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The letter, dated January 1, 2025, pertains to the company’s role in the initial public offering (IPO) of equity shares by its client, Western Carrier (India) Ltd.
“…please note that JM Financial Limited (the “Company”) in its capacity as a SEBI registered Merchant Banker, has received an administrative warning letter dated January 1, 2025 from SEBI in relation to the initial public offering of equity shares by one of its clients,” JM Financial said in a regulatory filing.
Also Read: JM Financial says RBI special audit completed, report submitted on August 5
The warning was officially communicated to JM Financial on January 2, 2025, at 2.30 pm. The company has clarified that the SEBI action has no financial or operational impact on its activities.
JM Financial reported a 19% on-year increase in profit after tax at ₹232 crore for three months ended September 30, 2024. The company had posted a profit after tax (PAT) of ₹195 crore in the year-ago period. On a quarter-on-quarter basis, it registered a 36% growth.
Its total income marginally dropped to ₹1,211 crore in the July-September quarter of the current financial year (FY25) from ₹1,214 crore in the same quarter preceding fiscal, JM Financial said in a statement. However, on a quarter-on-quarter basis, JM Financial’s total income rose 11% from ₹1,094 crore in the three months ended June 2024.
Also Read: 2024: A pivotal year as RBI cracks down on financial sector non-compliance
JM Financial is a diversified financial services group and its primary businesses include integrated investment banking, mortgage lending, alternative and distressed credit, asset management, wealth management and securities business.
Shares of JM Financial Ltd ended at ₹130.50, down by ₹2.55, or 1.92% on the BSE.
First Published: Jan 3, 2025 3:57 PM IST
