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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (8663)	10/20/1999 4:37:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 12475

Cabinet clears IRA bill, caps foreign stake at 26% THE Union Cabinet, as expected, today cleared the Insurance Regulatory Authority Bill, capping foreign investment at 26 per cent, thereby signalling the opening up of the insurance sector. The government will plead with the Speaker to do away with the reference to the standing committee on the ground that it had the sanction of the previous house panel. While foreign equity is being capped at 26 per cent, the bill has several safeguards. These will ensure the separation of shareholders' funds and policy-holder's funds. The government has also clamped down on repatriation of funds, to ensure that Indian policy-holder funds do not find their way outside India. The bill also provides that domestic promoters would have to reduced their holding in a phased manner after six years. (FE -10/21/99)