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IRDA says nudging insurers to trade bonds

Reuters
A money lender counts Indian rupee currency notes at his shop in Ahmedabad, India, in this May 6, 2015 file photo. REUTERS/Amit Dave

MUMBAI (Reuters) - The Insurance Regulatory and Development Authority of India (IRDA) is nudging insurers to trade some of its government and corporate debt, instead of holding them to maturity, said V.R. Iyer, a senior IRDA official, on Tuesday.

Meanwhile, the Securities and Exchange Board of India (SEBI) will come out with guidelines for exchange-traded repos, said R.K. Agarwal, a senior SEBI official, seeking to bring more regulation to a still relatively young product in India.

Both the officials were taking part in a panel discussion on corporate bonds in Mumbai.

India has been keen to develop its debt markets, especially in corporate bonds. Insurers are among the biggest debt investors in the country.

(Reporting by Suvashree Dey Choudhury and Abhirup Roy; Editing by Biju Dwarakanath)