Insurance watchdog asks LIC to chalk out plan to cut 10% holdings in cos
Insurance regulator, Irda, has asked Life Insurance Corporation (LIC) to chalk-out a plan to reduce its stake in those companies where it holds more than 10% and expects a response in the next 15-20 days, a senior Irda official said.
"In our bilateral discussions with LIC, we have asked them to come out with a clear plan for compliance with the norms for reduction of its stake in those blue-chip companies where it holds more than 10%," Insurance regulatory and development authority member (actuary), R Kannan, said.
Irda had, last year, said that LIC should pare down its holding in companies where it holds more than a 10% stake to the prescribed limit of maximum 10%.
LIC is expected to chart its course of action and revert to the Irda with its plan of compliance in a few days, Kannan said. "Now, when it (LIC) is closing its accounts, it should come out with a clear strategy for bringing its holding down (to 10%). We expect LIC to come out with its plan in the next 15-20 days," Kannan said.
More: http://in.biz.yahoo.com/090510/50/batjwd.html
"In our bilateral discussions with LIC, we have asked them to come out with a clear plan for compliance with the norms for reduction of its stake in those blue-chip companies where it holds more than 10%," Insurance regulatory and development authority member (actuary), R Kannan, said.
Irda had, last year, said that LIC should pare down its holding in companies where it holds more than a 10% stake to the prescribed limit of maximum 10%.
LIC is expected to chart its course of action and revert to the Irda with its plan of compliance in a few days, Kannan said. "Now, when it (LIC) is closing its accounts, it should come out with a clear strategy for bringing its holding down (to 10%). We expect LIC to come out with its plan in the next 15-20 days," Kannan said.
More: http://in.biz.yahoo.com/090510/50/batjwd.html
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