IRDA (Investment) Regulations, 2000

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C INSURANCE REGULATORY AND 01':VELOPMENT AUTHORITY NOTIFlCATlON New Dellu. t.hc 141h August, 2000 Insurance Regulatory and Development Au1bori1y (Investment) Re~'lllation•, 2000 F. No. lRDAfReg./8/2000.-ln exercise of the powers conferred by Sections 27A. 27B. 270 and 114A of the Insurance ACL 1938 (4 of 1938). the Au1honty in consultalion with Lhc lnsurance AdviSOI}' Conuruuce, hereby makes the follo\\ing rcgul;it,ons, namely 1. Short title and commencement (I) These regulations may be called the Insurance Regulatory and Development Authority (Investment) Regulations, 2000. (2) They shall come imo force on the date of their publication in the Official Gazette. 2. Definitions - ln these regulations. unless the context otherwise requires, - a} · Act' means the lnsurance Act, I 938 (4 of 1938). b} 'Accretion of funds" means investment income, gains on sale/ redemption of existing investment and operating surplus. c) • Authority' means the Insurance Regulatory and Development Authority established under sub-section (I} of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (4 I of 1999). d) · Principal Officer' means any person connected with the management of an insurer or any other person upon whom the Authority has served notice of its intention of treating him as the principal officer thereof. e) All words and expressions used herein and not defined but defined in the Insurance Act, 1938 (4 of 1938). or in the Insurance Regulatory and Development Act, 1999 (41 of 1999), or in any Rules or Regulations made thereunder, shall have the meanings respectively assigned to them in those Acts or Rules or Regulations. 17 ! 18=-========T=HE=G=AZ=E::::T::l'E===:0:::::F::::IN:::ID::::t:::A.::::.:::E:::XTRA.:::::::::::O:::RD=::£:::::N:::::AR::Y:::::=:=====[P=N<=,:::::l::::ll=::S=Ec=. =·II 3. Regulation of Investments (I) Life Business: Without prejudice to Section 27 or Section 27 A of the Act, • Every insurer carrying on the business of life-insurance shall invest and at all times keep invested his controlled fund in the following manner: S.No T~·pe oflovestmcot Percentae:c i) Government Securities 25%. ii) Government So.:curities or other approved securities (including (I) Not less than 50%, above) iii) Aooroved Investments as specified in Schedule I lnfrascructurc and Social Sector ·- a) Not less than 15% Explanation: For the purpose of this requirement. Infrastructure and Soi;ial Sector shall have the meaning as given in regulation 2(h) of Insurance Regulatory and Development Authority (Rei,ristration of Indian Insurance Companies) Regulations, 2000 and as defined in the Insurance Regulatory and Development Authority (Obligations of Insurers to Rural and Social Sector) Regulations, 2000 respectively bJ Others to be governed by F )(po sure/ Prudential Noons specified in Not exceeding 20% Regulation 5 iv) Other than in Approved Investments to be governed by Exposure/ Not t:xceeding 15% Prudential Norms sru•cified in Res?Ulation 5 (2) Pension and General Annuitv Business: Every insurer shall invest and at all tim..:s keep investcJ assets of Pension Business. Gencml Annuity Business and Group Busine~s in the following manner:- S.No T}·oe of lnves1ment i) Government securities. being nnt lcs~ than Ii) G,,wmment Securities or other approved above. being not less than sccuriiies inclusive of (i) iii) BalaJ.Jcc to be invested in Approved Investments as specified 10 Schedule I and to be specified m Resrnlation 5 governed by Exposure/ Prudential Nonns Note: For the purpo~es of this sub-regulation: aJ No unapproved invcstmems shall be made Percenfa!!e 20% 40% Not exc~ed.ing (J(I~ u -- h) All inl'estm.:nts shall he ma<le in graded securittes and the grading shall nol be less 1han of ·very strong· raring by a reputed and independent rating agency (<e.g. AA of Standard and roorl. cl ~.ver: insurer shall invest a~sels in sccunties wJuch arc awvely 1raded in an) Stock Lxchangc in India and which are anributabk to segregated fund~. in respect of linked business. . 