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Union Cabinet approves listing of General Insurance Companies at the stock exchanges

The Cabinet Committee on Economic Affairs (CCEA) on 18 January 2017 gave its in-principle approval for listing five government-owned General Insurance Companies in stock exchanges. 
●    The approval was given at a cabinet meet chaired by Prime Minister Narendra Modi.
●    The companies are National Insurance Company, New India Assurance Company, Oriental Insurance Company, United India Insurance Company and General Insurance Corporation of India.
●    The listing will open a way for the companies to raise resources from the capital market to meet their fund requirements. 
●    Shareholding of these PSGICs (Public Sector General Insurance Companies) will be divested from 100 per cent to 75 per cent.
●    This disinvestment process will be carried on as per the existing rules and regulations of Insurance Regulatory and Development Authority of India (IRDA) and Securities and Exchange Board of India (SEBI) will be followed.