JM Financial Receives ₹230 Crore Tax Refund For Assessment Year 2008-2009

JM Financial Limited has received an order from the Deputy Commissioner of Income Tax regarding the assessment year 2008-09. The order, issued under Section 254 read with Section 143(3) of the Income-tax Act, 1961, states that the company will receive a tax refund of ₹230 crore, including interest. 

The order was received on February 19, 2025.

No Violations Reported

According to the company’s disclosure, no violations or contraventions were mentioned in the order. The refund process follows legal proceedings, with no adverse remarks against JM Financial.

The tax refund is expected to have a positive financial impact on JM Financial, as per the reports. While the company has not provided details on how the funds will be used, the refund amount is significant in monetary terms.

Official Statement

The company secretary and compliance officer, Hemant Pandya, has signed off on the disclosure made to the stock exchanges. The company has requested the exchanges to take note of the refund order and disseminate the information appropriately.

JM Financial has not provided any additional comments on the refund apart from the regulatory filing. Further updates on the financial impact or utilisation of the refund may be available in subsequent disclosures.

Background

JM Financial Limited is a financial services company based in Mumbai. The company operates in investment banking, wealth management, and asset management, among other financial segments. Its regulatory filings confirm compliance with applicable laws and procedures related to the tax refund.

As of February 21, 2025, 9:45 AM, JM Financial Ltd is trading at ₹104.65, up ₹1.65 (1.60%) today, despite being down 9.78% over the past month, but showing a 12.98% gain in the last six months.

Compliance and Disclosure

JM Financial has informed the stock exchanges about the order as per regulatory requirements. The disclosure was made under Regulation 30 of the SEBI LODR, which mandates listed companies to report material events. The information has been submitted to both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

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