Regulator Irdai has proposed to amend the norms related to ‘regulatory sandbox’ by incorporating principle-based approach and further facilitating the adoption of innovative ideas and new concepts across the insurance value chain.

Regulatory sandbox usually refers to live testing of new products or services in a controlled/test regulatory environment for which regulators may or may not permit certain relaxations.

The Insurance Regulatory and Development Authority of India (Irdai) constituted an internal committee to review the Irdai (Regulatory Sandbox) Regulations.

Based on the recommendations of the committee, it has proposed amendments to the regulatory sandbox regulations and seeks comments from the public at large on the proposed amendments.

Issuing an exposure draft on regulatory sandbox regulations, Irdai said the amendment seeks adoption of principle based approach over rule based approach.

The changes to the norms are also aimed to facilitate the introduction of innovative ideas/new concepts across the insurance value chain, Irdai said.

Irdai has invited comments from the stakeholders on ‘Exposure draft – Irdai (Regulatory Sandbox) (Amendment) Regulations, 2024’ by November 25.

Prodigy Finance, a global higher education finance company, has secured financing of up to $310 million with a funding commitment from the US International Development Finance Corporation (DFC).

This latest financing, building on the previous partnership with DFC, prioritises social impact with a minimum financing threshold of 30% for women and 50% for individuals from low- and lower-middle-income countries, it said in a statement.

“Together, we are empowering a new generation of global leaders to unlock opportunities that shape a brighter future,” said Prodigy Finance Chief Financial Officer Neha Sethi.

The higher education finance company’s borderless lending model allows students to apply for loans based on their future earning potential rather than their current circumstances or credit history.

Since its founding in 2007, the international student lender has enabled over 43,000 postgraduate master’s students to attend top universities, disbursing over $2.3 billion in funding to students from more than 150 countries.

Sonal Kapoor, Global Chief Commercial Officer of Prodigy Finance, told YourStory that India is its core market and has the largest share of its funding.

According to the Prodigy Finance 2022 Impact Report, students reported that the company’s loan helped them to pursue their dream career (91%), achieve success in their personal life (83%), and at least double their salary (74%).

In September, Prodigy Finance launched a $30 million blended finance programme in collaboration with The Standard Bank of South Africa Limited and Allan & Gill Gray Philanthropies.

Food delivery and quick commerce platform Swiggy’s Initial Public Offering (IPO) was subscribed only 35% on the second day of bidding as broader market indices slipped in red. 

Sriharsha Majety-led Swiggy witnessed the quota reserved for employees being subscribed 1.15 times by the end of bidding on the second day. Retail investors subscribed to 84% of the shares. 

According to data from the Bombay Stock Exchange (BSE), non-institutional investors purchased 14% of their allocated shares, and qualified institutional buyers’ (QIBs) part was booked at 28%.  

As of the second day, Swiggy’s IPO received bids for 5.57 crore shares, amounting to 35% of the total issue size. The issue was subscribed 12% on day one.

Swiggy, which is set to list on Indian stock markets on November 13, initially aimed for a valuation of approximately $15 billion, but later updated its RHP to seek a valuation of around Rs 87,000 crore or about $11.3 billion at the upper price band. 

“Swiggy’s decision to lower its valuation leaves some upside room for the investors, we still recommend an AVOID recommendation to this issue due to the “reported negative” cash flows and ongoing losses, alongside a slightly high valuation of 7.7x FY24 price-to-sales,” noted Aditya Birla Money in a research report dated Nov 4. 

It raised nearly Rs 5,085 crore (about $605 million) from anchor investors, which included life insurance and mutual fund arms of HDFC, ICICI, and SBI. The anchor book, which witnessed participation from over 75 key domestic mutual funds, also saw bids from global mutual fund investors like Astrone Capital, Fidelity, and Blackrock.

Swiggy plans to raise close to Rs 11,700 crore in its IPO which will include fresh issue of 11.54 crore equity shares along with an offer for sale (OFS) of  17.51 crore equity share by existing stakeholders. It has set IPO price band at Rs 371- Rs 390.