The other two entities are JM Financial Services (Stock Broker) and JM Financial Products (Non-Banking Finance Company). They have also given a Voluntary exclusion company by acting as a distributor in a public issue of debt certificates and of initial public offer financing for a period of three months. In addition, JM Financial, who carries out trading banking activities, and JM Financial Services £ 2.5 crore have returned to marketing gender Sebi.
The case relates to an investigation that Sebi had conducted in 2023 on the public issues of non-convertible bonds (NCDs).
During the investigation of such a public issue of NCDs from Piramal Enterprises, it was noted that a considerable number of individual investors sold the debts assigned to them on the day of mention themselves, which strongly reduced retail possession.
Sebi also noted that JM Financial Products used the proxy and bid applications for 11.34,000 NCDs, on behalf of 1008 applicants, in the public issue of Piramal Enterprises NCDS. These applicants were also customers of the stock agent JM Financial Services.
The regulator claimed that JM Financial Products had provided loans to the 1,008 applicants at an interest rate of 10% to request the NCDs.
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