Tudu Hommie at 10:47, 15 April 2026

2026-04-15T10:47:27Z

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{{Short description|Indian financial services group}}
{{Use dmy dates|date=December 2023}}
{{Use Indian English|date=June 2022}}
{{Infobox company
| name = JM Financial Ltd.
| native_name =
| logo = JM Logo2.png
| logo_size =
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{NSE|JMFINANCIL}}|{{BSE|523405}}|[[NIFTY 500|NSE NIFTY 500 Constituent]]}}
| ISIN = INE780C01023
| foundation = {{start date and age|1973}}
| location_city = [[Mumbai]]
| location_country = India
| industry = [[Financial services]]
| services = [[Investment banking]] [[Mortgage lending]] [[Investment management]] [[Asset management]] [[Mutual fund]]s [[Exchange-traded fund]]s
| revenue = {{up}}{{INRConvert|37.63|b}}
| revenue_year = 31 March 2022
| net_income = {{up}}{{INRConvert|9.92|b}}
| net_income_year = 31 March 2022
| assets = {{up}}{{INRConvert|258|b}}
| assets_year = 31 March 2022
| equity = {{up}}{{INRConvert|106|b}}
| equity_year = 31 March 2022
| owner =
| num_employees = {{up}}4,680
| num_employees_year = 2025
| key_people = {{ubl
|[[Nimesh Kampani]] (chairman)
|Vishal Kampani (vice chairman)
|Atul Mehra (Managing
Director)
|Adi Patel (managing director)
}}
| founder = [[Nimesh Kampani]]
| homepage = {{URL|https://jmfl.com/}}
| footnotes = <ref name="AR22">{{cite web |title=Annual Report 2022 |url=https://www.primeinfobase.in/z_JMFINANCIL/files/JM_Financial_Ltd_AR_2021-22.pdf |website=JM Financial}}</ref><ref name="WSJ">{{cite web |title=JMFINANCIL.IN {{!}} J.M. Financial Ltd. Company Profile & Executives - WSJ |url=https://www.wsj.com/market-data/quotes/IN/XNSE/JMFINANCIL/company-people |website=www.wsj.com}}</ref>
}}

'''JM Financial Ltd.''' ('''JMFL''') is an Indian financial services group headquartered in [[Mumbai]] and has branches across [[India]].<ref name=":1">{{Cite web |title=Our Presence |url=https://jmfl.com/our-presence |access-date=21 March 2022 |website=jmfl.com}}</ref> It also has overseas branches in [[Ebene, Mauritius|Ebene]], Singapore, New Jersey and [[Dubai]] although almost all the group's business are domestic operations in India.<ref name="AR22"/><ref name=":1" />

==History==

JM Financial was founded in 1973 by Mahendra Kampani and [[Nimesh Kampani]] as a spin-off from Jamnadas Morarjee Securities' investment banking arm<ref>{{Cite book |last=Vijayaraghavan |first=Nandini |url=https://books.google.com/books?id=m-2nEAAAQBAJ&dq=JM+financial&pg=PT29 |title=Unfinished Business: Evolving Capitalism in the World's Largest Democracy |date=23 January 2023 |publisher=Penguin Random House India Private Limited |isbn=978-93-5492-874-1 |language=en}}</ref> and was originally set up as a consultancy practice.<ref name="WSJ" /><ref>{{Cite web |author=The Company Check |title=J M FINANCIAL AND INVESTMENT CONSULTANCY SERVICES PRIVATE LIMITED - Company Details {{!}} The Company Check |url=https://www.thecompanycheck.com/company/j-m-financial-and-investment-consultancy-services-private-limited/U67120MH1973PTC016844 |access-date=2 April 2022 |website=www.thecompanycheck.com |language=en-IN}}</ref> In 1986, it was incorporated as a private limited company to engage in the business of [[Stock-broking]].<ref name="ET">{{cite web |title=JM Financial History {{!}} JM Financial Information |url=https://economictimes.indiatimes.com/jm-financial-ltd/infocompanyhistory/companyid-12633.cms |website=The Economic Times |language=en}}</ref>

