Star Health and Allied Insurance Company Limited has received a formal request from Sthitaprajna Advisors LLP to reclassify its shareholding status from the Promoter Group category to the Public category. The application was submitted on September 30, 2026, pursuant to Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Basis for reclassification request

Sthitaprajna Advisors LLP was previously classified as part of the Promoter Group due to its association with Mr. Utpal Hemendra Sheth, who is a promoter of Star Health. This classification originated from the transmission of shares held by the late Mr. Rakesh Jhunjhunwala, following probate proceedings and directions from the Insurance Regulatory and Development Authority of India (IRDAI).

The LLP stated that Mr. Sheth ceased to be a Designated Partner and Partner of the firm effective August 13, 2026. Consequently, neither Mr. Sheth nor his immediate relatives hold any contribution in the LLP. The entity asserts that it no longer falls under Regulation 2(1)(pp)(iv) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Compliance with regulatory conditions

In its request letter, Sthitaprajna Advisors LLP certified compliance with several conditions mandated by Regulation 31A(3)(b) of the SEBI LODR Regulations. The entity confirmed that it does not exercise control over the company's affairs, directly or indirectly, and holds no special rights through formal or informal arrangements.

Key certifications included in the filing are:

• The entity and related persons do not hold more than 10% of the total voting rights in the company.
• There is no representation on the board of directors, including no nominee director.
• No Key Managerial Personnel (KMP) positions are held within the company.
• The entity is not a wilful defaulter as per Reserve Bank of India guidelines or a fugitive economic offender.

Next steps for processing

Star Health informed the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) that it will initiate the necessary steps to process the reclassification request. This procedure includes obtaining approvals from the Board of Directors, the respective stock exchanges, and the members of the company.

The request was signed by Gautam Ghanshyam Rathi, Designated Partner of Sthitaprajna Advisors LLP, and intimated by Jayashree Sethuraman, Company Secretary & Compliance Officer of Star Health.

Star Health Insurance shares worth ₹55.61 crore changed hands on BSE in a large-trade signal, with approximately 999,971 shares transacting at ₹556.10 per share.

This is a real-time large-trade signal, not a confirmed block or bulk deal. NSE/BSE publish official block and bulk deal reports only after market close — this trade may or may not appear there.

Trade details

The following table summarises the key parameters of the flagged activity:

The activity reflects a cluster of trades in Star Health Insurance shares printed within a short window at or near ₹556.10, flagged by a real-time trade-scanning system for size and speed. No buyer, seller, broker, or client identity is known at this stage, as such disclosures are made only by the exchange after market close.

What this is, and isn't: this reflects trade-level activity — a cluster of trades in the stock above, printed within a short window at or near the quoted price, for a combined value as stated. It is generated by our real-time trade-scanning system and is not, by itself, evidence of a block or bulk deal.

A block deal has to be executed in the exchange's dedicated window (8:45–9:00am or 2:05–2:20pm), within a set price band, and above the current minimum order size (₹25 crore). A bulk deal is when one client's total trading in a stock crosses 0.5% of its equity in a single day — confirmed only once every trade that client made is added up.

Both are published by NSE/BSE after trading hours end, typically after 3:30pm — never before. If this trade qualifies as either, it will appear in the exchange's own report later today, not here first.