IIFL Holdings has received the approval of the insurance regulator -- Insurance Regulatory and Development Authority (IRDA) -- for the transfer of 75% shareholding in India Infoline Insurance Brokers to Orpheus Trading. This is a company owned by promoters of IIFL Holdings, who are Indian residents, at fair value as certified by Independent Chartered Accountant. Pursuant to this transfer, the insurance broking company has ceased to be a subsidiary of the company.
Recently, the proposed transfer of share-holdings in the insurance broking subsidiary of the company was to comply with the recent Insurance Laws (Amendment) Act, 2015, Indian Insurance Companies (Foreign Investment) Rules, 2015.
IIFL (India Infoline group), comprising the holding company, IIFL Holdings and its subsidiaries, is one of the leading players in the Indian financial services space.
