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Insurance 2.0 | Draft Amendments to Foreign Investment Rules
On 29 August 2025, the Department of Financial Services under the Ministry of Finance released for public consultation the draft Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025 (Draft Rules) to amend the Indian Insurance Companies (Foreign Investment) Rules, 2015 (2015 Rules).
RPSG Sports Ventures Private Limited - Acquisition of a 70% equity stake in Manchester Originals Limited
Khaitan & Co advised RPSG Sports Ventures Pvt Ltd (a subsidiary of RPSG Ventures Ltd) on its acquisition of a 70% equity stake in Manchester Originals Ltd (“Manchester Originals”) from the England and Wales Cricket Board (“ECB”) for a consideration of about GBP 81.2 million.
Insurance 2.0 | 100% FDI in Indian Insurers
The Finance Minister has announced the increase in the foreign direct investment (FDI) limit for the Indian insurance sector from 74% to 100% as part of the budget speech for 2025.
Insurance 2.0 | Big Bang Insurance Reforms
Government of India has invited public comments on the proposed amendments to the Insurance Act, 1938 (Insurance Act).
Harsh Khemka
Harsh Khemka is a Partner in the Corporate and Commercial Practice group. Harsh has acted on various M&A, joint ventures and private equity transactions, especially in the insurance sector. He has significant experience in insurance regulatory aspects and regularly advises foreign insurers in the underwriting of transactional liability insurance products.
NDI Rules amended to allow 74% foreign investment in Indian insurance companies | Liberalisation process now complete
The Foreign Exchange Management (Non-Debt Instruments) Rules 2019 (NDI Rules) have been amended to permit foreign investment up to 74% for insurance companies in India. The amendment takes effect from 19 August 2021 and marks the completion of the liberalisation process for increasing the foreign investment limit for the sector from 49% to 74%.
74% Foreign Investment in INDIAN Insurance Companies | Indian Ownership and Control Guidelines Formally Withdrawn – A Key Milestone
The Insurance and Regulatory Development Authority of India (IRDAI) has formally withdrawn its guidelines on Indian ownership and control dated 19 October 2015 (IOC Guidelines), with effect from 30 July 2021. The withdrawal of the IOC Guidelines marks the completion of the removal of the requirement that Indian companies with foreign investment must remain “Indian owned and controlled”.
74% Foreign Investment in Indian insurance companies | One step closer to full implementation
The final form of amendments to the Indian Insurance Companies (Foreign Investment) Rules, 2015 (Foreign Investment Rules) have now been notified, with effect from 19 May 2021 (Amendment). Our previous Ergo dated 21 April 2021 had analysed the draft amendments published on 15 April 2021 and also highlighted the key implications and next steps. The Amendment is a key part of the legislative and regulatory changes that are currently being implemented to increase the foreign investment cap in Indian insurance companies from 49% to 74% (also see our Ergo dated 4 February 2021).