm Reliance Strategic Investments which would be renamed as Jio Financial Services (JFSL). The decision to this effect was taken at a board meeting of the company yesterday after getting regulatory approval on the demerger on July 5. The move will unlock value for 36 lakh-strong shareholder base of RIL, India's largest company by market capitalisation.

India for saving Sri Lanka and preventing a "bloodbath" during its unprecedented economic crisis last year, Parliament Speaker Mahinda Yapa Abeywardena has said that not a single nation has extended that kind of assistance to Colombo as done by New Delhi. Sri Lanka was hit by a catastrophic financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves.

Jio Financial Services demerger: The primary and secondary market is ful of buzz about the Jio Financial Services IPO as Reliance Industries Ltd (RIL) is all set for demerger after receiving the nod from National Company Law Tribunal (NCLT). RIL has informed Indian stock market exchanges that NCLT has given its nod for demerger of company's financial services undertakings.

stocks. Improved asset quality, growth in margin expansion, and better-than-expected earnings in the March quarter promoted FPIs to change their views on the sector. The other two sectors where FPIs bought maximum shares include auto and auto ancillaries and capital goods, where FPIs invested ₹19,500 crore and ₹12,400 crore, respectively, since March 1.

BofA Securities downgraded the stock by one notch to 'neutral' and saw limited upside in its near-term stock price. The US brokerage cited the stock's premium valuations and said expectations of high NIMs and opex could disappoint in the near-term. The stock trades at 2.2 times its forward price-to-book value — above its long-term average.Shares of M&M Financial were among the top five losers in the NSE 500 universe.

LPL Financial has added a multigenerational family team to its extensive network using its broker-dealer, RIA and custodial platforms.

CUSO Financial Services (CFS) is to provide wealth management services to Capital Credit Union (Capital) of Wisconsin which is switching affiliation from LPL Financial.

Reliance Industries (RIL), billionaire Mukesh Ambani is planning to list Jio Financial Services (JFSL) by September this year. The move, which will unlock value for its 36 lakh-strong shareholder base, will lead to the creation of the fifth-largest financier in terms of capital and compete directly with the likes of Paytm and Bajaj Finance. Global brokerage firm JPMorgan has estimated Jio Financial's share price at Rs 189, Jefferies at Rs 179, while Centrum Broking has a range of Rs 157-190.

Advocacy group UK Finance is urging the British government to encourage securities tokenization. The market is small now, but the future stakes are high, it said.

Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the demerger of the financial services business of Reliance Industries, the Mukesh Ambani-led conglomerate said on Thursday. “We wish to inform you that the National Company Law Tribunal, Mumbai Bench, vide its order dated 28 June (uploaded on the website of NCLT on 5 July), has sanctioned the Scheme," it said in a regulatory filing.

Bittrex cryptocurrency exchange which filed for Chapter 11 bankruptcy on May 8 in the US state of Delaware, is now accused of violating several laws in the state of Florida.

Stephen Kohn wants to help financial advisors who are looking for a new job, seeking to address a customer complaint on their record, have questions about licensing, or need help with a range of other issues.

South Africa’s Financial Sector Conduct Authority (FSCA) has mandated that all crypto exchanges register and obtain operational licenses by the end of 2023. 

Denmark’s Financial Supervisory Authority (FSA) has directed Saxo Bank, a Copenhagen-based multi-asset broker, to dump its cryptocurrency holdings.

London–based HSBC, the eighth-largest bank in the world, will conduct a series of trials and experiments utitlizing quantum encryption technology in collaboration with Amazon Web Services, BT and Toshiba.

Saving money is important for financial security and freedom, but the key thing is to know the purpose of your saving and how do you want to cater to your goals. It is not advisable to focus on just one thing or goal. You must look at your life span and break your investments to ensure you have sufficient funds for every phase of your life. Let us focus on short-term savings and understand how we can do it.

Motilal Oswal Financial Services. The brokerage firm expects financial firms' systemic loan growth to remain healthy in Q1FY24, with healthy credit growth of 15.4 per cent year-on-year (YoY) in June 2023, driven by continued traction in the retail and SME (small and medium-sized enterprises) segments. "The corporate segment has remained sluggish, dragging down overall loan growth.

Hero Realty Pvt Ltd plans to launch real estate projects spanning around 4 million square feet in this financial year, with an estimated revenue potential of Rs 3,500 crore, said its CEO Dharmesh Shah. The company, backed by Sunil Kant Munjal's Hero Enterprise, is also considering an initial public offering (IPO) in the next three-four years, Shah told ET. With a focus on residential development, Hero Realty aims to invest Rs 1,000-1,200 crore in this fiscal, he said.

The United Kingdom’s Financial Conduct Authority, or FCA, has announced that all cryptoasset firms marketing to users in the country must be in compliance with its financial promotions regime by October 2023.

Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings.