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IRDA asks LIC for plan to pare its holdings in cos to 10%
Posted on: 11-05-2009 , 04:: | DY365 Bureau

where it holds more than 10 per cent 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 per cent," 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 per cent stake to the prescribed limit of maximum 10 per cent.

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 per cent). We expect LIC to come out with its plan in the next 15-20 days," Kannan said.


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