CNBC-TV18 has learned that the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has asked the Securities and Exchange Board of India (SEBI) to investigate violations around fair market value in Axis Bank-Max Life transactions.

What has IRDAI asked for?

Since there is a discrepancy in the price per share in the last 10 transactions in Max Life, how is it that in just 15 days the price per share of the company fell from Rs 166 to Rs 32 — shares which are allotted to Axis Bank?

Also Read: Will pay insurance regulator's penalty but believe we did nothing wrong: Max life

What has been asked from SEBI?

The nature of this discrepancy in valuation and how did it benefit and the exact nature of the benefit to whichever of the parties if it benefited from that particular drop in valuation?

Also Read: IRDAI shadow on Axis-Max Life deal?

CNBC-TV18 has written to both regulators IRDAI and SEBI but is yet to receive a reply.

Watch the accompanying video of CNBC-TV18’s Yash Jain for more details.

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