Motilal Oswal Asset Management Company Limited has filed a regulatory disclosure regarding the disposal of shares in Religare Enterprises Limited under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011. The transaction involved multiple schemes of Motilal Oswal Mutual Fund reducing their collective stake in the financial services company.

Transaction Details

The disposal involved 1,662 shares of Religare Enterprises, executed through market transactions on March 02, 2026. This represented a minimal 0.0005% of the company's total share capital.

Participating Mutual Fund Schemes

The disposal was conducted by six schemes under Motilal Oswal Mutual Fund:

• Motilal Oswal Focused Fund
• Motilal Oswal ELSS Tax Saver Fund
• Motilal Oswal Large and Midcap Fund
• Motilal Oswal Nifty Microcap 250 Index Fund
• Motilal Oswal Services Fund
• Motilal Oswal BSE 1000 Index Fund

Company Information

Religare Enterprises Limited maintains its listing on both BSE Limited and National Stock Exchange of India Limited. The company's capital structure remains unchanged following this transaction.

Regulatory Compliance

Motilal Oswal Asset Management, acting as the investment manager to the schemes of Motilal Oswal Mutual Fund, confirmed that the acquirer does not belong to the promoter or promoter group of Religare Enterprises. The disclosure was signed by Aparna Karmase, Head of Compliance, Legal & Secretarial, and filed with BSE Limited on March 06, 2026.

The transaction represents routine portfolio management activities by the mutual fund schemes, with the disposal having minimal impact on the overall shareholding pattern of Religare Enterprises Limited.

Religare Enterprises has disclosed that its material subsidiary Care Health Insurance Limited (CHIL) has received a Show Cause Notice (SCN) dated March 02, 2026 from the Insurance Regulatory and Development Authority of India (IRDAI). The notice follows a thematic onsite inspection conducted by the regulator during February 10-14, 2025.

Inspection and Notice Details

The IRDAI had conducted a thematic onsite inspection of Care Health Insurance during the period from February 10, 2025 to February 14, 2025. Following the inspection, IRDAI issued its observations, which were replied to by CHIL. The show cause notice has now been issued based on these inspection findings.

Alleged Violations

The show cause notice alleges violations by Care Health Insurance of several regulatory provisions. The company is alleged to have contravened multiple master circulars and regulations governing insurance operations.

Company Response and Impact

Care Health Insurance is currently preparing its response to the show cause notice and taking remedial steps as advised by the regulator. Religare Enterprises has stated that there is no material impact on the company's financials, operations, or other activities due to the SCN. However, any penalty that may be adjudicated and becomes payable will be borne by CHIL, whose financials are consolidated with Religare Enterprises.

Regulatory Compliance Framework

This development highlights the ongoing regulatory oversight in India's insurance sector. IRDAI regularly conducts inspections of insurance companies to ensure compliance with regulatory requirements and protect policyholders' interests. The show cause notice process allows companies to respond to regulatory concerns before any final action is taken.