LICI

Central Depository Services (India) Ltd CENA.NS:

• CENTRAL DEPOSITORY SERVICES- UNIT TIES UP WITH LIFE INSURANCE CORP FOR INSURANCE REPOSITORY SERVICES

Source text: [ID:]

Further company coverage: CENA.NS

March 19 (Reuters) - Pfizer Ltd PFIZ.NS:

• LIC CUTS STAKE IN PFIZER TO 4.026% FROM 6.052% - EXCHANGE FILING

Source text: ID:nBSEbtwH6P

Further company coverage: PFIZ.NS

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Adds company clarification in paragraph 3 and 4

March 18 (Reuters) - Life Insurance Corporation of India (LIC) LIFI.NS hopes to decide on acquiring stake in a health insurance company by the end of March, its chief executive said on Tuesday.

"I am very much hopeful that within this financial year, before 31st March, some decision can be taken,” Siddhartha Mohanty, the chief executive officer of India's largest insurer, said.

The company later said in a statement to exchanges that it is still in advanced talks and has not entered into any binding agreement.

"There can be no guarantee or assurance of the execution or consummation of the potential deal," it said.

LIC is not looking to acquire a majority stake, the CEO said, without sharing further details on the potential deal.

"LIC will not have a 51% stake. We are exploring all possibilities,” Mohanty said.

Competition in India’s insurance business has risen in recent years as private insurers have ramped up their presence in the health insurance market to tap into growing consumer demand.

LIC sells life insurance policies as well as pension plans, investment-linked insurance, but no health insurance.

If it enters the health space through a stake purchase, LIC will compete with the likes of Star Health Insurance STAU.NS, Aditya Birla Health Insurance, Niva Bupa Health Insurance and Care Health Insurance.

Separately, LIC has been in discussions with the Reserve Bank of India on the issuance of longer-term bonds, the CEO said.

While India issues bonds with maturities of 20 to 30 years, and 40 years, LIC said it eyes longer-term instruments, such as 50-year or 100-year bonds.

"Our people are discussing this from time to time with RBI, and they are also considering this," CEO Mohanty said.

(Reporting by Siddhi Nayak, writing by Ashna Teresa Britto; Editing by Mrigank Dhaniwala)

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March 14 (Reuters) - Computer Age Management Services Ltd COMU.NS:

• COMPUTER AGE MANAGEMENT SERVICES - CAMS INSURANCE REPOSITORY SERVICES SIGNING UP AGREEMENT WITH LIC

• COMPUTER AGE MANAGEMENT SERVICES - DEAL WITH LIC FOR PROVIDING INSURANCE REPOSITORY SERVICES

Source text: [ID:]

Further company coverage: COMU.NS

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March 5 (Reuters) -

• LIC INCREASES STAKE IN PATANJALI FOODS TO 7.063% FROM 5.020% - EXCHANGE FILING

Source text: ID:nBSE9zBKcS

Further company coverage: LIFI.NS

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Adds details on Pandey in paragraphs 3-7

By Nikunj Ohri and Ira Dugal

Feb 27 (Reuters) - The Indian government on Thursday appointed Finance Secretary Tuhin Kanta Pandey as chief of the country's market regulator, replacing Madhabi Puri Buch, whose terms ends this month.

Pandey has been appointed chairman of the Securities and Exchange Board of India (SEBI) for three years, a government order showed.

He comes in at a time when the market regulator is trying to expand the suite of regulated financial investment options available to investors while also trying to curb volatility and malpractice in the derivative market.

Pandey was appointed as finance secretary in September 2024, adding to his role overseeing the divestment department. He was the longest serving divestment secretary, a post he held for over five years, and oversaw listing of country’s largest insurer Life Insurance Corp. of India LIFI.NS.

He also led the government's successful sale of Air India to Tata Group, one of the few accomplishments of Prime Minister Narendra Modi’s privatisation effort.

As privatisation slowed, Pandey prioritised value creation by state-run companies, pushing them to generate better returns and making them more accountable.

As the country’s finance and revenue secretary from January 2025, Pandey worked towards lowering import duties on high-end motorcycles as India prepared to shed its protectionist tag.

