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The Week in Review for 29 October 2010

The Week in Review for 29 October 2010
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First Published: Fri, Oct 29 2010. 09 32 PM IST
Updated: Fri, Oct 29 2010. 09 32 PM IST
Foreign money may be pouring into India, but the government has signaled it’s not interested placing restrictions on it. On Tuesday finance minister Pranab Mukherjee said he wasn’t considering any caps on foreign institutional investors. He added that India had dealt with such situations in the past without resorting to stringent controls. FIIs have already invested some $24.5 billion in India this year. And about a quarter of that money has come in October.
And while Pranab Mukherjee played down concerns over FII inflows, the RBI remains wary. Governor D. Subbarao said he was concerned about what he called “lumpy and volatile” capital pouring into Asian economies. Subbarao said the foreign money was causing local currencies to appreciate and in turn hurt exports.
India’s life insurance companies are one small step closer to going public. Speaking after Sebi’s board meeting on Monday, chairman C.B. Bhave announced that life insurers would have additional obligations. He said that besides sticking to the common rules that apply to all companies, they’d have to disclose risk factors that are peculiar to their sector. India has 23 life insurers with total assets worth about Rs 12 trillion.
Sebi’s board has also made a decision that is likely to increase participation in public listings. It doubled the limit on retail investment in IPOs to Rs 2 lakh for all issues.
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First Published: Fri, Oct 29 2010. 09 32 PM IST
More Topics: Week in Review | Sebi | FII | IPO | Video story |