India’s insurance regulator has issued an insurance broking licence to the Centrum Group, a financial firm controlled by former Standard Chartered Asia chief Jaspal Bindra.

The broking licence will help Centrum expand its insurance business, according to Bindra.

It will now be able to sell insurance products from India’s largest insurer LIC, GIC and large private insurers.

Centrum got into the insurance business in April 2016 as a composite corporate agent and Bindra has said the company may consider floating a standalone business on insurance once it strengthens its distribution network.

The broking licence will also allow Centrum to expand its network to a maximum of 50 companies from its current maximum of nine companies as only a composite corporate agent.

Analysts said the licence could pave the way for Centrum to run a standalone insurance company through acquisition since there are many insurers up for purchase.