The board of directors of JM Financial, which met today, has given its `in-principle' approval for the merger of JM Securities with the company subject to receipt of all approvals and a fair share swap ratio.According to a release issued by JM Financial to the BSE today, J M Securities currently holds investments in investment banking, retail broking & fixed income broking businesses (which are part of the joint venture between JM Financial Group and Morgan Stanley)."The board has decided to appoint M P Chitale & Associates as the independent valuer to determine the fair share swap ratio," the release added.
