SEBI issues warning to JM Financial over NCD issuances

JM Financial Ltd (JMFL) disclosed receiving an administrative warning letter from SEBI regarding its role as a Merchant Banker for certain past public issuances of non-convertible debentures (NCDs). SEBI's inspection highlighted discrepancies in due diligence, documentation, and disclosures related to these issuances. The regulator instructed JMFL to rectify the deficiencies, present the inspection findings and SEBI's letter to its board, and submit an action taken report. JMFL clarified that the SEBI letter has not impacted its financial, operational, or other activities. The company assured compliance with SEBI's directives to address the identified issues promptly and comprehensively.