Irdai asks Axis Bank, Max Financial to make changes in deal structure

The Insurance Regulatory and Development Authority of India (Irdai) has communicated to Axis Bank and Max Financial Services, which entered into an agreement in April whereby the lender would have increased its stake in life insurance company Max Life promoted by Max Financial Services, to make some changes to the value creation options that the two firms were exploring. Irdai has asked them to factor in some alternate mechanisms subject to regulatory approvals.

In an exchange filing, Max Financial said, “Earlier, Axis Bank and Max Financial had agreed to certain value creation options and related rights. Based on correspondence from