JM Financial informed after market close on Monday that the company's board has approved the transfer of private wealth operations to a subsidiary. The company said in an exchange filing that the JM Financial board has approved the business transfer agreement with subsidiary JM Financial Services for the transfer of the company's private wealth business. The business transfer agreement will be effective from April 1, 2025.

The company said in an exchange filing, "The Board of JM Financial Limited in its meeting held today, among other things, has approved the Business Transfer Agreement with the company's wholly-owned subsidiary JM Financial Services Limited for transfer of the company's private wealth business through slump sale on a current financial year basis." Share performance On Monday, the company's stock closed down 5.73 per cent at Rs 84. In the last one year, the company's stock has seen a gain of 9.46 per cent. The 52-week high of the stock is Rs 168.85.