Power shifts from brokers to insurers as IRDAI tightens commission rules, says Motilal Oswal's Nitin Aggarwal

IRDAI's proposed cuts to insurance commissions triggered a selloff in insurer, bank and distributor stocks. Motilal Oswal's Nitin Aggarwal expects PB Fintech's FY28 revenue to fall 30% and earnings 40-50%, keeping a Neutral rating with a 50x multiple. Which banks and insurers face the smallest hit?