In 1991, it listed on the [[Bombay Stock Exchange]] becoming a [[Public company|publicly listed company]] group<ref>{{Cite web |title=JM Financial Listing Information |url=https://economictimes.indiatimes.com/jm-financial-ltd/infocompanylisting/companyid-12633.cms |access-date=2 April 2022 |website=The Economic Times}}</ref> and in 2006 it held a [[secondary listing]] on the [[National Stock Exchange of India]].<ref>{{Cite web |date=7 October 2006 |title=GATI & JM FINANCIAL to be listed in NSE from October 10, 2006 |url=https://www.equitybulls.com/category.php?page=0&id=2564 |access-date=24 March 2022 |website=EquityBulls}}</ref> The group expanded into different businesses outside Stock-broking which include [[Asset management]] in 1994,<ref>{{Cite web |title=JM Financial Mutual Fund {{!}} JM Mutual Fund schemes & SIPs |url=https://www.fincash.com/l/jm-financial-mutual-fund |access-date=21 March 2022 |website=www.fincash.com |language=en}}</ref> [[Private equity]] in 2006,<ref>{{Cite web |title=JM Financial launches India-focused private equity fund with Old Lane {{!}} Alternatives |url=https://www.asianinvestor.net/article/jm-financial-launches-india-focused-private-equity-fund-with-old-lane/57930 |access-date=21 March 2022 |website=AsianInvestor|date=9 August 2006 }}</ref> [[Real estate investment]] in 2007,<ref>{{Cite news |last=Unnikrishnan |first=MV Ramsurya & Rajesh |title=Realty bug bites JM Financial |work=The Economic Times |url=https://economictimes.indiatimes.com/realty-trends/realty-bug-bites-jm-financial/articleshow/1895140.cms |access-date=21 March 2022}}</ref> [[Distressed securities|Distressed Credit]] in 2008<ref>{{Cite news |last=Mehta |first=Sangita |title=Asset reconstruction business hots up as loan defaults rise |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/banking/finance/asset-reconstruction-business-hots-up-as-loan-defaults-rise/articleshow/3537826.cms |access-date=21 March 2022}}</ref> and [[Mortgage lending]] in 2017.<ref>{{Cite web |last3=Ist |date=24 November 2017 |title=JM Financial gets NHB nod for home finance arm - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/jm-financial-gets-nhb-nod-for-home-finance-arm/articleshow/61783244.cms |access-date=21 March 2022 |website=The Times of India |language=en}}</ref>

In 1999, JM Financial and [[Morgan Stanley]] set up a [[Joint venture]] in India named JM Morgan Stanley.<ref name=":0">{{Cite news |title=JM Financial, Morgan Stanley part ways |work=The Economic Times |url=https://economictimes.indiatimes.com/the-week-that-was/jm-financial-morgan-stanley-part-ways/articleshow/1676195.cms |access-date=21 March 2022}}</ref> In February 2007, Morgan Stanley announced the end of JM Morgan Stanley Joint Venture agreement.<ref name=":0" /> It acquired JM Financial's 49% stake in the institutional brokerage business, and sold its 49% stake in the [[Investment banking]] business to JM Financial.<ref name=":0" />

==Organization==

JM Financial has four main business segments: 1. Investment banking, [[Wealth management]] and Securities Business (IWS); 2. Mortgage lending; 3. Distressed Credit and 4. Asset Management.<ref name="AR22"/> The IWS and Mortgage lending segments make up the majority of the group's revenue.<ref name="AR22"/> Almost all of the group's revenue is from only India.<ref name="AR22"/>

Although JM Financial is a publicly listed company, Kampani and his family still exhibit significance influence over it. According to shareholding disclosures, Kampani and his family hold over 15% of the group's shares.<ref name=":5">{{Cite web |title=JM Financial Ltd. Shareholding Pattern: Latest Shareholding Snapshot of JM Financial Ltd. |url=https://www.bloombergquint.com/stock/187323/jm-financial-ltd/shareholding-snapshot |access-date=29 March 2022 |website=www.bloombergquint.com}}</ref> This doesn't include indirect ownership via private entities etc.<ref name=":5" />

=== Rankings ===
According to [[Mergermarket]] [[League tables (finance)|League tables]], JM Financial is usually ranked in the top 10 firms for India deals by value with its 2021 rank being No. 4.<ref>{{Cite web |date=12 May 2022 |title=Global & Regional League Tables 2021 |url=http://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q42021.pdf |archive-url=https://web.archive.org/web/20220512084505/http://www.mergermarket.com/pdf/MergermarketFinancialLeagueTableReport.Q42021.pdf |archive-date=12 May 2022 |access-date=25 September 2022}}</ref>

