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 1 The Insurance Regulatory and Development Authority of India (IRDAI) has declared four promoter entities of Sahara India Life Insurance Company Ltd as not ‘fit and proper’. IRDAI has also directed these promoter entities to transfer within six months their stake to any other fit and proper promoters.   In its order issued on 30 December 2020, Dr Subhash C Khuntia, chairman of IRDAI,  says, As the promoters Sahara India Financial Corporation (SIFCL), Sahara Care Ltd (SCL), Sahara India Commercial Corporation Ltd (SICCL) and Sahara Infrastructure and Housing (SIHL) are no longer found to be “fit and proper,” the shareholding by these four entities should be transferred to any other “fit and proper” promoters within a period of six months, subject to the provisions of IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015.

Uttar pradeshSwapna roySubhashc khuntiaRoy saharaSubrata roy saharaSahara care ltdSahara mutual fundSahara india life insurance company ltdMoneylife digital teamExchange board of indiaSahara india financial corporationSahara india commercial corporation ltdDevelopment authority of indiaSahara asset management companyEquity shares of insurance companies regulationsHigh court