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Insurance Bill: Panel for hiking FDI cap to 49%

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The Parliamentary Select Committee has endorsed most provisions of the Insurance Amendment Bill, including a composite cap of 49 per cent for FDI and other foreign investments, according to reports.

The report of the 15-member Parliamentary committee on this Bill is likely to be placed before the Rajya Sabha on Wednesday.

The government is likely to bring the Bill for consideration of the Upper House as early as next week, after getting positive response from the panel.

The panel, headed by Rajya Sabha MP Chandan Mitra, has suggested inclusion of a person from the insurance industry in the Securities Appellate Tribunal as an expert. It has also recommended suitable amendment to the Securities and Exchange Board of India Act for the inclusion.

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