Markets regulator Sebi Monday came out with norms for listed insurance companies in disclosing their quarterly results, less than a month after the first-ever listing of an insurer. The decision was taken in consultation with Insurance Regulatory and Development Authority of India (IRDAI). ICICI Prudential Life Insurance made its stock market debut on September 29. becoming the first insurer to list on the Indian bourses. The company raised over Rs 6,000 crore through its initial public offering.
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In a circular, Sebi said that insurance companies (life and non-life) will have to submit disclosures pertaining to financial results, segment-wise revenue, results and capital employed for quarters ending September 30, 2016 and December 31, 2016 in the format as specified by IRDAI.
With respect to the format for newspaper publishing purpose (standalone/consolidated), the insurance companies would follow the format specified by Sebi. Besides, additional disclosures should be made as prescribed by IRDAI.
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