SEBI seeks explanation from rating agencies, Icra Ratings and Care Ratings, for their inaction following RBI's curbs on IIFL Finance and JM Finance Product. The Reserve Bank of India (RBI) banned IIFL Finance from giving new gold loans on March 4 due to lapses in the lending process, and on March 5, it banned JM Financial Product from undertaking any form of business in shares and bond funding. Curbs on the two high-margin revenue streams are expected to impact the profitability of both companies.
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