The Reserve Bank of India (RBI) barred JM Financial Products Ltd (JMFPL) from financing against shares and debentures, including sanction and disbursal of loans against initial public offering (IPO) of shares with immediate effect.

Banking & Finance

The Reserve Bank of India (RBI) barred JM Financial Products Ltd (JMFPL) from financing against shares and debentures, including sanction and disbursal of loans against initial public offering (IPO) of shares with immediate effect. The action was necessitated due to certain serious deficiencies observed in respect of loans sanctioned by JMFPL, is a systemically important non-deposit taking non-banking financial company (NBFC) for IPO financing as well as non-convertible debentures (NCD) subscriptions. The RBI carried out a limited review of the books of the company on the basis of the information shared by the Securities and Exchange Board of India (SEBI). The business restrictions imposed on JMFPL will be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of RBI.


     

     

     

 

     


JM Financial Products Limited

Founded- 1984
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