Summary Body:

Nature of Query:

The National Stock Exchange of India Limited (Ref: NSE/CM/Surveillance/17607) and BSE Limited (Ref: L/SURV/ONL/PV/SJ/2026-2027/4300) raised queries on September 25, 2026, regarding recent movement in price/volume of the company's scrip across exchanges.

Company Response / Clarification:

The company provided a four-point clarification:

1. Confirmed that recent price movement is purely market-driven, reflecting overall market dynamics, sector-specific news flow, and external market sentiments, with the company exercising no control over such fluctuations.

2. Acknowledged awareness of the IRDAI Public Consultation Paper titled "Recalibrating Economics of Insurance Distribution" issued recently. Clarified that the paper is currently at consultation stage and represents proposed policy changes open for public and stakeholder feedback, not constituting a final regulatory order or directive.

3. Noted that the proposals cover structural shifts including proposed adjustments to distribution expense structures and commission limits.

  • Material subsidiary Policybazaar operates as an insurance intermediary focused on financial inclusion and social security
  • Platform has invested substantially over 18 years in consumer education, digital onboarding, pre-sale advisory, and end-to-end claim assistance for under-penetrated products like Health and Term Insurance
  • Proposed limits may not fully reflect current operational and servicing cost structures of online insurance distribution if implemented in current form
  • Company is actively evaluating comprehensive impact along with other industry stakeholders
  • Committed to constructive engagement with IRDAI and will submit detailed feedback and representations during stipulated consultation timeline

4. Confirmed that as of date, there is no undisclosed price sensitive information (UPSI) or any impending announcement requiring disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Reference / Compliance:

The company explicitly references Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Affirms full commitment to strict compliance with all disclosure obligations and promises to promptly inform Stock Exchanges of any material development as required under applicable laws.

Analyst Perspective / Material Implications:

The disclosure indicates potential regulatory headwinds for online insurance distribution business models if proposed commission limits are implemented without modification. The company's engagement in the consultation process and commitment to providing detailed feedback suggests active management of regulatory risk. The confirmation of no UPSI provides clarity to market participants.