JM Financial barred from lending against shares, debentures

PTI

Updated At : 01:38 PM Mar 06, 2024 IST

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mumbai, march 5

The Reserve Bank on Tuesday barred JM Financial Products Ltd from providing any form of financing against shares and debentures, including sanction and disbursal of loans against initial public offering, with immediate effect.

The company can, however, continue to service its existing loan accounts through the usual collection and recovery process, the RBI said in a statement. It added that the action is necessitated due to certain serious deficiencies observed with respect to loans sanctioned by the company for IPO financing and NCD subscriptions.

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