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July 25, 2001 		Feedback  
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IRDA warns LIC, GIC on UTI equity exposure

Insurance Regulatory and Development Authority chairman N Rangachary on Wednesday warned Life Insurance Corporation, General Insurance Corporation and its former subsidiaries that they should adhere to the prudential investment norms if they decided to buy a bulk of UTI's equity holdings.

"They have been asked to follow the prudential guidelines. If they follow that, we have no objection (to their buying equity from UTI)," Rangachary told reporters on the sidelines of a seminar at PHDCCI.

The warning comes after LIC and GIC reportedly expressed willingness to buy some of the Unit Trust of India's equity at market price.

"So far they have not violated the investment norms," Rangachary said giving a clean chit to insurance companies.

Asked whether IRDA would probe into LIC and GIC's investment in the tainted Cyberspace Infosys, he said, "I can't expect them to be good boys when the norms were not there."

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