Draft exposure for listing in one month: IRDA
Insurance regulator IRDA on Friday said it is likely to come out with exposure draft on the listing of insurance firms on bourses in the next one month.
“We are in the process of finalising what would be the exposure draft. I would expect that the exposure draft may be available over the next one month,” IRDA Chairman J Hari Narayan told reporters. “We would have internal discussion with Sebi... it would come thereafter,” he said.
When asked whether the final guideline on listing can be expected during the current fiscal, he said, it should be out. Besides, the regulator is also in the process of finalising merger and acquisition (M&A) guidelines for the insurance companies.
Reliance Life IPO
Reliance Life Insurance may not be able to come out with an initial public offer now, with the regulator IRDA saying that any Indian promoter having more than 26 per cent equity in an insurance venture can reduce its stake only after ten years.
