New Delhi: IIFL Finance and JM Financial Products (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank of India (RBI) has initiated the process for the appointment of auditors. The RBI has floated two separate tenders for the appointment of auditors for special audits of these two non-banking … Read more
NEW DELHI: IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) will undergo a special audit to further probe their regulatory breaches, as the Reserve Bank has initiated the process for the appointment of auditors. The Reserve Bank has floated two separate tenders for the appointment of auditors for special audits of these two non-banking … Read more
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Mumbai: Recent penalties by the banking watchdog on financial intermediaries are an early warning on what’s in store for rule violators in the new regulatory era as central bank governor Shaktikanta Das ‘future-proofs’ an increasingly digital financial ecosystem to deliver durably robust economic growth in India’s fast-paced journey toward becoming a developed nation. The Reserve … Read more
MUMBAI: Canadian billionaire Prem Watsa‘s Fairfax group, an early investor in IIFL Finance, has committed to providing up to $200 million in liquidity support to the finance company. The announcement came as the company’s shares hit the 20% lower circuit for the second consecutive day after RBI barred the lender from extending gold loans, which … Read more
AK Purwar, Chairman & Independent Director, IIFL Finance, says RBI pointed out certain gaps in our systems. Let me put it that the gold loan business which we are having, the practices, systems, processes is all as per present industry standards and present industry norms. RBI suggested certain changes which we have in a way … Read more
Brokerage firm Citigroup maintained a buy rating on UltraTech Cement but downgraded MGL to sell. Jefferies downgraded IIFL Finance to hold and JPMorgan maintained an overweight rating on RIL. We have collated a list of recommendations from top brokerage firms from ETNow and other sources: Citigroup on UltraTech Cement: Buy| Target Rs 11700 Citigroup maintained … Read more
Benchmark indices snapped their four day winning run on Tuesday amid weak global trends. The 30-share Sensex declined 195 points to settle at 73,677 and the broader Nifty declined 49 points to close at 22,356. Stocks that were in focus included names like IIFL Finance, which fell 20%, Bajaj Auto, which rose 1.74%, and Tata … Read more
Mumbai: Shares of IIFL Finance plunged 20% Tuesday, the lowest tradeable limit of the day, after the Reserve Bank of India asked the company to stop disbursing and sanctioning gold loans with immediate effect on Monday. Manappuram Finance and Muthoot Finance, two of the country’s top gold financing companies, rose as the central bank’s move … Read more
Shares of FSN E-Commerce Ventures are expected to witness their next leg of performance riding on margin improvements which will be akin to Zomato, according to estimates by Nuvama. The domestic brokerage reiterated its buy rating on the Nykaa operator while marginally raising the price target to Rs 192 from Rs 189, as suggested earlier. … Read more