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Life Insurance Companies to Disclose ULIP Exposures to Satyam

Avijit Bajpai


Its Satyam again! The forbidden chaos doesn’t seem stopping soon. The 7000-crore financial fraud, has already uprooted the lives of many investors who shown faith in the worthiness of Satyam. Now, the insurance regulator IRDA will soon ask life insurance companies to disclose the amount of funds they have invested into Satyam shares through ULIPs.


The impact of Satyam scam on the relative balance sheets of the insurers is to be analyzed. Satyam shares dropped more than 70 percent after Chairman, B Ramalinga Raju confessed of his involvement in the fraud. The regulatory body is concerned about the drop in the NAV (Net Asset Value) of ULIPs that have an exposure to the shares of Satyam.


In 2001, at the time of Ketan Parekh scam, SEBI had also asked all the institutions to disclose their relative exposure to the K-10 stocks in which Mr. Parekh made an investment.
 
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