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Monday, March 15, 2010

Insurance sector IPO guidelines likely next month

The initial public offer (IPO) guidelines for the insurance sector are likely next month, the Insurance Regulatory and Development Authority (IRDA) today said.

"The IPO guidelines could take a month-time and Securities and Exchange Board of India (Sebi) will take the final call," IRDA chairman J Harinarayan said.

He further said that the valuation norms for the company has been finalised and sent to the Institute of Actuaries.

"Once their (Institute of Actuaries) committee clears it, it will be sent to Sebi and then the market regulator would take a call," he added.

IRDA, which has been working on the guidelines along with the market regulator Sebi, is likely to come out with a draft for public comments before issuing the final norms.

Several private sector insurance companies, including Reliance Life, have shown interest in tapping the capital market to augment its resource base.

The government had proposed to ease the norms to allow companies to list after five years of operation, instead the current 10-year practice.

As per the Insurance Act, promoters having 26 per cent stake can offload equity after 10 years of operation of the company.

The legislation also empowers the government to reduce the mandatory period.

1 comment:

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