NEW ANNOUNCEMENT BY IRDA

NEW ANNOUNCEMENT BY IRDA: Insurance regulator Insurance Regulatory and Development Authority (IRDA) has announced fresh investment guidelines that seek to create a level playing field between private players and LIC (Life Insurance Corporation). The biggest impact of these guidelines will be on LIC. Earlier LIC was allowed to hold up to 30% of stake in any company but now it may be able hold only up to 10%. It may have to dilute stake in companies where holding is more than 10%. LIC currently holds more than 10% in companies such as Ranbaxy, Mahindra, L&T