He holds masters degrees in economics and business administration from Panjab University and the University of Birmingham.

Buch, who has helmed SEBI for the past three years, came under attack from Hindenburg Research towards the end of her term. Hindenburg alleged conflict of interest in SEBI's investigations into the Adani group because of previous investments, which Buch and the Adani group both denied.

While SEBI's investigations into allegations against the Adani group have been completed, orders are yet to be released.

The first woman to head SEBI, Buch made significant regulatory changes, including tighter rules for India's derivative markets to protect retail investors punting on risky financial products.

She has instead championed safer small investment options as a way to widen the reach of financial investments.

Buch has also enforced tougher disclosures for corporates, fund houses and moved the Indian markets towards same-day settlement.

(Reporting by Ira Dugal, Nikunj Ohri and Urvi Dugar; Editing by Franklin Paul, Leslie Adler and Sonali Paul)

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Feb 27 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• GOT TAX DEMAND ORDER WORTH 2.42 BILLION RUPEES

Source text: [ID:]

Further company coverage: LIFI.NS

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By Ashwin Manikandan

NEW DELHI, Feb 21 (Reuters) - Indian insurers are considering making New Delhi residents pay 10% to 15% more for new health policies after an extraordinary spike in claims related to air pollution in 2024 in India's capital, according to nine executives aware of the matter.

The plan, now in discussion amongst insurers and which would need approval from the insurance regulator, follows record-breaking air pollution in New Delhi last year. If approved, it would be the first time air pollution was used as a direct factor in figuring health insurance premiums in India, and could be used to justify price hikes in other cities as well.

Toxic air led to more Delhi residents seeking treatment for asthma, chronic obstructive pulmonary disease (COPD) and cardiovascular conditions in 2024, higher than in any prior year, five of the executives said.

All the executives spoke on condition of anonymity as they are not authorized to speak with media.

"We have to start thinking about pollution as a separate factor in the pricing in the sense that can we then start executing a particular charge for the areas which are impacted by it," said Amitabh Jain, the operating chief of Star Health STAU.NS, India's No.1 standalone health insurer.

In 2024, the number of patients with respiratory ailments who needed to be hospitalized rose to 17%-18% in the second half of the year versus 5%-6% in the first half, Jain said.

Also, respiratory claims rose 8.3% from fiscal year 2023 to fiscal year 2025 in the state of Delhi, which recorded the highest rise in healthcare costs in India during that period, according to a joint report from Boston Consulting Group and Indian healthcare administrator Medi Assist.

Star Health and ICICI Lombard ICIL.NS said pollution could soon become a direct factor in determining health insurance premiums if poor air quality persists. Bajaj Allianz General Insurance said the industry could also add new clauses specifically addressing pollution-related health concerns.

The Insurance Regulatory and Development Authority of India (IRDAI) and prominent Indian insurers including Aditya Birla Health Insurance, Tata AIG, New India Assurance THEE.NS and Go Digit GODG.NS did not respond to requests seeking comment.

For 2023/24, Indian insurers collected $12.4 billion in health insurance premiums, an increase of about 20% over the previous year, according to the latest IRDAI annual report.

NOT JUST DELHI

New Delhi chokes on smog every winter due to a blend of vehicle emissions, construction dust and smoke from illegal farm fires. In November, Delhi overtook Pakistan's Lahore as the world's most polluted city in Swiss group IQAir's live rankings, with Mumbai and Kolkata also making it to the list of top 10 cities with the most toxic air.

On November 18, India's pollution control authority said the national capital territory's 24-hour air quality index (AQI) score touched a season-high of 491 on a scale of 500. Anything over 400 is "severe", affecting healthy people as well as "seriously impacting" those with existing health issues.

In India, insurers can vary health insurance premiums by city based on factors ranging from hospitalization costs to demographics.

Getting the regulatory nod to include air pollution as a factor would depend on insurers submitting proof to back the assertion that toxic air is leading to an increase in claims.

"The frequency and severity of hospitalization purely due to the toxicity in the air needs to be isolated," PwC India Financial Services Advisory Leader Joydeep Roy said.

"That involves commissioning longer-term studies."

It is not known how long it would take to conduct such studies or to get the needed approvals from IRDAI.

