On July 20, 2023, Reliance Industries Limited (RIL), one of India’s largest conglomerates, undertook a strategic demerger to separate its financial services arm, Jio Financial Services Limited (JFSL). This action was intended to establish a specialized financial services entity to take advantage of the expanding opportunities in India’s financial sector, enabling RIL to prioritize its core businesses. The demerger of JFSL from the conglomerate’s intricate tapestry ushered in a new chapter marked by a blend of optimism and skepticism. Would JFSL leverage its status as a separate entity in the long run? Could the company win the confidence of shareholders? Would JFSL witness growth constraints post-demerger? Would the new entity, JFSL, pose a threat and disrupt the existing financial market?