Vedavaag Systems Limited has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) for its wholly-owned subsidiary, Vedavaag Financial Insurance Broking Services Private Limited, to act as a Direct Insurance Broker for both Life and General insurance.

The approval was granted under reference number IRDAI/INT/DB 1344/2026 dated October 7, 2026, in response to the subsidiary's application URN No. BR-NEW-17985-2025 dated December 3, 2025, made under the IRDAI (Insurance Brokers) Regulations, 2018.

Key Requirements for Final Registration:

The in-principle approval requires the subsidiary to comply with several conditions within 15 days from receipt of the letter:

  • Capital Requirement: Raise capital to ₹75 lakh and submit a Chartered Accountant certificate
  • Fixed Deposit: Create a single Fixed Deposit with any scheduled bank for a minimum term of 3 years for ₹10 lakh, with a bank letter confirming IRDAI's lien and no release without Authority permission
  • Shareholding Documentation: Submit auditor-certified shareholding structure including shareholder names, allotment dates, number of shares allotted, percentage holdings, share certificate & folio numbers, and authorized/paid-up capital
  • Undertakings: Provide undertaking that promoters/shareholders will not dispose of their holdings during the 3-year registration period, and from directors regarding compliance with Regulation 22 stipulations
  • Financial Certificates: Submit auditor-certified sources of funds and deployment, bank certificate showing current balance, and latest net-worth certificate as per Companies Act, 2013
  • Compliance Undertaking: Provide undertaking for compliance with Insurance Act, 1938; Insurance Rules, 1938; and IRDAI Regulations
  • Name in Hindi: Provide Hindi name for the Certificate of Registration
  • IT Confirmation: Confirm IT software can generate regulatory reports and data storage is in India
  • Fee Payment: Pay requisite fees of ₹10,000 plus 18% GST (total ₹11,800) via NEFT/RTGS to ICICI Bank A/C No. 180405008095, IFSC Code ICIC0001804

The disclosure was made pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following up on the board meeting intimation dated September 24, 2026.

The company has committed to making further disclosures to the stock exchange as material developments occur in accordance with SEBI LODR Regulations.