The union cabinet has approved to raise FDI limit in the sector to 49%. It has also approved amendment to insurance laws bill. In addition, cabinet has approved amendment to SEBI act. Cabinet nod to SEBI amendment paves way to replace ordinance.
Rajesh Sud, chief executive officer & MD, Max Life Insurance said, "It is heartening to see that the Central Government is acting quickly on policy decisions. The approval of increase in FDI cap in insurance industry to 49% by the Cabinet Committee on Economic Affairs is a welcome move. Once approved by the Parliament this move should bring in the much required long-term capital for the sector. It will also bring in domain capital which is of critical importance in this phase of growth of life insurance industry."
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.