Sebi confirms ban on JM Fin over managing debt issues | India News


MUMBAI: Markets regulator Sebi has confirmed interim instructions towards JM Financial following irregularities in a public subject of non-convertible debentures (NCDs) the place it was a lead supervisor. The interim instructions bar JM Financial from performing as a lead supervisor for any public subject of debt securities until March 31, 2025.
During its probe, Sebi discovered that a good portion of 1 public debt subject was allotted to retail shareholders, a lot of whom exited on the itemizing day itself.Trading information confirmed that JM Financial Products (JMFPL) was the counterparty to those trades. JMFPL bought the securities bought from retail traders at a loss on the identical day.
Sebi famous that JM group entities have been incentivising sure traders to use for securities. Furthermore, RBI had earlier barred JM Financial from IPO financing following irregularities.
Noting that RBI has barred JM Financial from IPO financing, SEBI mentioned, “Given the same, there is a need to continue the directions issued vide the interim order, which is also part of the voluntary undertaking submitted by the noticee, till the completion of the investigation in the matter”.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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