0 r C 19 4. Regulation llf Investments (I ) Gen em I Business: Without prejudice to Section 27 or Section 27B of the Act, - Every insurer carrying on the business of general instmmce shall invest and at all times keep invested his total assets in the manner set out b.:low: S.No Tvpe of Investment Pcrccntaee i) Central Government Securities beine not less than 20% ii) State Government securities and other Guaranteed securities including (i) 30% above bcin!!: not less than 1ii) Housing and Loans to State Government for Housing and Fire Fighting 5% equipment, beine not less than iv) investments in Annroved Investments as snecified in Schedule JI a) lnfrastrncrure and Social Sector Not less thru1 Explanation. For the purpose of this requirement, Infrastructure and Social 10% Sector shall have the meaning as given in regulation 2(h) of Insurance Regulatory and Development Authority (Registration oflndian Insurance Companies) Regulations. 2000 and as defined in the Insurance Regulatory and Development Aulhority (Obligations of Insurers to Rural and Social Sector) Rea11la1ions, 2000 respectively ' b) Oth~rs to b..: governed by Exposure/ Prudential Norms specified in Not exceeding Rem •lation 5 30% . v) Oth<:!r than in Approved lnvesuncnts to be governed by ExpQsure/ Pn11kntial Nol cxcecdiJlg Norms soccificd in Regulation 5 25% :ioti: All nwestmems shall be made in graded securities and the grading shall not be less thru1 of 'very strong rating by a reputed and independent r::iting agency (e.g. AA of Standard and Pour). (2) Reinsurnnce Business: every reinsurer carrying on reinsurance business in India shall invest :111d at all times keep invested his total assets in the same manner as set out in sub-regulation ( I). until such time separate regulations in this behalf are made by the Authority I 20 THE GAZEn·E OF INDIA : EXTRAORDINARY S. EXPOSURE/ PRUDENTIAL NORMS Without prejudice to anything contained in Sections 27 A and 278 of the Act, every insurer shall limit his investments based on the fo[]owing exposure nonns: Aj .;;:xµosure Norms Type oflnvestment limit for Investee Limit for the entire Limit for the Company group to which the industry sector to investee company which the investee belongs comnanv belongs (a) Equity/ Preference (i) As on any date (i) As on any date Not exceeding 15% of Shares/ Convertible Not exceeding 20% Not exceeding 15% the total capital portion of Debentures of the total capital of the total capital employed• in all such at face value. employed•. employed• of the companies. (b) Debcntum - (face group companies. value) including private placed NCO and Non convertible portion of Convertible Debentures. (ii) During the year (ii) During the year (c) Shon/ Medium/ Long Not exceeding 5% of Not exceeding I 0% Term Loans and any estimated annual of estimated annual other direct financial accretion of funds. accretion of funds. assi:.tance. • Total capital employed means total cf equity shares, preference sh.ares, debentures, long/ medium/ short term loans (excluding public deposits), free reserves but excluding revaluation reserves, of the investee company as sho"''Il in its last audited balance sheet. B) Exposure Norms for Investment in Public Financial Institutions Equity Share and Preference Shares (at their face Nol exceeding 15% in general of th.e paid up value). equity/ preference capital of the institution or the ex:isting lio!cling % level, ifhi!!her. Investment in Equity Capital, Bonds. Debentures, Not exceeding 10% of the capital employed by an Tenn Loans. institution as per the last audited Balance Sheet. Total Investment vis-a-vis Net Worth of the Not exceeding 60% of Net Worth of the Company. institution. Total Investment in a Financial Year, 7.5% of annual accretions. rota! Investments in all the Financial Institutions. Annual aggregate financial assistance to all Development Financial lnstitutions put together in a single year shaJJ not exceed 20% of the estimated annual accretions for the vear. ['IT'l 111-=-1] ',WI s;r <l"!'l1! : arnT>lR"T 21 C) Prudential Norms The prudential norms for various instruments shall be as under: i) Debentures: ;\'orms for Fully Convertible Debentures and Partly Convertible Debentures: Investment