The Insurance Regulatory and Development Authority of India has issued a show cause notice to Policy Bazaar Insurance Brokers after an inspection. In this inspection, some facts have been found regarding compliance of the rules, in view of which the notice has been issued. Policy Bazaar's parent company PB Fintech said that the IRDAI notice has been issued on 7 October 2024 as part of a detailed advisory. The advisory states that whatever observations have been found should be placed before the concerned board level committee and the board itself.

Along with this, Policy Bazaar has been asked to review its position regarding compliance with the rules and take corrective measures wherever necessary and also take such steps which can avoid any such situation. According to the letter, issues like documentation, system process, disclosure, delay in filing specific returns have been raised in this inspection. However, Policy Bazaar has clarified that this step will not have any financial impact on the company. The company said that it is following the regulatory guidelines and necessary steps have been taken as per the advice. Policy Bazaar was formed in 2008 and the company is the country's largest online insurance platform. According to the company, it has sold 4.2 crore policies so far. In Thursday's trading, PB Fintech's stock closed at 1634.5 with a decline of 1.16 percent on BSE. During the trading, the stock reached a low of 1613.85 i.e. the maximum decline in the stock during the session was 2.4 percent. The highest level of the stock for the year is 1966 and the lowest level is 661.25.