JM Financial Limited — Board/Management Information 2021

Oct 28, 2021

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October 28, 2021

BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza 1[st] Floor, New Trading Ring Plot No.C-1, G Block Rotunda Building, P J Towers Bandra-Kurla Complex Dalal Street, Fort, Bandra (East) Mumbai 400001 Mumbai – 400 051 Security Code: 523405 Symbol: JMFINANCIL

Dear Sirs,

Sub: Change in Statutory Auditors of the Company

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the board of directors of the Company, at its meeting held on October 28, 2021, has inter alia,

• i. Noted the letter dated October 28, 2021 received from Deloitte Haskins & Sells LLP, Chartered Accountants, (Firm Registration No: 117366W/W-100018) (“ Deloitte tendering their resignation as the statutory auditors of the Company with effect from the conclusion of the aforesaid board meeting; and

• ii. Recommended for approval of the members, the appointment of M/s. BSR & Co. LLP, Chartered Accountants, (Firm Registration No. 101248W/W-100022) Mumbai as the statutory auditors of the Company with effect from the date of passing of the resolution by the members of the Company.

The details with respect to change in the statutory auditors of the Company is annexed as Annexure A. The resignation letter of the auditors along with Form A, as required pursuant to SEBI circular no. CIR/CFD/CMD1/114/2019 dated October 18, 2019, is annexed as Annexure B.

In its letter of resignation, Deloitte has not raised any concern or issue and there is no reason other than as mentioned in their said letter.

We request you to kindly take the above on your record and disseminate the same on your website, as you may deem appropriate.

Thank you.

Yours truly, For JM Financial Limited

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Prashant Choksi

Group Head – Compliance, Legal & Company Secretary

Encl.: as above.

JM Financial Limited Corporate Identity Number: L67120MH1986PLC038784 Regd. Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. T: +91 22 6630 3030 F: +91 22 6630 3223 www.jmfl.com

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Annexure A

Information as required under Regulation 30 Read with Schedule III of the Listing Regulations & SEBI Circular CIR/CFD/CMD/4/2015 dated September 09, 2015

	Information as reqRegulations & SEBI	Information as reqRegulations & SEBI	uired unCircular	der RegulaCIR/CFD/C	tion 30 ReMD/4/2015	ad withdated Sep	Schedule IIItember 09, 20	of the Li15	sting
	Requirements	Di	sclosures
	Reasonforchange	As20cowh	per the g	uidelines iss	ued by the	Reserve B	ank of India (	the “RBI”)	on April 27,
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			countantsplicable pobtain though post	, (theBSRrovisions ofe approvalal ballot.	) as the Sthe Companof the mem	tatutory Aies Act, 2bers to ap	uditors of th013, the Boarpoint BSR a	e Company.d has also res the statut	As per thecommendedory auditors
DateofAppointment/Cessation andTermofAppointment
		Deloitte ceases as the statutory auditors of the Company post issuance of theirLimited Review Report for the second quarter ended September 30, 2021, i.e., witheffect from October 28, 2021.Effective date of appointment of BSR as the statutory auditors is the date of passingof the resolution by the members of the Company.
Brief Profileof M/s. BSR& Co. LLP,CharteredAccountants		B S R & Co. ('the firm ') was constituted on 27 March 1990 as a partnership firmhaving firm registration no. as 101248W. It and was converted into limited liabilitypartnership i.e. B S R & Co. LLP on October 14, 2013 thereby having a new firmregistration no. 101248W/W-100022. The registered office of the firm is at 14thFloor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Centre, WesternExpress Highway, Goregaon (East), Mumbai - 400063.B S R & Co. LLP is a member entity of B S R & Affiliates, a network registeredwith the Institute of Chartered Accountants of India. B S R & Co. LLP is registeredin Mumbai, Gurgaon, Bangalore, Kolkata, Hyderabad, Pune, Chennai, Chandigarh,Ahmedabad, Vadodara, Noida, Jaipur and Kochi. B S R & Co. LLP has over 3000staff and 100+ Partners. B S R & Co. LLP audits various companies listed on stockexchanges in India including companies in the Financial Services sector”

JM Financial Limited Corporate Identity Number: L67120MH1986PLC038784 Regd. Office: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400 025. T: +91 22 6630 3030 F: +91 22 6630 3223 www.jmfl.com

Annexure B

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Date: October 28, 2021

To The Board of Directors

JM Financial Limited. 7th Floor, Cnergy, Appasahab Marathe Marg, Prabhadevi, Mumbai 400 025

Dear Sirs,

Re: Resignation as Statutory Auditors of JM Financial Limited (“the Company”) for the year ending March 31, 2022

We had been appointed as statutory auditors of the Company to hold office from the conclusion of 32[nd] Annual General Meeting till the conclusion of the 37[th] Annual General Meeting of the Company, i.e. for a period of 5 years commencing from financial year April 1, 2017 to financial year March 31, 2022.

