A joint venture (JV) formed by India-based stock exchange BSEand US-based insurance exchange Ebixis in the process of submitting its application with the Insurance Regulatory and Development Authority of India (IRDA), seeking permission to start insurance distribution by the year end.

The newly established JV will operate under the brand name of BSE-Ebix Insurance Broking.

In the new insurance distribution venture, both BSE and Ebix will hold 40% stake each while the remaining 20% shareholding will be owned by individuals or companies nominated by BSE or Ebix.

Upon receiving the IRDA’s approval, the JV companywill foray into insurance broking business and will start distributing life, non-life and health insurance products of various companies.

The JV firm will leverage the physical infrastructure of BSE and the technology platform of Ebix.

Founded in 1875, BSE, formerly known as Bombay Stock Exchange, is Asia’s first and the fastest stock exchange in world. It is one of India’s leading exchange groups.