IRDA for new disclosure norms for IPO

IRDA Chairman J Hari Narayan said as the regulator finds it necessary for insurance companies to be more transparent about their functioning and valuations before raising funds in the capital market, it has sought changes in the Red Herring Prospectus for insurance companies to go public. Speaking at the 12th Insurance Summit-2009 organised by the Confederation of Indian Industries here on Friday, he said, “IRDA’s discussion with Sebi is in progress and a decision is expected by this month-end.”

Maintaining that disclosure by insurance companies about their operations is not satisfactory, he said data should be made readily available to the public and “we need to follow England where data sharing is much easier”.

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