RBI in March found violations by its arm and issued "cease and desist" order with regards to financing against shares and debentures, including sanction and disbursal of loans against IPO of shares
The strategy of setting ambitious targets has worked in favour of the BJP, says JM Financial
As investors start looking closely at company bottom lines, the long list of start-up IPOs will have a tough time convincing investors.
The RBI has floated two separate tenders for the appointment of auditors to audit the two companies.
JM Financial can, however, continue to act as a lead manager for the public issue of debt securities for the existing mandates for 60 days from the date of the order.
The restrictions have been imposed after SEBI observed that regulatory norms were violated in the public issues of NCDs during the year 2023
The RBI on Tuesday barred JM Financial Products from giving loans against shares and debentures, including sanction and disbursal of loans against IPO of shares, with immediate effect.
Apart from violating regulatory guidelines, there are serious concerns about governance issues in JM Financial Products, says RBI