Senior citizens, children, outdoor professionals and those with preexisting respiratory conditions would likely pay the highest premiums. The plan, if approved, would likely make health insurance unaffordable for many who need it most.

New Delhi's per capita income was $5,331 in 2024 according to the Delhi Statistical Handbook, and under current guidelines health insurance with a coverage limit of $10,000 for a family in the city would cost between $100 to $400 per year.

"In India, owning health insurance cover is a luxury," said Delhi resident and COPD patient Aniket Tiwari, 28, who decided against getting coverage in 2024 because it was too pricey.

(Reporting by Ashwin Manikandan; Editing by Dhanya Skariachan and Tom Hogue)

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** Growth the Achilles' heel for Life Insurance Corp of India LIFI.NS, Emkay says

** Insurer's annual premium equivalent (APE), a measure of new business sales growth, down 24% in Q3

** LIC trying to grow APE by increasing policy sales volumes and ticket sizes, analysts say

** Emkay slashes APE estimates by ~6% for FY25-FY27, Centrum by 4% for the same period

** Co able to maintain margins by increasing share of more profitable policies in overall product mix despite new regulations that reduce cost for policymakers to surrender policies before maturity, analysts say

** Stock trading flat

** LIC is rated 'buy' on avg by 19 analysts; avg PT of 1168 rupees implies a ~42% upside to current price, according to data compiled by LSEG

(Reporting by Ananta Agarwal in Bengaluru)

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Feb 7 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC EXEC: PROFITS FROM EQUITY INVESTMENTS ROSE 9.6% ON-YEAR IN OCT-DEC QUARTER

• LIFE INSURANCE CORP OF INDIA CHAIRMAN: SHOULD SEE GRADUAL RECOVERY IN PREMIUMS Q4 ONWARDS

• LIC CHAIRMAN: DON'T SEE IMPACT OF NEW INCOME TAX SLABS ON BUSINESS GROWTH

• LIC CHAIR: YET TO ASSESS IMPACT OF BOND FORWARDS; WILL HELP IN DETERMINING TENURE, SECURITY PRICE

• LIC CHAIRMAN: EXPECT VNB MARGINS TO RISE 1-2% EACH YEAR

• LIC CHAIRMAN: 45% OF AUM INVESTED IN GOVERNMENT SECURITIES, ABOVE 10% TOWARDS CORPORATE BONDS

• LIC EXEC: ALREADY CONDUCTING BOND FORWARD RATE AGREEMENT WITH 3 COUNTERPARTIES

• LIC CHAIRMAN: TIMELINE TO ACQUIRE STAKE IN HEALTH INSURANCE BUSINESS YET TO BE FINALISED

• LIC CHAIRMAN: MADE TRANSFERS FROM NON-PAR FUND TO SHAREHOLDERS ACCOUNT OF 108 BILLION RUPEES DURING Q3

• LIC CHAIRMAN: DO NOT EXPECT ACQUISITION OF STAKE IN HEALTH INSURANCE CO TO BE COMPLETED IN THIS FY

Further company coverage: LIFI.NS

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Jan 20 (Reuters) - National Fertilizers Ltd NAFT.NS:

• NATIONAL FERTILIZERS LTD - LIC CUTS STAKE IN CO TO 5.20% FROM 7.26%

Source text: ID:nBSE36fKxd

Further company coverage: LIFI.NS

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Dec 16 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - INCREASED ITS STAKE IN SHARES OF SRF FROM 4.97% TO 5.00%

Source text: [ID:]

Further company coverage: LIFI.NS

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Dec 10 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• INCREASED ITS STAKE IN ASIAN PAINTS FROM 5.001% TO 7.010%

• STAKE BUY AT AN AVERAGE PRICE OF 2891.25 RUPEESPER SHARE

Source text: ID:nNSE1X8qCt

Further company coverage: LIFI.NS

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Dec 9 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIFE INSURANCE CORP OF INDIA CUTS STAKE IN LUPIN BY 2.027% TO 2.542% - EXCHANGE FILING

Source text: ID:nBSE1Ftvv4

Further company coverage: LIFI.NS

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Nov 27 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - APPEALED AGAINST TAX ORDER DEMANDING 188.4 MILLION RUPEES, PENALTY 216.8 MILLION RUPEES

