Description

Trading suspended in JM Financial Products Limited debentures (ISIN: INE523H07BX5) from November 7, 2025 due to partial redemption and interest payment with record date of November 8, 2025.

Summary

BSE has announced the suspension of trading in non-convertible debentures of JM Financial Products Limited (Code: 974922, ISIN: INE523H07BX5) effective November 7, 2025. The suspension is implemented ahead of the November 8, 2025 record date set for partial redemption due to buyback at investor request and interest payment. Trading members are instructed to cease all dealings in the specified debentures.

Key Points

  • Trading suspension applies to JM Financial Products Limited NCD series JMFPL-8.8%-23-12-25-PVT
  • ISIN: INE523H07BX5, BSE Code: 974922
  • Coupon rate: 8.8%
  • No dealings allowed from November 7, 2025 onwards
  • Record date fixed as November 8, 2025
  • Dual purpose: Partial redemption via investor-requested buyback and interest payment
  • Notice reference: DR-751/2025-2026

Regulatory Changes

No new regulatory framework changes. This is a standard operational suspension tied to corporate action processing for debenture redemption and interest distribution.

Compliance Requirements

  • Trading members must immediately cease all trading activities in the specified debentures from November 7, 2025
  • No buy or sell orders to be accepted for ISIN INE523H07BX5
  • Members must inform clients holding or interested in these debentures about the trading suspension
  • Ensure settlement systems reflect the trading halt for the affected securities

Important Dates

  • November 6, 2025: Circular issued
  • November 7, 2025: Trading suspension effective date (no dealings from this date)
  • November 8, 2025: Record date for partial redemption and interest payment

Impact Assessment

Market Impact: Limited to holders of this specific debenture series. The suspension prevents trading during the record date window to ensure accurate identification of eligible investors for the buyback and interest payment.

Investor Impact: Debenture holders will receive partial redemption proceeds and accrued interest based on November 8 record date holdings. No liquidity available for entering or exiting positions from November 7 onwards.

Operational Impact: Trading members must update their systems and communicate restrictions to clients. The buyback is at investor request, indicating voluntary participation rather than mandatory redemption, though the specific mechanics are not detailed in the circular.

Impact Justification

Trading suspension affects specific debenture holders and debt market participants. Limited to single ISIN with buyback at investor request. Record date approach requires immediate trading halt.