BSE Modifies Price Bands for Ten Stocks, Including Jio Financial Services, to Safeguard Market Stability and Investor Interests
In a significant move on September 1, 2023, the Bombay Stock Exchange (BSE) announced adjustments to the price bands of ten stocks, aimed at better managing market volatility and ensuring the protection of investor interests.
In a significant move on September 1, 2023, the Bombay Stock Exchange (BSE) announced adjustments to the price bands of ten stocks, aimed at better managing market volatility and ensuring the protection of investor interests.
Jio Financial Services (JFS)
One of the notable changes was the extension of the price band for Jio Financial Services (JFS) from 5 percent to 20 percent. It is pertinent to mention that JFS had recently been removed from BSE's indices, including the prestigious benchmark 30-pack Sensex. This removal, initially scheduled for August 23, faced delays as the stock remained consistently locked in the lower circuit.
Despite its exclusion from the indices, JFS has ambitious plans to diversify into the insurance sector. It intends to offer a range of insurance products, including life, general, and health insurance, potentially through partnerships with global players. Furthermore, JFS is entering the asset management industry through a collaborative effort with Blackrock, with an initial investment commitment of $300 million.
Other Stocks:
In addition to JFS, several other stocks witnessed adjustments to their price bands. Shri Venkatesh Refineries, RailTel Corporation of India, India Pesticides, SRG Securities Finance, Dolphin Offshore Enterprises, and Super Fine Knitters now operate within a 10 percent price band. In contrast, the price bands for Rishabh Digha Steel & Allied Products, Vertex Securities, and RattanIndia Power were reduced to 5 percent.
These modifications to the price bands reflect BSE's commitment to upholding market integrity and ensuring that extreme price fluctuations in stocks are mitigated effectively.
One of the notable changes was the extension of the price band for Jio Financial Services (JFS) from 5 percent to 20 percent. It is pertinent to mention that JFS had recently been removed from BSE's indices, including the prestigious benchmark 30-pack Sensex. This removal, initially scheduled for August 23, faced delays as the stock remained consistently locked in the lower circuit.
Despite its exclusion from the indices, JFS has ambitious plans to diversify into the insurance sector. It intends to offer a range of insurance products, including life, general, and health insurance, potentially through partnerships with global players. Furthermore, JFS is entering the asset management industry through a collaborative effort with Blackrock, with an initial investment commitment of $300 million.
Other Stocks:
In addition to JFS, several other stocks witnessed adjustments to their price bands. Shri Venkatesh Refineries, RailTel Corporation of India, India Pesticides, SRG Securities Finance, Dolphin Offshore Enterprises, and Super Fine Knitters now operate within a 10 percent price band. In contrast, the price bands for Rishabh Digha Steel & Allied Products, Vertex Securities, and RattanIndia Power were reduced to 5 percent.
These modifications to the price bands reflect BSE's commitment to upholding market integrity and ensuring that extreme price fluctuations in stocks are mitigated effectively.
