Asserting that insurance regulator IRDAI’s January 2018 Brokers Regulations discriminate against domestic investors, the Swadeshi Jagaran Manch (SJM) has urged Prime Minister Narendra Modi to intervene in the matter and set right the situation.
IRDAI, in its Brokers Regulations, clearly favoured foreign investors, and these are tilted in favour of multinational brokerage houses with much deeper pockets, SJM National Co-Convenor, Ashwani Mahajan, said in a letter to the Prime Minister.
“We are seeking your (Prime Minister) direct intervention in this, and seeking a level-playing field for domestic and indigenous players,” the letter said.
The main point of anguish is that a domestic investor cannot hold more than 25 per cent stake in an insurance broker, while a foreign investor can have up to 49 per cent.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.