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Member, Beacon International Group, Ltd.
India's Insurance Regulatory and Development Authority has issued guidelines for acquisition of shares in the nation's listed insurers, The Times of India reported citing the Press Trust of India.
Under the guidelines, the acquirer will be required to adhere to the fit and proper criteria.
The acquirer will also have to seek the regulator's approval for a stake of more than 5%.
The guidelines also said that the minimum shareholding by promoters should at all times be maintained at 50% of the paid-up equity capital of the insurer.