JM Financial

The Company was incorporated as a private limited company on 30th
 January 1986 in the name of J M Share & Stock Brokers Pvt. Ltd.  The
 Company has been promoted by JMFICS to engage directly or indirectly
 in the business of share and stock broking, finance broking,
 underwriting of securities including shares, debentures, etc. The
 present issued, Equity Share JMFICS and, therefore, by virtue of
 Section 4 of the Act, the Company is a subsidiary of JMFICS. On
 JMFICS becoming a deemed public limited company by virtue of the
 Companies (Amendment) Act, 1988 read with the Companies Act, 1956, on
 15th June, 1988, the Company
 also became a deemed public limited company as of that date pursuant
 to the applicable provisions of the Companies Act, 1956.
 Subsequently, the Company became a public company by making necessary
 alterations in its Articles of Association.
 
 As stated earlier, the main object of the Company is to enlarge
 directly or indirectly in the business of share and stock broking,
 and other related capital market activities such as underwiting of
 securities and Portfolio Management. To act as a stock broker, it is
 necessary for a company to be a member of a stock exchange. Under the
 guidelines issued by the Government of India, corporate entitles are
 permitted to be enrolled as members of a stock exchange, provided.
 
 i) that the Company is formed in compliance with the provisions of
 Section 322 of the Companies Act, 1956;
 
 ii) that a majority of Directors of the Company are shareholders of
 the Company and also members of the Stock Exchange; and
      
 iii) that the Directors of the Company who are members of the Stock
 Exchange have unlimited liability in the Company.
      
 Since the Company is not in a position to comply with the aforesaid
 conditions, it has been proposed that the Company would carry on its
 share and stock broking activities through a number of affiliates
 (Stock Broking Companies/Partnership Firms/Individual Stock Brokers)
 who would be members of various Stock Exchanges.
      
 2007
 
 - JM Financial Ltd has informed that the Board of Directors of the
 Company has decided to appoint Mr. Paul Sebastian Zuckerman as an
 additional director on the Board of the Company. Mr. Zuckerman will
 be an independent director of the Company.