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No loan against shares, debentures: RBI asks JM Fin
The Morning Standard
|March 06, 2024
THE Reserve Bank of India has directed JM Financial Products Ltd (JMFPL) to stop any form of financing against shares and debentures with immediate effect.
This crackdown includes the sanction and disbursal of loans against the initial public offer (IPO) of shares, as well as against subscriptions to debentures.
"The RBI has today, in exercise of its powers under section 45L(1)(b) of the Reserve Bank of India Act, 1934, directed JM Financial Products (JMFPL or 'the company') to cease and desist, with immediate effect, from doing financing against shares and debentures, including sanction and disbursal of loans against IPO of shares as well as against subscription to debentures," RBI said on Tuesday.
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