IRDA WANTS LIFE INSURERS TO FACE 10% STAKE SALE CAP

Life insurance companies will not be allowed to dilute more than 10% stake through initial public offers (IPOs). The Insurance Regulatory & Development Authority (IRDA) is set to cap the stake dilution by life insurers in first three years of listing. The market regulator, the Securities and Exchange Board of India (SEBI), mandates that 25% shares of listed company should be held by the
public. IRDA is in talks to waive this rule.