JM Financial

JM Financial was founded in 1973 by Mahendra Kampani and Nimesh Kampani as a spin-off from Jamnadas Morarjee Securities' investment banking arm and was originally set up as a consultancy practice. In 1986, it was incorporated as a private limited company to engage in the business of Stock-broking. In 1991, it listed on the Bombay Stock Exchange becoming a publicly listed company group and in 2006 it held a secondary listing on the National Stock Exchange of India. The group expanded into different businesses outside Stock-broking which include Asset management in 1994, Private equity in 2006, Real estate investment in 2007, Distressed Credit in 2008 and Mortgage lending in 2017. In 1999, JM Financial and Morgan Stanley set up a Joint venture in India named JM Morgan Stanley. In February 2007, Morgan Stanley announced the end of JM Morgan Stanley Joint Venture agreement. 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. ==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. This doesn't include indirect ownership via private entities etc. ==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. Kampani was reported hiding in Dubai temporarily to avoid arrest. In April 2009, the Supreme Court of India granted a stay on the arrest for Kampani. The firms solicited and provided brokerage services to U.S. investors without being registered with the SEC as required under the federal securities laws. From 2013 to 2014, Saraogi engaged in off-market transactions of JM financial shares without obtaining approval from his employer. == References ==