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Maturity a Must - Indian Insurance Regulator Approves Regulations For Public Offerings By Life Insurance Companies
10 May 2012
Public offerings will be subject to regulation by both the Insurance Regulatory and Development Authority of India (“IRDA”) and the Securities and Exchange Board of India (“SEBI”).
Only life insurers that have completed ten years of operations in India will be eligible to go public. In addition, a company will need to have an embedded value that is at least twice its paid-up equity capital (including share premium).
Companies may not approach SEBI for a public issue of shares or a subsequent issue without the specific approval of IRDA.
IRDA approval will be valid for a period of one year from the date of issuance; prospective issuers must file their draft red herring prospectus with SEBI within this period.
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