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Insurance Bill, Sebi Act to be placed in parliament today

by IBNS 31 Jul 2014, 06:37 am

New Delhi, July 31 (IBNS): Narendra Modi-led National Democratic Alliance (NDA) government at the Centre is set to introduce the Insurance Law (Amendment) Bill and the SEBI Act in the Parliament on Thursday.

Both the bills were cleared by the Union Cabinet last week.

The Insurance Laws (Amendment) Bill is targeted to raise the ceiling on foreign direct investment (FDI) in the insurance sector which is likely to take a leap from the current 26 percent to 49 percent limit.

Earlier, BJP had opposed the proposal of raising the cap on FDI in insurance from 26 percent to 49 percent when it was in the Opposition. But the party took a complete U-turn after storming to power in May this year after the general election.

Last year BJP had clarified its stand saying it was not against raising the limit on FDI in insurance sector but wanted a few caveats and conditions to “safeguard the interest” of the common people.