We refer to our discussion and your e-mail dated October 27, 2021 wherein you have highlighted that the management of the Company and the group are looking to align the auditors across the group, for the new auditors to have sufficient coverage of audit in the Company along with its various subsidiaries, for the year ending March 31, 2022.

We have duly considered your communication and we are tendering our resignation as Statutory Auditors of the Company with immediate effect based upon your request.

We thank the Board of Directors and the Management of the Company for the courtesies and assistance extended to us during our tenure as auditors of your company.

Kindly acknowledge receipt of this letter.

Thanking you,

Yours faithfully, For DELOITTE HASKINS & SELLS LLP Chartered Accountants ICAI Firm Registration Number: 117366W/ W-100018

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Pallavi A. Gorakshakar Partner Membership No. 105035

Acknowledged on behalf of JM Financial Limited

Name and Designation: Date:

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Annexure A to SEBI Circular No. CIR/CFD/CMD1/114/2019 dated October 18, 2019

Format of information to be obtained from the statutory auditor upon resignation

1. Name of the listed entity/ material subsidiary: JM Financial Limited

2. Details of the statutory auditor:

• a. Name: Deloitte Haskins & Sells LLP, ICAI Firm Registration Number- 117366W/ W- 100018

• b. Address: One International Center, Tower 3, 31st Floor, Elphinstone Compound, Senapati Bapat Marg, Elphinstone (W), Mumbai – 400 013 India.

• c. Phone number: +91 22 61854000

• d. Email: pgorakshakar@deloitte.com

1. Details of association with the listed entity/ material subsidiary:

• a. Date on which the statutory auditor was appointed: Appointed at the 32[nd] Annual General Meeting held on 24 July 2017 for five financial years beginning 1 April 2017 and ending on 31 March 2022

• b. Date on which the term of the statutory auditor was scheduled to expire: On conclusion of the 37[th] Annual General Meeting (after completion of the statutory audit for the financial year ending 31 March 2022)

• c. Prior to resignation, the latest audit report/limited review report submitted by the auditor and date of its submission. - Audit Report for the year ended 31 March 2021 issued on 5 May 2021, Limited Review Report for the Quarter and Half Year ended 30 September 2021 issued on 28 October 2021

1. Detailed reasons for resignation:

The management of the Company and the group are looking to align the auditors across the group, for the new auditors to have sufficient coverage of audit in the Company along with its various subsidiaries, for the year ending March 31, 2022.

We have duly considered Management’s request and we are tendering our resignation as Statutory Auditors of the Company with immediate effect based upon your request.

1. In case of any concerns, efforts made by the auditor prior to resignation (including approaching the Audit Committee/Board of Directors along with the date of communication made to the Audit Committee/Board of Directors) Not Applicable

2. In case the information requested by the auditor was not provided, then following shall be disclosed: Not Applicable

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• a. Whether the inability to obtain sufficient appropriate audit evidence was due to a management-imposed limitation or circumstances beyond the control of the management. Not Applicable

• b. Whether the lack of information would have significant impact on the financial statements/results. Not Applicable

• c. Whether the auditor has performed alternative procedures to obtain appropriate evidence for the purposes of audit/limited review as laid down in SA 705 (Revised). Not Applicable

• d. Whether the lack of information was prevalent in the previous reported financial statements/results. If yes, on what basis the previous audit/limited review reports were issued. Not Applicable

1. Any other facts relevant to the resignation: None

Declaration

1. I/ We hereby confirm that the information given in this letter and its attachments is correct and complete.

2. I/ We hereby confirm that there is no other material reason other than those provided above for my resignation/ resignation of my firm.

For Deloitte Haskins & Sells LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

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Pallavi A. Gorakshakar Partner Membership No. 105035

Date: 28 October 2021 Place: Mumbai