Source text: ID:nBSE9DvpSl

Further company coverage: LIFI.NS

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Nov 26 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - INCREASED SHAREHOLDING IN PATANJALI FOODS FROM 4.986% TO 5.020%

Further company coverage: LIFI.NS

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Nov 21 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - INCREASED SHAREHOLDING IN LTIMINDTREE FROM 5.033% TO 7.034%

Further company coverage: LIFI.NS

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Nov 19 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - TAX AUTHORITY REDUCED DEMAND OF TAX TO 467.5 MILLION RUPEES, INTEREST TO 235.8 MILLION RUPEES

Source text: ID:nNSE8sxWSK

Further company coverage: LIFI.NS

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Nov 12 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC - CO DECREASED SHAREHOLDING IN TATA POWER CO FROM 5.906% TO 3.881%

Source text: ID:nBSEc30R6l

Further company coverage: LIFI.NS

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Nov 8 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC H1 FY25 VNB MARGIN AT 16.2%

Source text: [ID:]

Further company coverage: LIFI.NS

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Oct 28 (Reuters) - India's LIC Housing Finance LICH.NS reported a bigger-than-expected second-quarter profit on Monday, helped by steady demand for its home loans.

The company said its profit after tax rose about 12% to 13.29 billion rupees ($158.1 million) for the quarter ended Sept. 30, outpacing analysts' expectation of 12.26 billion rupees, per data compiled by LSEG.

The firm is 45%-owned by Life Insurance Corporation of India LIFI.NS, the country's top insurer.

Demand for homes in India, especially in the luxury category, is steadily rising, which, in turn, is fuelling demand for home loans.

The affordable housing segment is also seeing a pick up, helped by the government's push for low-cost housing.

As a result, LIC Housing's total loan disbursements grew 12% to 164.76 billion rupees during the second quarter.

"With stable interest rates, we expect steady growth in the next two quarters," the company said in statement.

However, its net interest income - the difference between interest earned and paid - fell 6% to 19.74 billion rupees as its finance costs rose during the quarter.

LIC Housing's net interest margin (NIM), a key gauge for profitability, shrunk for the second consecutive quarter to 2.71% from 2.76% in the first quarter due to increasing competition in the home finance sector, according to analysts.

It reported an NIM of 3.04% for the second quarter last year.

Rivals PNB Housing Housing PNBH.NS and newly-listed Bajaj Housing Finance BAJO.NS also reported a rise in quarterly profit, supported by higher demand for home loans.

Shares of LIC Housing ended 3.4% higher after its results.

($1 = 84.0725 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sonia Cheema)

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Updates prices at market close

By Nandan Mandayam and Dhwani Pandya

BENGALURU/MUMBAI Oct 22 (Reuters) - Hyundai Motor India shares fell 7.2% on their market debut on Tuesday after retail investors gave a lukewarm reception to the country's biggest ever initial public offering (IPO) amid concerns about a lofty valuation and an auto industry slowdown.

The stock HYUN.NS listed at 1,934 rupees on the National Stock Exchange, below its offer price of 1,960 rupees, and fell as much as 7.6% before closing at 1,819.60 rupees. That valued the company at 1.48 trillion rupees ($17.6 billion).

Hyundai, India's No. 2 carmaker with a market share of 15%, was targeting a valuation of $19 billion via the offering.

The record $3.3-billion IPO was oversubscribed more than two-fold last week, led largely by institutional investors. But concerns the price of the shares was set too high compared to future earnings deterred retail investors who worried they would not be able to make gains on the listing.

Including Hyundai, seven of India's 10 biggest IPOs have seen share price falls on their first days of trading, according to Dealogic. Losses have ranged from 5% to 27%, the data showed.

Analysts said Hyundai's weak debut reflected a high valuation, near-term weakness in car sales, and an increase in the royalty rate paid by the company to its South Korean parent.

"Hyundai's issue has been stiffly priced and that seems to be weighing down on its listing as well," said Arun Kejriwal, founder of Kejriwal Research.