decisions are related to attractiveness of equity shares to be received as a result of conversion. Due consideration is also given t-0 the factors, viz a) rate of interest at the time of subscription to said debentures, b) appreciation and c) dividend income likely to be received from the equity shares. ,.. Similar considerations also apply for Non-Convertible (NC) Debentures with detachable ( warrants attached to i1. Norms for Non-Convertible Debentures and Non-Convertible Debentures with warrants attached· I. Eli2ibilitv Amount a) Working Capital Debentures 20% of the current assets, loans and advance minus outstanding amount of existing working canital NC Debentures. b) Proiect Finance As annraised bv the Investment Committee c} Normal Caoita! Ex•..,.nditure As assessed bv the lnvcstmem Committee Asset Cover (as specified in Schedule Ill): First pari passu charge on fixed assets of the company offered as security with a minimum of 1.25 times including proposed borrowings (excluding revaluation of assets). Debt Equity Ratio (as specified in Schedule Ill): Not to exceed 2:1 including the proposed NC Debenture issue. However, in case of capital intensive project debentures, higher ratio upto 4: I may be considered. Interest Cover (as specified in Schedule 110: Not less than 2 times for the latest year or on the basis of the average of the immediately preceding three years after including the interest on the proposed debentures at the applicable rate. Dividend Pav-out: Minimum dividend of 10% in each of the two years out of the immediately preceding lhree years including the latest year. I 2:-::2==========::CTT:::,iE::-~G::,,~\Z~E1~-~rE~OF 11\'DrA EXfl>J1ORDl:-JARY ii) Tt·rm Ocpnsih and I oans with Non Banking Companies: I lie· 111su1w need lo plac·c 1he t.lcrosiLs \\ ilh a view to cater to 1rn:'king ..:apirnl need., nf the c .1rp,1rntc sector, The pl,1ccment ol th,; dcposll an: 10 be decided alkr e\'a]uaring finarn:ial and non- linan..:m! a,pccts ol th..: p..:rfo1 m1mcc purametcrs nf the companies The anah·sis nceJ Ill 111clut.l1: ,111d) uf fi11aJ1cial posi1in11. track recurd and other !catures ~u,h as quality of manag.:ment, future l'r"spcch :ind market potential for th~ cnmp:u,, 's pro<luc1s. Cret.ltt rating of borrower should be 11111fonnl: mnintamcd at a position \\bicb 1s imlicativc oJ a very strong financial position being not ll"s, than A.\ t•I' Standard iUld Poor or equivalent rating of any othL'r reputed and indep,-ndent r:111ng agt!nC) I he maximum amr,ur11 of Shon Term Dcposil 1l1m llla) be placed with any company 1s 1.;scricted 10 Rs 2 crnrcs or 10% (1f11ct worth whichever is kss. l he various norms/ parameters for th..- pfac.:mcnt of term loans are as under: Fl51r1icuhrs . ' n~rcurcd bon-<,wing a~ a%) or '\11l to .:xccet.l 25% of net 11onh including the proposed lc,au. k'l \\()flh, su~1ec1 to 11etwonl1 of !he horrowing company- being not Jes, than Rs. 15 crorcs. !Ht:n,!~l Co, er Atlcasc 2.5 times including mterest on nroposcd loans. kbt/ Equity Ratio. Not !(1 exce.e,:J 2: I '1rr,11t Ratio. Not less than 1.33. l. ): 11,knJ Rt··:ord. AtJca~t 10% for the last 5 years or 15% and above for 3 11111 of 5 - years. isling Eyuit) share; of th,: Comp,m) shall be listed on !Ill)' rec,>gnis;:<l ·- stock exchange and the pri~c ~h,1uld contin\tously heen q1tnting abu\C nar atka,; for 12 months nrior 10 the <lm:: 01 sanction of loan 'ollakrnl S.:curit> Cheques shall .be obtLlincd for principal and inlcrcst amount. Personal irnaramee l'f ornmot,Ts and olcdl!e of shares ma, he taken. iii) lnf'rnstructm·c and Social Sector: [11 tlK cas.: of projcc1.s/ 1\urks in the infrastructure an<.! social sector undertaken by a person ntJ1cr tha11 a rnmpa11) the nomls 111dica:ed in the table above shall have lo be met lo the <':\lent npplic11blc. iv) (;uidclincs on ~ub,cription lo I'rcf'c,·cnc-0 Shares: a1 Companies whose preference shares dl'c sdectcd for invcstmenc should have snund li11ancial rosilioJJ and :,tcady income earning capnc,t~ hJ I ht· dindcnd puyabk ,m the prcl~rcnct! ~hare:, ,hould he cumulati\c. c, Ilic prcftrence slian.:s shall be redeemable. J) l'rc;fcrcnc<:: cap1tLll a tier proposcJ issue shaH not exceed I OU% of equity capital. e J l>i11dcnd should ha\'e hecn raid on c4uil} shores fortwo years out oJ immedia1dy prccctling tlm:c year,. t) Preference dividend should han: heen paid for 3 years or 3 om of 4 or 5 years tncludmg latest'.! years iflhe prcfrrencc »h~res are issued earlier. g) Non-di\·idend paying prclercnce shan~s should not be cor1siclcred for 111vestmcnL lt1 l)i\·idend co1er on lhe hasis 01',1vcrnge profit of last 3 lo5 years should he J times. 