Sebi issues warning to IIFL Capital over merchant banking due diligence
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IIFL Capital has received a regulatory warning from the Securities and Exchange Board of India (Sebi) over concerns related to due diligence and disclosure of issue-related expenses and fee timelines in its debt offerings between April 2022 and April 2024.
IIFL Capital disclosed in an exchange filing on Tuesday that Sebi has issued an administrative warning letter dated March 7, 2025. The company received the Sebi order on March 10, following an inspection of its merchant banking division’s debt issues between April 1, 2022, and April 30, 2024.
The regulatory warning pertains to observations regarding due diligence under the Sebi (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
Specifically, Sebi flagged concerns about the disclosure of the individual break-up of issue-related expenses and timelines for payment of fees to intermediaries in offer documents.
IIFL Capital clarified that there is no monetary impact on its business as a result of the Sebi action.
Despite the warning, the company’s stock remained resilient, trading at Rs 207.85, up 1.46 per cent on the BSE as of 11:00 am on Tuesday.
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