Industry participants have argued that access to public markets could help them raise long-term capital, invest in digital infrastructure and improve service quality. The Insurance Regulatory and Development Authority of India (IRDAI) has deferred its proposal to allow the listing of Third Party Administrators (TPAs), opting instead to formulate a comprehensive regulatory framework governing the listing of all categories of insurance intermediaries. The move comes after the insurance regulator reviewed feedback received from stakeholders on the proposed amendments to the regulatory framework governing TPAs. According to the regulator, the question of whether insurance intermediaries should be allowed to access public markets is not confined to TPAs alone. Similar issues could arise in respect of other regulated entities operating within the insurance distribution ecosystem, including insurance brokers, corporate agents, web aggregators, insurance marketing firms and other intermediaries.