FTSE to drop Jio Financial Services from four indices

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FTSE Russell, a global benchmark provider, will remove Jio Financial Services from four of its indices from August 22 as the company has not started trading in 20 days of demerger from its parent Reliance Industries.

Moreover, FTSE said the company has not provided any firm date on which trading in Jio Financial Services will begin. The index provider will remove Jio Financial Services from FTSE All-world Index, MPF (mandatory provident fund) All-world, Global Large Cap and Emerging index.

Mukesh Ambani-led Reliance Industries demerged its financial lending arm Jio Financial Services on July 20 and fixed a swap ratio of 1:1 without announcing a time-frame for listing the demerged entity.