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SOURCE OF INFORMATION : INSURANCE REGULATORY & DEVELOPMENT AUTHORITY OF INDIA WEBSITE
PERIOD COVERED : 16-AUG-2002 TO 21-NOV-2024

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

INSURANCE BROKER: VIOLATED IRDA (REGISTRATION OF INDIAN INSURANCE COMPANIES) REGULATIONS, 2000

S.No. ENTITY  PERSONS  REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person SAHARA INDIA LIFE INSURANCE CO.LTD.  
  TRANSFERRED FUNDS TO GROUP ENTITY SAHARA INDIA IN THE NAME OF SECURITY DEPOSIT

DID NOT RESPOND TO IRDAI QUERIES RAISED ON ITS FINANCIAL STATEMENTS

DID NOT VEST SUFFICIENT POWERS WITH WHOLE TIME DIRECTOR (WTD) AND CEO COMMENSURATE WITH THEIR ROLES AND RESPONSIBILITIES

OPERATED WITHOUT BOARD APPROVED BUSINESS PLAN

DID NOT PROVIDE RECONCILIATION OF BANK ACCOUNTS

LONG PENDING PROPOSAL DEPOSITS FOR REFUND

DID NOT HAVE INTERNAL CONTROLS IN PLACE   		DIRECTED TO TAKE IMMEDIATE STEPS TO RECOVER ADVANCE OF RS.78.15 CRORE FROM SAHARA INDIA

DIRECTED TO TRANSFER SHAREHOLDING TO OTHER FIT AND PROPER PROMOTERS

DIRECTED TO SUBMIT PROPER BOARD APPROVED BUSINESS PLAN TO IRDAI

DIRECTED TO RECONCILE ALL REMAINING UNRECONCILED BANK ACCOUNTS WITHIN TWO MONTHS

DIRECTED TO STRENGTHEN INTERNAL CONTROL SYSTEMS AND CONDUCT BUSINESS IN ACCORDANCE WITH CORPORATE GOVERNANCE

30-DEC-2020 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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