KJMC Financial Services (KJMC) was incorporated as Khandelwal Jain Management Consultancy Services Pvt Ltd on 29 Jun.'88, which later changed to KJMC Financial Services Pvt Ltd on 17 Dec.'93. It was then converted into a public limited company on 28 Oct.'94. It came out with a public issue at a premium of Rs 50 aggregating Rs 10.36 cr in Mar.'95 to finance the subscription to equity of a subsidiary company and to create infrastructure facilities. The area of business of KJMC is merchant banking -- loan syndication, lease and hire-purchase, bill discounting, etc. Its major clients in different fields are Himachal Futuristic Communications, Nandini Syntex, Microtex Yarns, Essar, Videocon, etc. The company has a wholly-owned subsidiary named KJMC Leasing and Finance (KLF) incorporated on 29 Mar.'94. It has diversified into real estate developments, infrastructural developments, forex services, venture capital, etc. KJMC has also incorporated an asset management company for setting up a mutual fund and it is planning to set up a private sector bank. It has tie-ups with Mahindra & Mahindra for real estate business. In 1995-96, the company along with others sponsored eight companies under the banner of KJMC and has started new activities pertaining to Forex Services, Property Development etc. During the year, it made application for Bank Licence to RBI and has also developed infrastructure for the same. The company in order to expand and strengthen its business base is embarking on new vistas. It has also decided to set up and operate mutual fund schemes and for this purpose, has laid down necessary infrastructure. The company has divert its activities by marketing various products of ICICI such as personal loans and credit cards etc.