Insurers'' bids in IPOs to conform to prudential norms: IRDA
11 March 2004
New Delhi: Mr C.S. Rao, Chairman, Insurance Regulatory & Development Authority (IRDA) has said that state-owned insurance companies should be careful that they do not fall foul of the prudential guidelines laid down by the regulator while investing in the ongoing disinvestment of public sector companies.
"As long as they abide by the investment regulations, we have no objection," Mr Rao said on the sidelines of an insurance seminar here on Tuesday.
Insurance companies led by the Life Insurance Corporation (LIC) have put in large amounts in some of the public offers. LIC is said to have put in Rs 1,000 crore bid for the ONGC public offer alone.