It will all depend how much active an organisation is in responding to RBI observation with proof of compliance, and post that satisfaction of RBI to those submissions.

We all have seen, how proactive IIFL was is coordination with RBI – and still it took a good 6+ months time.

Even for JM Financials, it almost took 7.5 months time.

Being an investor in Navi debt products, I received this today morning.

“Dear Investor,
Greetings from Navi.

With regard to the Directions issued by the Honorable Reserve Bank of India dated October 17, 2024 to us, we wish to invite you to a virtual conference with the senior management of Navi Finserv. We are committed to conducting our business with the highest standards of compliance, customer service and transparency and aim to address any queries or concerns you might have with regard to your investments in our debt instruments.

Here is a virtual meeting link to join the conference. To ensure smoother coordination, we kindly ask that you follow these guidelines:

Try to join the meeting 10 minutes before the scheduled start time.
For the Q&A, feel free to post your questions and concerns in the chat, and our moderator will assist in addressing them.

Please refer to the video call details below:

Date : 21 October 2024

Start Time : 5:30 PM”

It is quite easy to understand no regulated entity be it Bank or NBFC can predict what negative action (and to what extant) RBI will take against them – but what matters is – their response that do or die situation.

Being an investor, I am yet to see that kind of action from Manappuram management – neither to their debt instrument holders, nor to equity owners.

Disc: Holding position in Manappuram considering its valuation, but trust in VP Nandkumar led management is reducing at an alarming stage