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India's regulator proposes IPO guidelines for insurers

India's insurance regulator released a that will require controllingshareholders in insurance companies to hold 50% of the paid-up equity capitalof the insurer, the Press Trust of India reported July 15, citing draftguidelines.

The Insurance Regulatory and Development Authority of Indiasaid the 50% minimum shareholding will be applicable to controllingshareholders if the insurer decided to list or to insurers that are already listed.If the present holding of the controlling shareholders is below 50%, theholding will count as the minimum threshold.

IRDAI also proposed allowing a subsidiary company to investin a listed insurance company.