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Informist, Thursday, Mar. 13, 2025

 

--RBI fines JM Financial Products INR 310,000

 

MUMBAI – The Reserve Bank of India on Thursday said it had imposed a fine of INR 310,000 on JM Financial Products Ltd. for not disclosing a "material related-party transaction" in its annual report. The fine was ordered on Mar. 3. The RBI did not provide any further details on the nature of the transaction under question.

 

The central bank said the penalty followed a statutory inspection of the company with regard to its financial position as on Mar. 31, 2023. JM Financial Products is a subsidiary of JM Financial, whose shares closed 1.2% higher on Thursday at INR 89.11 on the National Stock Exchange.

 

This is not the first time that JM Financial Products has attracted the RBI's ire. Last year in March, the central bank had ordered the shadow bank to stop any form of financing against shares and debentures, including sanction and disbursal of loans against listing of shares as well as against subscription to debentures after it "certain serious deficiencies" were observed in sanctioning of loans for IPO financing and NCD subscriptions. The restrictions were lifted in October.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

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