IRDAI Budget

Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October last year. Axis Bank and its subsidiaries -- Axis Securities and Axis Capital -- had in 2021 entered into definitive agreements with Max Financial Services Ltd for acquiring 20 per cent stake in its subsidiary Max Life Insurance Co Ltd. Following this, Axis Entities had collectively acquired 12.99 per cent of the equity share capital of Max Life. In a regulatory filing on Tuesday, Axis Bank said Axis Entities have entered into revised agreements with Max Financial on January 9, 2023. As per the revised agreement, "...the valuation for the right to acquire the balance 7 per cent equity stake of Max Life would be at fair market value using discounte

Irdai had a budget of Rs 60 cr for ad last year of which it spent only Rs 24 cr