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RBI to conduct special audit of IIFL Finance, JM Financial for regulatory breaches
Livemint
·
1y ago
Medial
The Reserve Bank of India (RBI) has initiated a special audit for IIFL Finance Ltd and JM Financial Products Ltd due to regulatory breaches. It has invited bids from audit firms for conducting the audits, with the last date for submission being April 8. This comes after the RBI imposed restrictions on IIFL Finance and JM Financial Products in March for non-compliance with regulatory guidelines. IIFL Finance was barred from sanctioning gold loans, while JM Financial Products was prohibited from providing financing against shares and debentures.
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JM Financial responds to RBI's action: 'IPO financing business in M9FY24 forms 1.5% of net total income'
Money Control
·
1y ago
Medial
JM Financial saw a 10.4% drop in its stock price following the Reserve Bank of India (RBI) imposing restrictions on the company. The RBI found that JM Financial had engaged in various manipulative practices, including providing loans to a group of customers to bid for initial public offerings (IPOs) using borrowed funds. The company clarified that the impact of the RBI order on its finances is not expected to be significant. JM Financial has assured its cooperation with the RBI's special audit initiative and stated that it has not violated any regulations. The RBI is also examining potential regulatory violations by the banks involved.
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IIFL Finance shares plunge after RBI bars firm from offering gold loans
VCCircle
·
1y ago
Medial
Shares of IIFL Finance, an Indian non-banking finance company, dropped 20% after the Reserve Bank of India (RBI) barred the firm from offering gold loans due to "material supervisory concerns" in its portfolio. The RBI found serious deviations in collateral assessment, breaches in loan-to-value ratio limits, and lack of transparency in charges. A prolonged restriction may impact earnings, lower co-lending income and increase cost of finances. IIFL Finance stated that it has been taking corrective action and the impact on financials will depend on the resolution time.
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JM Financial says will fully cooperate with Sebi in probe into public issue of debt securities
Livemint
·
1y ago
Medial
JM Financial Ltd has stated that it will cooperate with the Securities and Exchange Board of India (SEBI) in its investigation into the public issue of debt securities. This comes after SEBI barred the company from accepting new mandates as a lead manager for these securities due to regulatory violations. While JM Financial can continue with existing mandates for 60 days, SEBI will conduct an investigation into the matter within six months. Just days earlier, the Reserve Bank of India had also barred JM Financial from providing any financing against shares and debentures.
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IIFL Finance says Watsa's Fairfax to invest up to $200 mn in liquidity support
Livemint
·
1y ago
Medial
IIFL Finance is set to receive a $200 million investment from Fairfax India as liquidity support after the Reserve Bank of India (RBI) barred the company from disbursing gold loans due to supervisory concerns. Fairfax India, which already holds a 15.1% stake in IIFL, has agreed to provide the investment subject to regulatory approvals. IIFL Finance reassured investors that there would be no significant impact on profitability in the near term, as the company had sufficient liquidity and would continue to recover dues from existing customers. However, analysts have downgraded their recommendation on IIFL Finance stock due to the potential impact of the RBI's restrictions.
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Fairfax commits $200 mn to IIFL Finance after RBI ban on gold loans
VCCircle
·
1y ago
Medial
Fairfax India Holdings Corporation has committed $200 million in liquidity support to IIFL Finance after the Reserve Bank of India (RBI) banned the lender's gold loan operations due to concerns over purity certification and breaches in loan-to-value ratio. Fairfax, led by Prem Watsa, has full trust in IIFL Finance's management team and believes they will take necessary corrective actions to meet RBI's compliance standards. This commitment comes as Fairfax continues to monetize its India portfolio. IIFL is a major player in the small-ticket gold, home, and business loan market, with assets under management worth Rs 78,000 crore.
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RBI bars Fairfax-backed IIFL Finance from sanctioning, disbursing gold loans
VCCircle
·
1y ago
Medial
India's central bank, the Reserve Bank of India (RBI), has ordered non-bank entity IIFL Finance to halt the sanctioning and disbursing of gold loans due to "material supervisory concerns" found in its gold loan portfolio. The RBI identified issues such as improper assessment of collateral and breaching loan-to-value ratios. The company is able to continue servicing existing gold loan portfolios. IIFL Finance has not yet responded to the RBI's order.
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RBI removes restrictions on IIFL Finance’s gold loan operations | Mint
Livemint
·
10m ago
Medial
IIFL Finance Ltd has received approval from the Reserve Bank of India (RBI) to remove the restrictions on its gold loan business.
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Ex-RBI deputy governor Kanungo may join IIFL board
Economic Times
·
1m ago
Medial
Former RBI Deputy Governor BP Kanungo is set to join IIFL Finance as an independent director, replacing AK Purwar. The move follows IIFL's efforts to enhance its governance framework after RBI lifted a ban on gold loans, imposed for regulatory non-compliance. Kanungo, noted for his risk management expertise, is expected to aid in improving IIFL's governance structure. IIFL's gold loan assets doubled post-ban lift, but net profit fell by 79% in FY25 due to prior restrictions.
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IIFL Home Finance to raise nearly ₹3,000 crore through bond issue: Report | Mint
Livemint
·
10m ago
Medial
- IIFL Home Finance plans to raise approximately ₹3,000 crore through a public issue of bonds. - The lead managers for the bond issue are Trust Investment Advisors and IIFL Securities, both rated AA by Crisil and India Ratings. - The details of the bond issue have not been finalized yet. - IIFL Finance is aiming to raise ₹10,000 crore through debt between October and March to recover from the RBI's ban on issuing gold loans. - The RBI recently lifted the ban on IIFL Finance's gold loan business, resulting in a surge of over 12% in the company's shares. - HSBC upgraded IIFL Finance stock to 'hold' from 'reduce' after the RBI's decision, with a higher target price of ₹540, and increased its earnings per share estimates.
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IIFL Finance clarifies it hasn't lent ₹440.77 crore to BYJU'S
Twitter
·
1y ago
Medial
IIFL Finance has stated that it did not provide a loan of ₹440.77 crore to BYJU'S, as incorrectly indicated in the edtech startup's audited financial reports for the period ending March 31, 2021. IIFL Finance sought clarification from BYJU'S, and BYJU'S confirmed that this information was mistakenly included. BYJU'S had listed IIFL Finance as a lender in its short-term borrowings section.
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