JM Financial Limited , a prominent player in India's financial services sector, has been assigned an Environmental, Social, and Governance (ESG) score of 73.8 by SES ESG Research Private Limited, a SEBI-registered ESG Rating Provider. This score, which translates to a Grade B+, was based on data from the fiscal year 2024-25.

Key Points of the ESG Rating

Unsolicited Rating Process

It's important to note that this ESG rating was not solicited by JM Financial. SES ESG Research independently assessed the company using publicly available information, without any direct engagement from JM Financial. This approach highlights the growing importance of ESG factors in the financial sector, even when companies do not actively seek such ratings.

Disclosure and Transparency

In line with regulatory requirements, JM Financial promptly disclosed this information to the stock exchanges. The company's disclosure, dated December 9, 2025, was made in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR) and the SEBI Master Circular dated November 11, 2024.

Implications for Investors

The B+ grade suggests a relatively strong ESG performance. However, investors should consider that:

1. The rating was unsolicited and based solely on public information.
2. ESG ratings can vary between different rating providers due to methodological differences.
3. This score provides an additional metric for assessing JM Financial's overall corporate performance and sustainability practices.

As ESG factors continue to gain prominence in investment decisions, such ratings offer insights into a company's non-financial performance and long-term sustainability outlook.

JM Financial Limited , a prominent financial services firm, has received a substantial income tax refund of Rs 223.32 crore from tax authorities, as disclosed in a recent regulatory filing. This development comes as a result of a tax assessment order for the financial year 2007-08 (assessment year 2008-09).

Refund Details

The company had initially been granted a refund of Rs 230.00 crore, as per an order received from the Deputy Commissioner of Income Tax in February. However, the final refund amount was adjusted to Rs 223.32 crore after certain tax adjustments by the authorities. The refund was credited to JM Financial's bank account on November 14.

Timeline of Events

To provide a clear picture of the refund process, here's a chronological breakdown of the key events:

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, JM Financial promptly informed the stock exchanges about this material development.

Impact on Financials

While the specific impact on JM Financial's financials was not detailed in the disclosure, the substantial refund is expected to have a positive effect on the company's cash position. This influx of funds could potentially be utilized for various corporate purposes, including investments, debt reduction, or operational improvements.

The receipt of this significant tax refund, relating to an assessment from over a decade ago, underscores the complexity and long-term nature of tax proceedings in the corporate sector. It also highlights the importance of proper financial management and engagement with tax authorities in resolving historical tax matters.