Irda against FIIs owning 23% in private insurers
“The draft Bill proposes 49% FDI. FII by nature is slightly more volatile than FDI and, in insurance, it is not desirable,” he told reporters after a Ficci conference.
There is hectic speculation that the government may dilute the clauses in the insurance Bill to allow FIIs to pick up 23% in private insurers, as an option to raise their foreign investment limit to 49%.
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