IPO guidelines for insurers soon: IRDA

IPO guidelines for insurers soon: इर्द

New Delhi: Insurance regulator IRDA said the guidelines for insurance companies to tap the capital market for funds were awaiting Sebi nod and would be out soon.

"IPO guidelines for insurance companies will be out soon.

It has been approved by the Joint Committee of Sebi and has to be approved by the Sebi (board)," Insurance regulatory and Development Authority (IRDA) Chairman J Hari Narayan said.

Last month the regulator had said that the proposed initial public offer (IPO) guidelines for non-life insurance firms were in the process of finalisation.

The guideline for IPO of life insurance companies has already been approved by SCADA, a body constituted by SEBI, and is awaiting final nod from the market regulator.

Currently, most of the 22 private life insurers and 17 non-life players have foreign partners. The Insurance Act caps foreign direct investment at 26 per cent.

As per the Insurance Act, promoters having 26 per cent stake can offload.l