RBI Lifts Restrictions on JM Financial Products on Financing Against Shares, Debentures
RBI Lifts Restrictions on JM Financial Products on Financing Against Shares, Debentures
New Delhi: JM Financial declared on Friday that the Reserve Bank of India (RBI) has revoked the limitations imposed on its subsidiary, JM Financial Products Ltd, regarding financing against shares and debentures.
In a regulatory statement, JM Financial mentioned, "We wish to notify you that the RBI, in its correspondence dated October 18, 2024, has removed the restrictions placed on the company (JM Financial Products Ltd) in accordance with its order dated March 5, 2024."
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With this announcement, the company is authorized to offer, effective immediately, financing against shares and debentures in accordance with all relevant laws and regulations, it stated.
On March 5, the RBI prohibited JM Financial Products Ltd (JMFPL) from extending loans against shares and debentures, including the approval and distribution of loans for the initial public offering (IPO) of shares with immediate effect.
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