Standard Capital expands footprint in insurance broking sector - Details

Non-banking financial company Standard Capital Markets Limited has informed exchanges that the company has formed a new wholly-owned subsidiary - Standard Insurance Broking Limited. 

The authorized capital of the company is Rs 1 crore which is divided into 10 lakh equity shares of Rs 10 equity shares.

"Standard Insurance Broking Limited ("New Co") is incorporated as a new wholly-owned subsidiary of the Company under
Companies Act, 2013 with effect from 19th June, 2024," the company said in an exchange filing. 

The company has already stated that it has received the NOC of the Insurance Regulatory and Development Authority of India and will also take the Insurance Broking License of the Insurance Regulatory and Development Authority of India after incorporation.