0 23 6. Returns to be ~ubmitted by 1be Io~urer: Every insurer shall submit w the Authority the following returns within such time. at such intervals and verified/ cenifieci in such manner as indicated there against. These returns shall be iii addition to those prescribed in Insurance Rules. l 939. S.:"lo Form No as Short desc,iptioo J>eriodici Time limit for submissiGn Verified/ annexed 1(1 ty uf Certified by tht>Se returns rcmilatioas I form I Suuement of investment Ycarl, Within 30 dsys from the date Principal sud inccunc on of Bosrd approval of audited Officer/ inveslmeal accounts. Chief (Jnvestment) 2 Form2 Statement of do\,·n Quanerl, Within 21 day~ of the end of Princlpal graded invcstmems. each ciunrter. Officer/ Chief • (Investment) 3 FonnJ A S1J11c1ncnt of Investment Qu:merly Within 2 1 days of the end of Principal of Controlled Funrl (Life) each quarter. ,. .Officer/ - Complill!lcC Rcprm Chief nnvestment) ,I Form J ll St.ltcment of lnvestm<:nt Quarterly W 1th in 21 days of the end of Principal of Total Assets (Gmeral) c:ich quarter. Officer/ - Compliance R~pon Chief (Investment) 5 Form.! Prudcnual lnwsanent Ye~rl> Within 30 days from the date Principal J-,;orms Compliance of Board approval of audited Officer/ Report accounts. Chief (I nvestmcnt) The Authority may. by any general or sp.:cial order. modify or relax any requiremem relating to the above. 7. Power to Call for additional information The Authority may, by general or special order, require from the insurers such other infonnation in such manner. intervals and time limit as may be specified therein. 8. Duty to Report extraordinary events affecting the investment porcfolio Every insurer shall report to the Authority forthwith. the effecl or t11e probable effect of any event coming to his knowledge, which could have an adverse impact on the investment portfolio held by him. 9. Constitution oflnnstment Committee Every insurer shall constitute an lnwstmenl Commi11ee _which shall consist of a minimwn of l'-'O non-executive directors of the Insurer, the Principal Officer. Chiefs of Finance and !nvestment divisions. and wherever appointed actuary is present, the Appointed Actuary. The I 24 THE GAZETTE OF INDIA : EXTRAORDINARY !PMT UI Ssc. 41 decisions taken by the Investment Committee shall be properly recorded and be open to inspection by the officers of the Authority. IO. Miscellaneous (I) Valuation of Assets and Accounting of Investmenti; shall be as per the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2000. (2) The Authority may, by any general or special order, modify or relax requirement relating to regulation 5. SCHEDULEI (See Regulation 3) LIST OF APPROVED INVESTMENTS FOR LIFE BUSINESS 'Approved Investments' for the purposes of Section 27A of the Act shall be as follows: a. All approved investments specified in Section 27 A of the Act except i) clause (b) of sub-section (I) of section 27A of the Act; ii) firs! mortgages on immovable property situated in other country as stated in clause (m) of subsection (I) of section 27 A of the Act iii) immovable property situated in other country as stated in clause (n) of subsection (I) of section 27 A of the Act In addition the Authority under powers given vide clause (s) of sub-section(!) section 27A of the Act declares the following investments as approved investments: b. All secured Joans, deposits, debentures, bonds, other debt instruments, shares and preference shares rated as 'very sirong' or more by a reputed and independent rating agency (e.g. /\A of Standard and Poor); c. Deposits with banks (e.g. in current account, call deposits, notice deposits. term deposits, certificates of deposits, etc) and with