IRDA SUPPORTS EQUAL STAKES FOR PARTNERS IN INSURANCE VENTURES AFTER PUBLIC FLOAT

Insurance Regulatory Development Authority (IRDA) would prefer equal stakes for both local and foreign partners once life insurers went public. The IRDA chief indicated that the norms for initial public offering (IPO) would be framed in such a manner that after the IPO, both partners would have to dilute their stakes, ensuring that a foreign player wouldn't end up with a majority stake in a joint venture, in violation of the law.