The Reserve Bank of India (RBI) is set to conduct a comprehensive investigation into the regulatory breaches of IIFL Finance Ltd and JM Financial Products Ltd (JMFPL), with a special audit slated to commence from April 12, 2024.
In an effort to delve deeper into the regulatory infractions, the RBI has taken decisive action against both entities. IIFL Finance finds itself prohibited from extending gold loans, while JMFPL faces a ban on financing shares or debentures. These restrictions were imposed by the RBI pending the completion of a special audit and subsequent rectification of identified deficiencies to the satisfaction of the regulatory authority.
Recently, concerns…
Read More…
RBI Initiates Special Audit to Investigate Regulatory Breaches by IIFL Finance and JMFPL