Primary Dealers recognised by RBI included for the time being in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934 ); d. Commercial papers issued by a company having a 'very strong' or more rating by a reputed and independent rating agency (e.g. AA of Standard and Poor); e. Investments in Venture Capital Funds of such companies/ organisations which have a proven track record and have been rated 'very strong' or more by a reputed and independent rating agency (e.g. M ofStand3Id and Poor). Explanation: For this purpose any investment in the shares or debentures or short or medium or long term loans or deposits with private limited companies shall not be treated as 'approved investments'. SCHEDULEll (See Regulation 4) LIST OF APPROVED INVESTMENTS FOR GENERAL BUSINESS · Approved Investments' for the purpose of Section 27IB of the Act shall be as follows: a. All approved investments specified in Section 27B of the Act except i) clause (b) of sub-section (I) of section 27A of the Act; ii) immovable property situated in other country as stated in clause (n) of subsection (I) of section 27 A of the Act • [ 'W1 Ill - 4 I iii) first mortgages on immovable property situated in other country as stated in clause (i) of subsection (I) of section 27B of the Act ln addition the Authority under powers given vide clause G) of sub-section(!) section 278 of the Act d.,;-.:ares the following invesunents as approved investments: b. A II secured loar-c;, deposits, debentures, bonds. other debl instruments, shares and preference shares rated as 'very strong' or more by a reputed and independent ratiug agency (e.g. AA of Standard and Poor); c. Loans to State Government for Housing and Fite Fighting Equ1pmenl. d. Deposits ,\ilh banks (e.g. in current account, call deposits. notice deposits. tern• deposits. certificates of deposits, etc) and wi111 Primary Dealers recognised by RBI included fr.; 'he time being in the Second Schedule lo the Reserve Bank of India Act, I 9J4 (2 ol 1934); e. Commercial papers issued by a company having a · very strong' or mor,; rating by a n:puted and r independent rating agency; , '- f. T rcasury Bills issued by R.Bl, !Iller Bank Repo of RBI and Bills Rediscouming. C g. Investments in Venture Capital Funds of such companiesi organisations which have a proven track record and have been rated 'very strong' or more by a reputed and independent rating agency (e.g. AA of Standard and Poor). Explanation: For this purpose any investment in the snares or debentures or short or medium or long tenn loans or deposits with private limited companies shall nol be treated as 'approved investments· SCHEDULE HI (See Regulation 5) A~et Cover: Asset Cover shows Lbe relationship between Fixed Assets and secured loans. It is LO be calculated hy dividing Fixed Assets by Secured Loans. Details of working are as under: F1XED ASSETS - Net Block of the Fixed Assets - AJd. Caf1ittll Work in Progress Less: Revaluation Reserves ~ Less. Goodv.~ll -- Less: Assets not available viz exclusively charged assets. Vehicles, leased assets. etc. - TOT.M(A) SECURED LOANS ~t Cha. ge debentures Secured Tenn Loans - Deferred Payment Guarantee (if assets arc not exclusively charned) ·- Pronnsed Borrowinl!s TOTAL(~). ·- Asset Cover t A/B) ------ I 26 TilE GAZETTE OF INDIA: EJ(TRAOROINARY [P AR't UI-Ssc. 4) Debt Equity Ratio: The relationship describing the lendor's contribution against owner's contribution shall be debt equity ratio. It shall be calculated by dividing long term debt by Networth, Details of working arc as wider: First Chari!e Debentures (Gross Block less Deorcciation) Secured Term Loan Deferred Pavment Guarantee Second Charne Debentures Non-convertible Part of Ex.istin11. convertible debentures Non-convertible Part of eroe2sed convertible debentures Unsecured Term Loans Proposed Borrowin2s DEBT (A) EQu1ry Share Caeital - . Preference Share Capital ' Free Reserves Convertible part ofExistin11. Convertible Debentures Sonvertible part of Proposed Conve1tible Dehentures Total Less: Miscellancou.s Exoenses f NET WORTH (BJ ; Debt Equi~• Ratio {A/B) --, Interest Cover: lmer~st Cover shows the number of times the