Please find enclosed Annual Secretarial Compliance Report under Regulation 24A(2) of SEBI Listing Regulations.
JMFINANCIL · price
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JM Financial Limited submitted its Annual Secretarial Compliance Report for FY25, covering compliance with SEBI regulations including LODR, ICDR, Insider Trading, and Merchant Banker norms. The report from Shroff Negandhi and Associates LLP confirms overall compliance with secretarial standards, related party transactions, insider trading rules, and website disclosures, but flags multiple regulatory actions. Key issues include a SEBI Confirmatory Order barring the firm from acting as lead manager for debt securities till March 31, 2025 due to alleged irregularities in a debt public issue, a ₹15 lakh settlement payment for a delisting offer floor price error, and administrative warnings for due diligence lapses in NCD and IPO mandates. Subsidiaries also faced penalties — notably a ₹25 lakh SEBI penalty on JM Financial Asset Management Limited for mutual fund rule violations, and cumulative fines exceeding ₹17 lakh on JM Financial Services Limited for various compliance gaps including cyber incident reporting delays and margin reporting errors.
The report reveals a cluster of regulatory troubles across the JM Financial group, particularly the debt securities lead manager ban (now lifted as of March 31, 2025) and the ₹25 lakh AMC penalty. While the company states it has taken corrective steps and paid settlements, these recurring compliance lapses across subsidiaries may dent investor confidence and warrant close monitoring of future regulatory outcomes.