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IIFL Holdings today informed the exchanges that it has received the approval of the insurance regulator for the transfer of 75% shareholding in India Infoline Insurance Brokers to Orpheus Trading. This is a company owned by promoters of IlFL Holdings, who are Indian residents, at fair value as certified by Independent Chartered Accountant.
Last week, the company had said that 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.
Pursuant to this transfer, the insurance broking company has ceased to be a subsidiary of the company.