interest charges are covered by funds that are ordinarily available for payment. ll shall be calculated by dividing Profit before depreciation, !merest and Tax (PBDIT) by interest Charges Details of working are as uoder. Profit before Tax Add: De reciat10 Add· f-innncial C ALid: Non•Recurr Less: Non-Rccurr PBDIT(A) n ham.es mg Lxoenses ing Income --- F.xist111g Fina1~ /\dd: lntcrc~l on al Charges nroposcd borrnwinl!S --- ·- Fl"1<\NCIAI. C Interest Cover _L_ HARGES (B) A/B) ·- , .. () Fonn: 1 Company Name and Cod1;· Stacement Dale: As at ... .. STATEMENT OF INVESTMENT AND INCOME ON INVESTMENT Periodicity of Submission: Yearly Current Year Category Of Investment Income on Gross Net Yield Investment /Rs.I lnvestmentrRs.l Yield (%1 (%) Total CERTIFICATION Previous Year Investment Income on Gross 'Rs.I Investment/Rs. I Yield (%1 Certified that the information given herein are corTect and complete to the bes! of my knowledge and belief and nothing has been concealed or suppressed Date· __ _ Signature: __________ _ Full Name & Des,gnation ~ Net Yield '%) _,... 1 a l j ... ~ ~ 1 j ..., " Form::/. Gomp~ny Name and Cude S1at~m~n1 Ddte_ As at STATEMENT OF DOWN GRADED INVESTMENTS Periodlcity ot ~ubrn1s!:!•~n: Quarterly S.No. Particulars ol OP"J1!H,t i:,v!"~:trr,tn~ lnvestm,.nf Gt~t.!e - -- i-- - -- ._ ~ .,__ CERTIFICATION --- Current Down Grade Rtmiarks - --· - I Certit:ed lh~t the information gi·,~n herein are correct and compleie tu th,: best of my knowledge and belief ana nothing has been concealed (lr ~uppress.ed Date: __ _ Signature: _____________ _ Full Name & Des,g,,~tior cJ ( Iv "' ~ "' ~ ~ Q ~ s; i;:t >< ~ I~ ';,,- ~ .,, ~ :::l T C/J r -": - Form: 3A Company Name and Code. Statement Date As at ('") Statement of Investment of Controlled Funds - Compliance Report to be submitted Quarter1y Life Business INVESTMENT OF CONTROLLED FUND S.No. Type of Investment Percentage Amount Invested as nor reaulatlons _!)_ Government Secuntles 25% Ii) Governm~n: Securilie~ or other approved Not less than 50% securities r,nctud1no (ll above) iiil Annroved Investments al I nlrastr.Jcture and Social Sector Not less than 15% bl Othe;s Not exceedinn 20% ivl Other than A»nroved Investments Not exceedina 15% Total Investments 100% Statement of Investment of Assets - Compliance Report to be submitted Quarterly re11;:,1u11 DU~llit:,>~ '-1'Ulll;:,1Gt MIUIUILY '-'UQIIU:TQQ QIU,I ........... u ........... , , u,..-, INVESTMENT OF ASSETS S.No. Type of Investment Percentage Amount Invested as ~er reaulations 11 Government Securities beinQ not less than 20% Ii) Government Securities or other approved 40% securities (including (a) above) bemg not less than Iii) Balance Investments to be Invested In Approved 60% ' Investments not exceedina Total Investments 100% CERTIFICATION Actual% Actual% Certified that the lnformabon given herein are correct and complete to the best of my knowledge and belief a11d nothing has been concealed or suppressed. Date __ _ Signature ____________ _ Full Name & Designabon .- ~ C I 1 ,_ ~ Market Value or Realisable Value ! fil l Market Value or Realisable Value I ~ Form: 3 B Company Name and Code: Statement Date: As at ...... ......... . Statement of Investment of Total Assets - Compliance Report to be submitted Quarterly General Business INVESTMENT OF TOTAL ASSETS S.No. Type of Investment Percentage Amount Invested as Actual¾ ner reaulations i) Central Government Securities being nol less 20% than ii) State Government Securities and other 30% Guaranteed securities including a) above beina not less than iii) Housing and Loans to Stale Govt tor Housing and Fire Fighting Equipment being not less 5% than Iv) Aooroveo Investments a) lnfraS1ructure and Social Sector Nol less lhan 10% b) Others Not exceeding 30% v) Other Than Approved Investments Not exceeding 25% T<>tal IPvestments 100% CERTIFICATION Certified that the information given herein are correct and complete to the best of my knowledge 11nd belief and nothing has been concealed or suppressed. Dattl: __ _ ... Signature: ---:,--,------:----- Full Name & Designation Market Value or Realisable Value ..., 0 ..., ill ~ m ~ ~ I ~ ~ z ~ ? r ~ ~ __ ,_ ll I I C