India's Max Financial climbs, Jefferies sees benefits from proposed insurer norms
** Shares of Max Financial Services Ltd MAXI.NS climb 2.5% to 1,171.25 rupees
** MAXI, the holding company of private insurer Max Life, is likely to benefit from a string of regulatory changes, Jefferies says in a note
** Proposal to exempt term protection policies from taxes can improve affordability and improve coverage, helping MAXI
** Another proposal to allow insurers to merge with non-insurers can help Max Life list directly by merging with MAXI and reduce 20-50% valuation discount to peers
** Jefferies has "buy" rating on stock, 1,114.15 rupees TP
** Analysts tracking MAXI rate stock "buy" on avg, same as other life insurers - LSEG data
** MAXI up 22% so far this year, outperforming financial stocks' .NIFTYFIN 14.4% rise
Reporting by Nandan Mandayam in Bengaluru
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