BUZZ — Jefferies flags earnings risk for Indian non — bank lenders from insurance commission curbs

* Insurance regulator's proposal for tighter commission norms and 50%-55% commissions cuts depending on insurance products from FY2028 will dent earnings of non-bank lenders, according to analysts at Jefferies * NBFCs derive part of their fee income from insurance distribution and should be negatively impacted, if the proposals are implemented, according to the brokerage * Among major NBFCs, L&T Finance, Piramal Finance and Cholamandalam Investment have higher exposure to insurance and could be hurt more, says Jefferies * Shriram Finance has lower exposure based on FY2026 insurance commission/FY2027 profit, according to Jefferies * LTFL, PIRL, CHLA, Bajaj Finance down 5.2%-9.2%, dragging financial services index 2.5% lower; SHMF down 2%, according to exchange data (Reporting by Bharath Rajeswaran in Bengaluru) ((mailto:bharath.rajeswaran@thomsonreuters.com; +91 9769003463;)