India's Emkay Global Financial Services Ltd. is selling its insurance broking business to Ideal Insurance Brokers Pvt. Ltd. for 17.1 million Indian rupees.

Under the transaction, Emkay Global Financial subsidiary Emkay Insurance Brokers Ltd. will transfer its entire insurance broking business to Ideal Insurance Brokers. The Insurance Regulatory and Development Authority of India has given its in-principle approval for the proposed transfer, according to a Dec. 12 filing.

Emkay Insurance Brokers surrendered its original license to the Insurance Regulatory and Development Authority of India to receive its final approval for the proposed transfer. The broker will also execute a business-transfer agreement with Ideal Insurance Brokers after obtaining final approval.

Emkay Global Financial provides stockbroking, investment banking and depository participant services.

As of Dec. 12, US$1 was equivalent to 71.85 Indian rupees.