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A Group of Ministers is examining the further liberalisation of the insurance sector.

A separate slot for foreign institutional investors, which will take the total foreign holding to 74 per cent, is being considered.

Should such a move go through, Indian promoters will be reduced to holding a few directorships by virtue of their minority stake, a status somewhat better than that of independent directors.

They will at best be passive participants on the boards with their 26 per cent stake or, at worst, gate-keepers to the foreign insurance companies.

S. Subramanyan

Mumbai

Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in

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