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On Tuesday evening, the RBI imposed restrictions on JM Financial Products barring it from doing any form of financing against shares and debentures

JM Financial shares crash over 15%, IIFL plunges another 20% amid RBI's crackdown

<h2>On Tuesday evening, the RBI imposed restrictions on JM Financial Products barring it from doing any form of financing against shares and debentures</h2>

Shares of JM Financial crashed more than 15% on Wednesday as the stock reacted to curbs imposed by the Reserve Bank of India.
On Tuesday evening, the RBI imposed restrictions on JM Financial Products barring it from doing any form of financing against shares and debentures.
RBI imposes curbs on JM Financial Products
The Reserve Bank on Tuesday imposed restrictions on JM Financial Products Ltd after finding that the company indulged in various manipulations, including repeatedly helping a group of its own customers to bid for various IPOs by using loaned funds.
In a major regulatory action, the central bank has barred the systemically important non-deposit-taking NBFC from providing any kind of financing against shares and debentures, including sanction and disbursal of loans against Initial Public Offering (IPO) of shares as well as against subscription to debentures.
The restrictions are with immediate effect. The central bank said it observed 'serious deficiencies' in respect of loans sanctioned by the company for IPO financing and NCD subscriptions.
Meanwhile, IIFL Finance crashed for the second day in a row, locked in a lower circuit of 20%, extending Tuesday's losses after RBI action. RBI bars IIFL Finance from disbursing gold loans; flags supervisory concerns
In a statement on Monday, the RBI said it has directed IIFL Finance Ltd "to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans".
The company can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, it added.
Also Read: <a href="https://www.editorji.com/business-news/markets/rbi-bars-jm-financial-from-providing-any-financing-against-shares-debentures-cites-serious-deficiencies-1709643875960">RBI bars JM financial from providing any financing against shares, debentures; cites serious deficiencies</a>

The founder of IIFL Group, Nirmal Jain on Tuesday clarified that the RBI's action was attributed to "operational issues," rather than governance or ethical concerns

RBI crackdown: IIFL's Nirmal Jain calls action harsh, says no governance concerns

<h2>The founder of IIFL Group, Nirmal Jain on Tuesday clarified that the RBI's action was attributed to "operational issues," rather than governance or ethical concerns</h2>

Following the RBI's ban on IIFL Finance from disbursing gold loans and raised supervisory concerns, the founder of IIFL Group, Nirmal Jain on Tuesday clarified that the RBI's action was attributed to "operational issues," rather than governance or ethical concerns.
"While the directive from RBI appears a little harsh, would like to express utmost gratitude to the regulator," Jain told TV channels a day after the RBI &nbsp;debarred the NBFC from sanctioning and disbursing fresh gold loans following &ldquo;material supervisory concerns&rdquo;.
Jain further added that the directive from RBI was a little harsh. HOwever, IIFL would address concerns raised by the regulator.
 Also read/watch - <a title="IIFL Finance shares dive 20% following RBI ban on gold loan disbursement" href="https://www.editorji.com/business-news/iifl-finance-shares-dive-20-following-rbi-ban-on-gold-loan-disbursement-1709617867996">IIFL Finance shares dive 20% following RBI ban on gold loan disbursement</a> The RBI on Monday directed IIFL Finance Ltd to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any gold loans.
In a statement on Monday, the RBI said it has directed IIFL Finance Ltd "to cease and desist, with immediate effect, from sanctioning or disbursing gold loans or assigning/ securitising/ selling any of its gold loans".
The company can, however, continue to service its existing gold loan portfolio through the usual collection and recovery processes, it added.
The supervisory restrictions will be reviewed upon completion of a special audit to be instituted by the RBI and after rectification by the company of the special audit findings and the findings of RBI Inspection to the satisfaction of the central bank, it added.
Giving details, the central bank said an inspection of the company was carried out by it with reference to its financial position as of March 31, 2023.
Certain material supervisory concerns were observed in the gold loan portfolio of the company.

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