Home Investment India Authorities Investigate Merchant Banks on Retail Subscriptions for Public Bonds, Leading...

India Authorities Investigate Merchant Banks on Retail Subscriptions for Public Bonds, Leading India Investment Bank JM Financial Banned from Managing New Public Bonds for Using Related Entities to Inflate Subscriptions & Providing Guaranteed Selling after Allocation, JM Financial Non-Banking Units Instructed to Stop Providing Financing Against Shares, Debentures & Loans for IPO Subscriptions

Mar 9, 2024

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India Authorities Investigate Merchant Banks on Retail Subscriptions for Public Bonds, Leading India Investment Bank JM Financial Banned from Managing New Public Bonds for Using Related Entities to Inflate Subscriptions & Providing Guaranteed Selling after Allocation, JM Financial Non-Banking Units Instructed to Stop Providing Financing Against Shares, Debentures & Loans for IPO Subscriptions

9th March 2024 | Hong Kong

India authorities are investigating merchant banks on retail subscriptions for public bonds, with leading India investment bank JM Financial banned from managing new public bonds for using related entities to inflate subscriptions & providing guaranteed selling after allocation. JM Financial non-banking units had also been instructed to stop providing financing against shares, debentures & loans for IPO subscriptions. India authorities conducting the investigations include Securities & Exchange Board of India (SEBI), and India central bank Reserve Bank of India (RBI). JM Financial is an integrated and diversified financial services group. The Group’s primary businesses include (a) Investment Bank (IB) shall cater to Institutional, Corporate, Government and Ultra High Networth clients and includes investment banking, institutional equities and research, private equity funds, fixed income, syndication and finance; (b) Mortgage Lending includes both wholesale mortgage lending and retail mortgage lending (home loans, education institutions lending and LAP); (c) Alternative and Distressed Credit includes the asset reconstruction business and alternative credit funds; and (d) Asset management, Wealth management and Securities business (Platform AWS) shall provide an integrated investment platform to individual clients and includes wealth management business, broking, PMS and mutual fund business.

“ India Authorities Investigate Merchant Banks on Retail Subscriptions for Public Bonds, Leading India Investment Bank JM Financial Banned from Managing New Public Bonds for Using Related Entities to Inflate Subscriptions & Providing Guaranteed Selling after Allocation, JM Financial Non-Banking Units Instructed to Stop Providing Financing Against Shares, Debentures & Loans for IPO Subscriptions “

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India Authorities Investigate Merchant Banks on Retail Subscriptions for Public Bonds, Leading India Investment Bank JM Financial Banned from Managing New Public Bonds for Using Related Entities to Inflate Subscriptions & Providing Guaranteed Selling after Allocation, JM Financial Non-Banking Units Instructed to Stop Providing Financing Against Shares, Debentures & Loans for IPO Subscriptions

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