sebi:WTM/AB/DDHS/DDHS-PoD-1/30074/2023-24
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee barred from taking any new mandate for acting as lead manager for any public issue of debt securities until further orders; may continue existing mandates for 60 days; SEBI to complete investigation within six months.
Provisions invoked
- s. 19
Regulations
- Reg. 199
- Reg. 3
- Reg. 4(1)
- Reg. 31
- Reg. 2
Parties
- JM Financial Limited
Holding
SEBI prima facie found an assured-exit incentive scheme and barred JM Financial Limited from taking any new mandate as lead manager for public issues of debt securities until further orders, permitting existing mandates to continue for 60 days pending investigation.
Full text
Interim Ex Parte Order in the matter of JM Financial Limited Page 2 of 22 their applications in the public issue through the stock broker JM Financial Services Ltd (JMFSL-Broker), another subsidiary of the Noticee JMFL-MB.
Interim Ex Parte Order in the matter of JM Financial Limited Page 3 of 22 bidding and allotment data, and the trading pattern that was observed on the day of listing.
Interim Ex Parte Order in the matter of JM Financial Limited Page 4 of 22 non-individual investors. Seventy Five percent of the net allotments were made to individual investors including HNIs. The details of tenor-wise allotment in the issue is given in the Table below:
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Source: SecMarx — sebi:WTM/AB/DDHS/DDHS-PoD-1/30074/2023-24. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.