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THE Insurance Regulatory and Development Authority (Irda) will come out with guidelines for mergers and acquisitions (M&As) for the industry over the next twothree months, while the IPO norms will be out in the next 30-45 days, a senior Irda official said on Monday.
"We have been examining the pros and cons of the mergers and acquisitions in the industry and we are sure to come out with the final guidelines within the next two to three months," Irda member (Actuaries) R Kannan said.
When asked about the IPO norms for insurance companies, Kannan said, "they (the initial public offering guidelines) will be out within the next 30-45 days". Earlier this financial year, the Anil Ambani group company Reliance General insurance had expressed its readiness to take over the Chennai-based Royal Sundaram Alliance Insurance by buying out the entire 74 per cent stake of the domestic promoter Royal Sundaram.
But when the group approached for regulatory nod, it was held back as there were no proper regulatory systems in place on the M&A norms in the insurance space.
When asked about the number of companies that have approached the regulator for takeovers, Kannan said only one company has formally approached it. "We would know of any such interest only after that company's application is dispensed with," he said.
Source :- mydigitalfc
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