IRDA imposes Rs 1cr fine on Wealthkart Insurance Broking

The IRDA, on Jan 22, has imposed a fine of Rs 1 crore on Wealthkart Insurance Broking for not seeking its prior approval while effecting substantial changes in shareholding of the company. Broker effected changes in its shareholding on 19th September, 2023. The joint/cumulative change in the shareholding pattern on account of the said transactions was 67.5%, which exceeded twenty per cent of its paid-up capital.