RBI will now conduct special audit of IIFL Finance and JM Financial
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rbi: After big action on Paytm, Reserve Bank of India (Reserve Bank of India) through two non-banking finance corporations (NBFC) Major action has been taken. In this episode, it is being told that now a special audit of IIFL Finance Limited and JM Financial Products Limited (JMFPL) will be conducted by the Reserve Bank. For this, the process of appointment of auditor has been started by the apex bank. RBI has issued two separate tenders for the appointment of auditors. Audit firms listed by the Securities and Exchange Board of India (SEBI) can participate in the tender process for forensic audit. According to the tender document, the last date for bid submission is April 8. According to the bid documents, the work will be awarded to the selected companies on April 12, 2024.
The action took place in the first week of March
Let us tell you that earlier this month, action was taken by RBI against IIFL Finance Limited and JM Financial. The bank had barred IIFL Finance from sanctioning or disbursing gold loans following some supervisory concerns over its gold loan portfolio. The apex bank had said that the company was inspected with reference to the financial position of IIFL as on March 31. A day later, the Reserve Bank had imposed curbs on JM Financial Products Limited. The investigation revealed that the company was involved in various types of manipulation. Which also included repeatedly helping a group of his own clients bid for various initial public offerings (IPOs) using borrowed funds. The central bank had banned non-deposit taking NBFCs from providing any kind of financing against shares and debentures.
Also Read: Gold becomes cheaper on Holi, silver slips, know today’s price
The share had fallen by 19 percent
After the action taken by RBI on IIFL Finance and JM Financial, there was a big fall in the stocks of the companies. JM Financial’s stocks fell by 19 percent on March 6. In such a situation, it is understood that after the market opens on Tuesday, action will be seen in the stocks of both the companies. Earlier last Friday, the stock of IIFL Finance had closed at 0.83 percent i.e. Rs 2.80. Whereas, JM Financial shares closed with a rise of 0.27 percent i.e. 20 paise.
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