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EXCLUSIVE: IRDAI Declares Sahara Life Insurance Promoters SIFCL, SCL, SICCL and SIHL as Not 'Fit and Proper'


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The Insurance Regulatory and Development Authority of India (IRDAI) has declared four promoter entities of Sahara India Life Insurance Company Ltd as not ‘fit and proper’. IRDAI has also directed these promoter entities to transfer within six months their stake to any other fit and proper promoters.
 
In its order issued on 30 December 2020, Dr Subhash C Khuntia, chairman of IRDAI,  says, As the promoters Sahara India Financial Corporation (SIFCL), Sahara Care Ltd (SCL), Sahara India Commercial Corporation Ltd (SICCL) and Sahara Infrastructure and Housing (SIHL) are no longer found to be “fit and proper,” the shareholding by these four entities should be transferred to any other “fit and proper” promoters within a period of six months, subject to the provisions of IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015. ....

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