JM Financial surged 5.23% to Rs 167 after the Reserve Bank of India (RBI) announced the lifting of restrictions imposed by it on JM Financial Products, a material subsidiary of the company.
In a regulatory filing made post market hours on Friday, the company informed that the Reserve Bank of India (RBI) has, with immediate effect, lifted the restrictions imposed by it on JM Financial Products, a material subsidiary of JM Financial.
Accordingly, JM Financial Products has now been permitted to provide, with immediate effect, the financing against shares and debentures in compliance with all applicable laws and regulations.
In March this year, the countrys banking regulatory had asked the company to stop sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures.
Offering an explanation of the aforesaid regulatory action, the RBI had said that this action was necessitated due to certain serious deficiencies observed in respect of loans sanctioned by the company for IPO financing as well as NCD subscriptions.
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JM Financial is an integrated and diversified financial services group. The Group's primary businesses include an investment bank, mortgage lending, alternative and distressed credit and asset management, wealth management and securities business.
The company had reported 3% rise in net profit to Rs 171 crore on a 1% increase in total income to Rs 1,094 crore in Q1 FY25 as compared with Q1 FY24.
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