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India: Government proposes hiking foreign direct investment limit in insurance

July 8, 2014 - 6:00am

India's new government is looking at increasing the foreign direct investment cap in the insurance sector to 49%, from the existing 26%, with a rider that voting right of the foreign partner will be restricted at 26%, The Times of India reported.

Additionally, the government has proposed that Indian shareholders appoint the chief executive of the insurance joint venture, subject to regulatory approvals.

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