RBI lifts share and bond funding restrictions on JM Financial Products
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The Reserve Bank of India (RBI) lifted the restrictions imposed on JM Financial Products, a subsidiary of JM Financial. Earlier, the central bank had barred JM Financial Products from undertaking any form of business in shares and bonds funding due to regulatory violations and governance lapses. The restrictions which lasted more than ten months were to be reviewed upon the completion of a special audit to be instituted by the RBI and after rectification of the deficiencies to the satisfaction of the central bank. "The company is committed to upholding the highest standards of compliance and will continue to ensure that the remediations carried out by it are sustained," JM Financial said. The RBI had directed JM Financial Products to cease and desist from doing any form of financing against shares and debentures, including sanction and disbursal of loans against IPO of shares as well as against subscription to debentures. But no...