33. Prohibition on holding shares &c. in a brokering company by an insurer

shall be a shareholder, director or employee of a company registered as a broker under this Act:

Provided that where an insurer or any such person as is referred to in this section is a shareholder, director or employee of any company registered as a broker under this Act as on the date of registration, such insurer or person shall be required to dispose of such shares, or to relinquish such directorships or employment, as the case may be, within such period as may be determined by the Board.