JM Financial To Transfer Wealth Management Business To Subsidiary For Rs 11.08 Crore

JM Financial Ltd. on Monday said it would transfer its wealth management business to its arm JM Financial Services Ltd. through a slump sale for Rs 11.08 crore. The business transfer would become effective from April 1, 2025, JM Financial Ltd said in a regulatory filing.

The board approved entering into Business Transfer Agreement with JMFSL, a wholly owned subsidiary of JM Financial Ltd for transfer of the private wealth business through the slump sale on a going concern basis, it said.

The transfer supports JM Financial Group's broader strategy of combining the elite wealth and private wealth segments under a unified leadership structure, fostering synergies and operational efficiency, and strategic direction in wealth management services, it said.