Mumbai, March 19, 2010: The Board of Directors of JM Financial Limited today announced that it has appointed Dr. Vijay Kelkar, former Finance Secretary to the Government of India, as an Independent Director on the Board of the Company.

Dr. Vijay Kelkar has held many senior level positions in the Government of India including the most recent position as the Chairman of the Finance Commission; Advisor to Minister of Finance; Finance Secretary, Government of India; Secretary of Ministry of Petroleum & Natural Gas and Chairman of the Tariff Commission. He has also served in several key posts in international organistions such as Director and Coordinator of International Trade Division, UNCTAD, Switzerland and Executive Director for India, Sri Lanka, Bangladesh and Bhutan at the International Monetary Fund, USA

Dr. Vijay Kelkar holds a doctorate in development economics from the University of California at Berkeley. He is currently the Chairman of India Development Foundation, India & Chairman, Forum of Federations, Canada. He is also on the board of several reputed public limited companies.