The Reserve Bank of India has initiated special audits for IIFL Finance Ltd and JM Financial Products Ltd to further investigate regulatory breaches. The audits will be conducted by auditors appointed through a tender process, with firms empanelled by Sebi for forensic audit eligible to participate. The audits come after the RBI imposed restrictions on both companies earlier this month for non-compliance with regulatory guidelines. IIFL Finance was barred from sanctioning or disbursing gold loans, while JM Financial Products was restricted from providing financing against shares and debentures.
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