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What ails India's public sector insurance firms

In Budget, FM announced plans for listing of four PSU general insurance firms; except for New India Assurance, none of the other three is in position to get Sebi nod unless Irdai steps in

Subhomoy Bhattacharjee  |  New Delhi 

Just like the odds and ends that clutter the backyards of state-run non-life insurance company offices, there is a shell company tucked away within the accounts of one of them. The presence of such an oddity in the annual report of Oriental Insurance Company for close to 40 years, however, does not surprise analysts. "It has been a long time since anyone took the public sector insurance companies to the cleaners," said one of them. It could be a first of sorts for capital markets regulator Securities and Exchange Board of India (Sebi) to deal with, since no government-run ...

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