India, March 13 -- The Reserve Bank of India (RBI) has, by an order dated March 03, 2025, imposed a monetary penalty of ?3.10 lakh (Rupees Three Lakh Ten Thousand only) on JM Financial Products Limited (the company) for non-compliance with certain provisions of the 'Master Direction - Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016' issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.
The statutory inspection of the company was conducted by RBI with reference to its financi...