RBI initiates special audit for regulatory breaches by IIFL Finance and JM Financial Products
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The Reserve Bank of India (RBI) has taken action against IIFL Finance Ltd and JM Financial Products Ltd (JMFPL) for non-compliance with regulatory guidelines. As a result, the RBI has initiated the process of appointing auditors to conduct a special audit of both companies to further investigate their regulatory breaches .
The RBI has issued separate tenders for the appointment of auditors for IIFL Finance and JM Financial Products. The deadline for submitting bids is April 8, and the selected firms will be awarded the work on April 12, 2024. This special audit is expected to provide a detailed examination of the companies' operations and shed light on the extent of their regulatory breaches .
Earlier this month, the RBI imposed restrictions on IIFL Finance and JM Financial Products due ...
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