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| IRDA Disclosure norms for insurance companies soon: IRDA |
| Press Trust of India / New Delhi Aug 26, 2009, 17:33 IST |
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Insurance regulator IRDA would soon announce disclosure norms for insurers wanting to raise money from the capital markets.
"Soon we will come out with something," IRDA chairman J Hari Narayan told PTI. He was replying to a question on the disclosure norms for insurance companies seeking listing on stock exchanges.
Narayan said IRDA was also framing the guidelines for merger and acquisition of insurance companies to facilitate consolidation in the sector.
Insurance Regulatory and Development Authority (IRDA) is working with market regulator Securities and Exchange Board of India (SEBI) on a set of disclosure norms for insurance companies.
According to the listing guidelines of SEBI, the companies wanting to raise funds from public are required to make various disclosures in the Draft Red Herring Prospectus (DRHP) before hitting the capital market.
A joint working group of the representatives of IRDA and SEBI is currently working out the disclosure norms for the insurance companies.
As many as 43 insurance companies, including state-owned Life Insurance Corporation, are operating in the country.
A bill is pending in Parliament to raise Foreign Direct Investment (FDI) cap in the insurance sector from 26 per cent to 49 per cent.
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