sebi:WTM/KCV/CFD/26/2025-26
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Facts / Headnote
SCN dated December 12, 2025 disposed of without any adverse direction; violations held not established; department to process offer documents in regular course
Provisions invoked
- s. 11A
- s. 11
Regulations
- Reg. 24
- Reg. 24(3)
- Reg. 296
Parties
- Issuer Company
- Premier Financial Services Private Limited
- J.M. Financial Limited
- Axis Capital Limited
- DAM Capital Advisors Limited
Holding
The SCN dated December 12, 2025 alleging wilful concealment of RBI-flagged non-compliances by the promoter PFSPL was disposed of without any adverse direction. The violations were held not established and SEBI directed processing of the offer documents in regular course with disclosure of the SCN and order.
Full text
Page 2 of 10 “Fresh Issue”) and an Offer for Sale aggregating up to ₹1,000 crores by Premier Financial Services Private Limited (hereinafter referred to as “PFSPL”).
Page 3 of 10 d) The company is still registered with RBI as Premier Financial Services Limited, whereas it has changed its status to private and is presently named as Premier Financial Services Private Limited. As per our records, updated CoR has not yet been issued by Department of Regulation due to existing concerns around the company. e) Pursuant to the violations observed, it would not be prudent to permit this non- compliant NBFC or its group entity to bring in an IPO. It would not be in public interest to permit them to bring out the IPO as the NBFC is a consistent violator of extant guidelines.”
Page 4 of 10 in the DRHP. It was alleged that such non-disclosures of material information in the DRHP violated sub-regulations (1) and (2) of regulations 24 of the ICDR Regulations read with sub-item (ii) of item (1) of sub-clause (A) of Clause 12 of Part A of Schedule VI of the ICDR Regulations. The Issuer Company was called upon to show cause as to why the DRHP should not be rejected for non-compliance with the provisions of sub-clauses (i) and (ii) of clause 1.5 and sub-clauses (i) of clause 1.6 read with sub-clauses (ii) and (iv) of clause 2 of SEBI (Framework for Rejection of Draft Offer Documents) Order 2012 dated October 09, 2012 (hereinafter referred to as “General Order”), read with regulation 296 of the ICDR Regulations.
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Source: SecMarx — sebi:WTM/KCV/CFD/26/2025-26. 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.