Section 20 in Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018
20. Manner of calculation of equity capital held by foreign investors.
(1)The aggregate holdings of equity shares or contribution or equivalent in the Insurance Broker by foreign investors, including portfolio investors, shall not exceed such per cent of limits as prescribed by Central Government.(2)For the purposes of the Act and these Regulations, the calculation of the holding of equity shares by one or more Foreign Investors in the applicant company, shall be as per details given in Schedule II - Form R.
