IRDA:
IRDA has released an exposure draft of Guidelines for Listed Indian Insurance Companies. The draft guidelines are divided into three parts. Part A contains definitions, Part B contains shareholding and voting rights limits in insurers and Part C contains Foreign Holding and Other requirements. These Guidelines shall be applicable to all insurers who have listed their equity shares or are in the process of getting their shares listed on the stock exchanges in relation to transfer or proposed transfer of shares and shall be in addition to IRDAI (Issuance of Capital by Indian Insurance Companies transacting Life Insurance Business) Regulations, 2015 and IRDAI (Issuance of Capital by Indian Insurance Companies transacting other than Life Insurance Business) Regulations, 2015. The comments/ suggestions on the proposed guidelines can be given by 22nd June, 2016.
RBI – NBFC:
To ease the process for forming new finance companies, the Reserve Bank reduced the number of documents required for registration from the existing Forty-Five (45) documents to eight (8). This has been done to make the process of registration of new non-banking financial companies (NBFC) smoother and hassle-free. Also, there would be two types of applications for non-deposit taking NBFCs, based on sources of funds and customer interface. Applications from those not having access to public funds would be fast-tracked. These companies will be prohibited from accessing public funds and having customer interface. If they intend to later do either, the’d need RBI approval. RBI may also call for any further documents to satisfy itself on the eligibility of a company seeking registration as an NBFC. If it does, the applicant must respond within a month.
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