Mangal Credit and Fincorp Limited has informed the Exchange about Registration of the Company to act as Corporate Agent (Composite) with IRDAI under IRDAI (Registration of Corporate Agents) Regulations, 2015.
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Mangal Credit and Fincorp Limited has received approval from IRDAI to act as a Corporate Agent (Composite). The license, effective April 24, 2026, allows the company to procure and solicit insurance business under IRDAI regulations. The license is valid for three years until April 23, 2029. This marks Mangal Credit's entry into insurance distribution, enabling the company to offer insurance products to its existing customer base. The company is primarily engaged in financial services and this new license expands its product offerings.
This regulatory approval allows Mangal Credit to diversify its revenue streams by entering the insurance distribution business. For shareholders, this represents a potential new income source, though the financial impact remains to be seen as the company begins soliciting insurance products.