Relaxation for Insurers’ Investments in HDFC Ltd. Post Merger with HDFC Bank Ltd.
IRDAI circular IRDAI/F&I/CIR/INV/155/08/2023 · 04 Aug 2023
IRDAI circular IRDAI/F&I/CIR/INV/155/08/2023 · 04 Aug 2023
Summary
Check the official recordThe Insurance Regulatory and Development Authority of India has provided regulatory relaxations for insurers following the merger of HDFC Ltd. with HDFC Bank Ltd. Bonds and debentures held by insurers in HDFC Ltd. as of April 4, 2022, under the 'Housing and Infrastructure' category will continue to be classified as such until their respective maturity dates. Additionally, insurers are granted an exemption until June 30, 2024, from complying with single investee equity exposure norms for HDFC Bank Ltd. shares at the segregated fund level. This exemption is limited to holdings as of June 30, 2023, and must be scaled down proportionally as shares are sold.
What you must do
Key dates
Who is affected
Exceptions
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
संदर्भ: आईआरडीएआई/एफ&आई/सीआईआर/आईएनवी/155/8/2023 Ref: IRDAI/F&I/CIR/INV/155/08/2023
दिनांक: 4 अगस्त, 2023 Date: 4th August, 2023
परिपत्र CIRCULAR
प्रति/To, सभी बीमाकर्ता/पुनर्बीमाकर्ता / All Insurers/Reinsurer
विषय: एचडीएफसी बैंक लि. के साथ विलय के बाद एचडीएफसी लि. में बीमाकर्ताओं के निवेशों के लिए छूट Re: Relaxation for insurers’ investments in HDFC Ltd. Post merger with HDFC Bank Ltd.
एचडीएफसी बैंक लि. के साथ एचडीएफसी लि. के विलय को ध्यान में रखते हुए बीमाकर्ताओं ने आईआरडीएआई से निम्नलिखित के लिए अनुरोध किया है: In view of the merger of HDFC Ltd with HDFC Bank Ltd, insurers have requested IRDAI to:
i) एचडीएफसी लि. बांडों में निवेशों को आवास और बुनियादी क्षेत्र के अंतर्गत वर्गीकृत करना जारी रखने के लिए अनुमति देना; allow investments in HDFC Ltd bonds to be continued to be classified under Housing and Infrastructure sector;
ii) एचडीएफसी बैंक लि. के ईक्विटी शेयरों में निवेशों के संबंध में युलिप की अलग की गई निधियों हेतु निर्धारित एकल निवेशी ईक्विटी एक्सपोज़र सीमाओं को छूट देना (विलय के बाद)। exempt the single investee equity exposure limits prescribed for segregated funds of ULIP with respect to investments in the equity shares of HDFC Bank Ltd (post-merger).
In view of the above, it is hereby clarified that the bonds / debentures held by the insurers in the HDFC Ltd on the date of announcement of the merger i.e. 4th April, 2022 under the category "Housing and Infrastructure" shall be treated as investments in the said category till the maturity of the respective bonds of HDFC Ltd.
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Further the insurers are exempted from complying with the single investee equity exposure norms prescribed under Regulation 9B of IRDAI (Investment) Regulations, 2016 read with Regulation 7(a) IRDAI (Investment) Regulations, 2016, for individual segregated fund at SFIN level with respect to shares of HDFC Bank Ltd (post-merger) till 30th June, 2024. The said exemption shall only be with respect to holdings of the respective insurers as on 30.06.2023 and the same shall be scaled down to the extent of sale of shares thereafter.
यह परिपत्र आईआरडीएआई (निवेश) विनियम, 2016 के विनियम, 17 के अधीन जारी किया जाता है। This circular is issued under Regulation, 17 of IRDAI (Investment) Regulations, 2016.
(अम्मु वेंकटरमण / Ammu Venkataramana) महाप्रबंधक (वित्त व निवेश) / GM (F&I)
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