India cenbank bars JM Financial Products from financing against shares, debentures

JM Financial

05/03/2024 12:22

BENGALURU, March 5 (Reuters) - The Reserve Bank of India
has barred JM Financial Products, a unit of investment banking
firm JM Financial  JMSH.NS , from financing against shares and
debentures due to "serious deficiencies", the central bank said
on Tuesday.
    "This action is necessitated due to certain serious
deficiencies observed in respect of loans sanctioned by the
company for IPO financing as well as NCD (Non-convertible
debentures) subscriptions," the RBI said.

 (Reporting by Chris Thomas in Bengaluru; Editing by Janane
Venkatraman)
 ((chris.thomas@thomsonreuters.com;))