The Securities and Exchange Board of India (Sebi) has taken action against JM Finance by barring them from taking new mandates to act as a manager for bond issuances. This decision comes after JM Finance was found to be in violation of certain regulations. However, JM Finance will be allowed to continue managing debt issues for another 60 days.
In other news, Indian government bond yields edged lower on Thursday, tracking US peers. The benchmark 10-year Indian bond yield ended at 7.0312%, lower than its previous close of 7.0548%. This decline was attributed to comments from Federal Reserve Chair Jerome Powell, which indicated a potential rate cut later in the year.
Additionally, the rupee ended at 82.79 against the US dollar, the highest level since September 4. The stock market also saw some fluctuations, with the Sensex ending choppy trade 33 points higher, while Nifty remained above 22,450. Tata Steel saw a jump of 4%, while RIL dipped by 2%.
Baroda BNP Paribas Mutual Fund announced that its innovation fund has garnered Rs 900 crore from investors during the new fund offering period. The fund, which was open for subscription from February 14-28, has now been re-opened for continuous sale and repurchase from March 7.
Overall, the financial markets are experiencing various movements and developments, with investors closely watching for any further updates or changes. Stay tuned for more updates on the latest in the financial world.
