The Insurance Regulatory & Development Authority (Irda) has directed insurance companies to treat their investments in IDFC’s fixed-income securities as exposure to the banking sector, instead of their “infrastructure” status, two years after the infrastructure lender turns into a bank.
Most insurance companies have a 25% cap – the maximum investment they can make on the banking, financial services and institutions (BFSI) sector.
IDFC had requested Irda to allow insurance companies to continue classifying their investment in its debt instrument on the date of conversion into bank as exposure to “infrastructure”.
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