==Controversies ==

=== Police investigation into Nimesh Kampani ===
In 2009, JM Financial Founder, chairman and managing director, Nimesh Kampani was under police investigation for alleged involvement of defrauding depositors by [[Hyderabad]]-based Nagarjuna Finance Ltd.<ref name=":2">{{Cite web |date=6 January 2009 |title=Why targeting Nimesh Kampani is a bad move |url=https://indianexpress.com/article/news-archive/web/why-targeting-nimesh-kampani-is-a-bad-move/ |access-date=21 March 2022 |website=The Indian Express |language=en}}</ref><ref name=":4">{{Cite web |last=Doshi |first=P. R. Sanjai, Ankit |date=2 August 2016 |title=Nimesh Kampani to step down as J.M. Financial chairman and MD |url=https://www.livemint.com/Companies/D4MT6nHYOeMMTkSS9I8BCP/Nimesh-Kampani-to-step-down-as-CMD-JM-Financial.html |access-date=26 March 2022 |website=mint |language=en}}</ref> Kampani was reported hiding in Dubai temporarily to avoid arrest.<ref name=":3">{{Cite news |last1=PM |first1=Indulal |last2=Barman |first2=Arijit |title=India Inc's most trusted confidante Nimesh Kampani to step down as the chairman and MD of JM Financial |work=The Economic Times |url=https://economictimes.indiatimes.com/news/company/corporate-trends/india-incs-most-trusted-confidante-nimesh-kampani-to-step-down-as-the-chairman-and-md-of-jm-financial/articleshow/53514991.cms? |access-date=21 March 2022}}</ref> In April 2009, the [[Supreme Court of India]] granted a stay on the arrest for Kampani.<ref name=":4" /> After two years, Kampani returned to India but stepped back from daily operations.<ref name=":3" /> In 2016, he formally resigned from his position as managing director and handed over control of JM Financial to his son, Vishal Kampani.<ref name=":4" /><ref name=":3" />

=== SEC regulatory fine due to violation of registration rules ===
In 2012, the [[U.S. Securities and Exchange Commission]] (SEC) fined JM Financial and three other Indian securities firms, US$1.8 million for violating registration rules.<ref name=":6">{{Cite web |date=28 November 2012 |title=Ambit, Motilal Oswal among cos fined by SEC |url=https://www.deccanherald.com/content/295069/ambit-motilal-oswal-among-cos.html |access-date=29 March 2022 |website=Deccan Herald |language=en}}</ref> The firms solicited and provided brokerage services to U.S. investors without being registered with the SEC as required under the federal securities laws.<ref name=":6" />

=== Insider trading settlement ===
In 2020, Atul Saraogi, a vice president at JM Financial settled an alleged [[insider trading]] case with the [[Securities and Exchange Board of India]] (SEBI) by paying ₹1.5 million.<ref name=":7">{{Cite news |title=JM Financial's former VP settles insider trading case with Sebi |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/stocks/news/jm-financials-former-vp-settles-insider-trading-case-with-sebi/articleshow/77003008.cms |access-date=29 March 2022}}</ref> From 2013 to 2014, Saraogi engaged in off-market transactions of JM financial shares without obtaining approval from his employer.<ref name=":7" />

=== Ban on managing debt issues ===
In June 2024, SEBI banned JM Financial from acting as a lead manager for public issues of debt securities until March 31, 2025, in a case of alleged irregularities in a public issue of non-convertible debentures (NCDs).<ref>{{Cite news |last=Zachariah |first=Reena |date=2024-06-20 |title=Sebi confirms interim direction; bans JM Financial from managing debt public issues till Mar 2025 |url=https://economictimes.indiatimes.com/markets/stocks/news/sebi-confirms-interim-direction-bans-jm-financial-from-managing-debt-public-issues-till-mar-2025/articleshow/111145910.cms |access-date=2024-06-21 |work=The Economic Times |issn=0013-0389}}</ref>

== References ==
{{reflist}}

==External links==
* [https://jmfl.com/ Official site]
{{Investment banks}}
{{authority control}}

[[Category:Investment banks in India]]
[[Category:Indian companies established in 1973]]
[[Category:Financial services companies of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:Companies listed on the National Stock Exchange of India]]

JM Financial - Revision history

Tudu Hommie at 10:47, 15 April 2026