"Besides, the volumes seen so far are driven only by institutional investors, and is rather poor for an IPO of Hyundai's size."

The Mumbai listing is Hyundai Motor's 005380.KS first outside South Korea. The IPO was the world's second-largest this year.

"Price, of course, will always be determined by the investors," Hyundai India's Chief Operating Officer Tarun Garg told reporters, when asked about the market reaction.

He also dismissed concerns over the royalty rate increase to 3.5% from 2.5%, terming it "in-line with market benchmark".

While Hyundai's market valuation is much lower than Indian sector leader Maruti Suzuki's MRTI.NS $45 billion, analysts point to a narrower gap in their price-to-earnings (P/E) ratios.

The IPO valued Hyundai at 26 times its earnings for the fiscal year ended March, not far off Maruti's multiple of 29.

INDUSTRY SLOWDOWN

Shares of Indian rivals have also slipped in recent weeks as car sales slow after two years of record highs, with customers delaying purchases amid stubborn inflation.

Hyundai's sales in India in April-September fell 2.6% from the same time a year earlier, while overall car sales rose just 0.5%, according to the latest industry data.

Garg, however, said the recent slowdown was "nothing to worry too much" over, attributing it to seasonality, and he expects the industry to rebound.

Maruti's shares fell 2.1% on the day, while Tata Motors TAMO.NS dropped 2.6%, with the Nifty Auto index .NIFTYAUTO down 2.5%.

Hyundai Motor plans to use proceeds from the sale of a 17.5% stake in the Indian unit to invest in research and launch new products as it competes with Tata Motors and Mahindra & Mahindra MAHM.NS.

"We shall leverage our deep understanding of consumer preferences to successfully expand our passenger vehicle portfolio," Garg said at the listing ceremony.

LONG-TERM BET

Some major brokerages see long-term value in the stock.

Nomura started coverage of Hyundai with a "buy" rating and price target of 2,472 rupees. The brokerage said it liked the large number of SUVs in Hyundai's product range, which accounted for 67% of sales in the April-June quarter.

Macquarie analysts began coverage with an "outperform" rating and price target of 2,235 rupees, saying Hyundai's focus on SUVs commanded a P/E premium.

($1 = 84.0700 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Chris Thomas, Christian Schmollinger and Mark Potter)

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Oct 17 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• NITCO LTD - ENTERED INTO ONE-TIME SETTLEMENT WITH LIC FOR ITS DEBT FACILITIES

• NITCO LTD - CO PAID ONE-TIME SETTLEMENT AMOUNT TOWARDS ITS ENTIRE DUES OUTSTANDING WITH LIC

Source text for Eikon: ID:nBSE3jZwpY

Further company coverage: LIFI.NS

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Oct 15 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• LIC -CO DECREASED SHAREHOLDING IN VAKRANGEE FROM 6.429% TO 4.414%

Source text for Eikon: [ID:]

Further company coverage: LIFI.NS

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Sept 17 (Reuters) - Dcm Shriram Industries Ltd DCMI.NS:

• LIC CUTS STAKE IN DCM SHRIRAM INDUSTRIES TO 4.659% FROM 6.675% - EXCHANGE FILING

Source text for Eikon: ID:nBSE2nFW6T

Further company coverage: DCMI.NS

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Sept 16 (Reuters) - Infosys Ltd INFY.NS:

• INFOSYS - COLLABORATES WITH LIFE INSURANCE CORPORATION OF INDIA TO ACCELERATE DIGITAL TRANSFORMATION

• INFOSYS - COLLABORATES WITH LIFE INSURANCE CORPORATION OF INDIA

Source text for Eikon: [ID:]

Further company coverage: INFY.NS

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Adds details of stake sale, background throughout

BENGALURU, Sept 3 (Reuters) - The Indian government has proposed to offload a stake of about 6.8% in General Insurance Corp of India (GIC) GENA.NS, an exchange filing showed on Tuesday.

The sale will made at a floor price of 395 rupees per share, as per the filing, a 6.3% discount to Tuesday's closing price. The Indian government currently owns more than 85% stake in the insurer.

The proposal comes months after a source told Reuters that the government is open to selling a minority stake in insurers GIC and Life Insurance Corporation of India (LIC) LIFI.NS in the year ending 2025 following an assessment of investor appetites.

