Indiabulls Integrated locked in 5% upper circuit on R1 acceptance from IRDA for life insurance biz

Indiabulls Integrated Services shares were locked in 5 percent upper circuit at Rs 332.05 on Wednesday after receiving R1 acceptance from the insurance regulator for its life insurance business.

"Company's wholly owned subsidiary Indiabulls Life Insurance Company Limited has received regulatory R1 acceptance from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed life insurance business," the Indiabulls Group company said in its filing.

Therefore, the company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with IRDAI to undertake life insurance business in India.

Indiabulls Integrated directly and through its subsidiaries, is primarily engaged in the businesses of real estate development, providing management and maintenance services, construction advisory and other related services, charter business of aircraft, trade in all kinds of sculptures, paintings and art graphics etc.