JM FINANCIAL LTD. - Updates

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of JM Financial Limited ('the Company') at its meeting held today has accorded its approval to the Composite Scheme of Amalgamation and Arrangement between the Company and its Wholly Owned Subsidiaries, viz., JM Financial Institutional Securities Limited and JM Financial Investment Managers Limited. The Scheme, inter alia, comprises the following: 1. Demerge the Institutional Equities Division of JM Financial Institutional Securities Limited into a new company proposed to be incorporated as part of this arrangement. The said new company would be incorporated as a Wholly Owned Subsidiary of JM Financial Services Limited, which is a Wholly Owned Subsidiary of JM Financial Limited; and 2. Merger of JM Financial Institutional Securities Limited and JM Financial Investment Managers Limited into the Company;