 "Prashant Tripathy, MD & CEO, Max Life Insurance")
Despite the rap from the insurance regulator in the form of penalties, Max Life Insurance and Max Financial Services are committed to going ahead with the deal with Axis Bank, which will see the latter acquire another 7 per cent stake in the life insurance company, with the methodology that was followed earlier.
Max Life has paid the Rs 3 crore penalty imposed by the insurance regulator. A penalty of Rs 2 crore was also imposed on Axis Bank. In an order last week, the insurance regulator indicated that there were certain violations of its directions in the transaction of
