Author: Shashwat Jain, Student at Vivekananda Institute of Professional Studies, Guru Gobind Singh Indraprastha University, Delhi
This research paper primarily concentrates on the ways SEBI has its influence on the insurance sector in the country. On the other hand, the regulatory authority for insurance sector, IRDAI establishes the rules and regulations that govern the insurance industry’s operations. Both, SEBI and IRDAI are statutory bodies established in the years 1992 and 1999 respectively. Certain regulations notified by the two regulators with which the insurance companies need to adhere to, are also examined. India’s largest and much anticipated IPO and its importance to the government has also been talked about. SEBI has enrolled some relaxations in the norms to facilitate smooth listing of LIC on recognized stock exchanges. The crores of rupees earned through premiums from millions of investors are wisely invested by an insurance firm, upon analyzing the likelihood of insurance claims that may arise. Last but not the least, the paper analyses the conflict that arose between SEBI and IRDAI pertaining to jurisdiction over ULIPs.
Keywords: Insurance, SEBI, Regulations, Investments, IRDAI, ULIPs, Initial Public Offer, Private Equity, Promoter.