Regulatory Alerts2018-01-01
Notification of Sales of Shares of Listed Insurance Companies
The Financial Services Authority mandates that domestic insurers submit post-sale share acquisition information within 21 working days of transaction completion. This extension addresses the practical limitation that share sale data becomes available only after closing, ensuring compliance with Section 27 of the Insurance Act, 2008. Failure to meet this filing deadline constitutes a punishable offence under Section 119, while the Authority retains powers to demand shareholder particulars and requires separate notifications under both insurance and securities legislation.
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