"The government has received good feedback in investor roadshows for GIC, and is open to sell its 10% stake in tranches depending on its shares' value," the government official had said at the time.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

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Aug 29 (Reuters) - Life Insurance Corporation of India LIFI.NS:

• GETS TAX ORDER OF 2.94 BILLION RUPEES, PENALTY 294.5 MILLION RUPEES

• INTEREST ON TAX 2.82 BILLION RUPEES

Source text for Eikon: ID:nBSEbrY5Fr

Further company coverage: LIFI.NS

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Adds details and context from third paragraph

By Jayshree P Upadhyay

Mumbai, Aug 27 (Reuters) - The National Stock Exchange of India (NSE) on Tuesday restarted the process of its long-pending public offer, according to two sources with direct knowledge of the matter, which, if approved, could be one of the largest IPOs in the country.

The exchange has reapplied for a "no-objection" with Securities and Exchange Board of India (SEBI) for the IPO, the sources said, declining to be named.

An email query sent to NSE for comment was not answered immediately.

NSE, the world's largest derivatives exchange by volume, first applied for a listing in 2016, but faced a long-running case over equitable access for its trading members. In April 2019, the regulator fined NSE 11 billion rupees for not ensuring equitable access and returned its listing documents.

In June 2022, NSE requested to restart the IPO process, but SEBI, citing pending cases and regulatory issues, did not approve the application, Reuters reported a year ago.

"As per the initial plans the exchange wants to off-load 10% via public offer. So the IPO size could be around $3.2 billion," said the first of the two people cited above.

NSE is valued at 2.7 trillion Indian rupees ($32.18 billion) in the "grey market".

The IPO will offer an exit opportunity to its existing shareholders, including Life Insurance Corporation of India LIFI.NS, State Bank of India SBI.NS, Canada Pension Plan Investment Board, a Tiger Global fund and a Morgan Stanley fund.

For the June quarter, NSE saw a 39% year-on-year growth in consolidated profits at 25.67 billion Indian rupees. NSE's growth has largely been led by India's hot options trading market.

"Earlier this year NSE management had written to SEBI for settlement of all pending legal and regulatory cases," said the second of the two sources cited earlier in the story.

($1 = 83.8930 Indian rupees)

(Reporting by Jayshree Upadhyay; Editing by Vijay Kishore)

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Adds details and context from third paragraph

By Jayshree P Upadhyay

Mumbai, Aug 27 (Reuters) - The National Stock Exchange of India (NSE) on Tuesday restarted the process of its long-pending public offer, according to two sources with direct knowledge of the matter, which, if approved, could be one of the largest IPOs in the country.

The exchange has reapplied for a "no-objection" with Securities and Exchange Board of India (SEBI) for the IPO, the sources said, declining to be named.

An email query sent to NSE for comment was not answered immediately.

NSE, the world's largest derivatives exchange by volume, first applied for a listing in 2016, but faced a long-running case over equitable access for its trading members. In April 2019, the regulator fined NSE 11 billion rupees for not ensuring equitable access and returned its listing documents.

In June 2022, NSE requested to restart the IPO process, but SEBI, citing pending cases and regulatory issues, did not approve the application, Reuters reported a year ago.

"As per the initial plans the exchange wants to off-load 10% via public offer. So the IPO size could be around $3.2 billion," said the first of the two people cited above.

NSE is valued at 2.7 trillion Indian rupees ($32.18 billion) in the "grey market".

The IPO will offer an exit opportunity to its existing shareholders, including Life Insurance Corporation of India LIFI.NS, State Bank of India SBI.NS, Canada Pension Plan Investment Board, a Tiger Global fund and a Morgan Stanley fund.

For the June quarter, NSE saw a 39% year-on-year growth in consolidated profits at 25.67 billion Indian rupees. NSE's growth has largely been led by India's hot options trading market.

"Earlier this year NSE management had written to SEBI for settlement of all pending legal and regulatory cases," said the second of the two sources cited earlier in the story.

($1 = 83.8930 Indian rupees)

(Reporting by Jayshree Upadhyay; Editing by Vijay Kishore)

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