JM Financial cannot take new bond issue mandates till March-end 2025, India regulator says

JM Financial

20/06/2024 16:21

BENGALURU, June 20 (Reuters) - India's markets regulator
confirmed an earlier order on Thursday and barred JM Financial
 JMSH.NS  from taking on new mandates for bond issues until
March 31, 2025.
    Thursday's order, which follows an interim one in March this
year, deals another blow to the investment brokerage firm, which
ranks among the top 15 arrangers for private placement of bonds
in India so far this financial year, according to Prime
Database.
    JM Financial's shares have fallen about 1% since the March
order.
    In the interim order, the Securities and Exchange Board of
India (SEBI) had directed the brokerage firm to not act as the
lead manager of public debt issuances, citing regulatory lapses
such as incentivising investors to apply for the public issues.
    SEBI said in March it will launch an investigation into the
regulatory lapses. JM Financial had said it would cooperate with
the regulator.

 (Reporting by Hritam Mukherjee in Bengaluru; Editing by Shounak
Dasgupta)
 ((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam))