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Thursday 24 July 2014

Cabinet approves Insurance, SEBI Amendment Bills

The Union Cabinet has okayed introduction of the Bill for raising FDI in insurance and empowering SEBI to act against illegal deposit and ponzi schemes.

The Government will introduce both these Bills during the ongoing session of Parliament. A senior Cabinet Minister told Business Line that there will not be any rider in the Insurance Bill for foreign investor who can now own up to 49 per cent from the current provison of 26 per cent.

The Cabinet has also okayed the Securities Laws (Amendment) Bill. This will replace the ordinance promulgated thrice. This will empower the Securities and Exchange Board of India to act against ponzi schemes and making mandatory registration for money pooling scheme above Rs 100 crore.

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