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Oct 04, 2012, 11.02 PM IST
Rajesh Sud, MD & CEO, Max Life Insurance explains to CNBC-TV18 that though he welcomes the government’s initiative, it is too early to comment till the complete details emerge when the Bill is legislated in Parliament.
Rajesh Sud, MD & CEO, Max Life Insurance explains to CNBC-TV18 that though he welcomes the government's initiative, it is too early to comment till the complete details emerge when the Bill is legislated in Parliament.
Below is the edited transcript of the reaction on CNBC-TV18. Q: So, this is one step forward? A: Yes, but the big step of being transformed into a piece of legislation still remains. So we will have to wait for that to happen. Q: Yashwant Sinha has pointed out that he will examine both bills and raise them at Parliament. Does this continue to be your worry because it doesn’t change anything on the ground? A: That is true. We have seen this happen earlier so we do want to approach it with an optimistic view. But we're still on a wait-and-watch mode. Q: The only silver lining this time is that the Bill has been cleared by the Cabinet. Is this a positive? A: Yes. We welcome Cabinet's support that and it is in line with the kind of announcements that have been made in the last few weeks. But we are keeping our fingers crossed till it reaches the floor of Parliament and is legislated. Q: For the insurance sector, on the basis of the measures that were announced by the finance minister, not too much of it is actually new. What is the impact of today's Cabinet approval on the sector? A: In my view, the speed of announcing initiatives and the progress after the dialogue between the industry, the finance minister and the regulator. I see this as a big win for all parties concerned. There are some issue on which I would like more clarity to emerge. The whole idea about banks being allowed to become brokers has been discussed, but this is really goes back to RBI's objection on banks starting new entities as it will require more capital commitment. So this is something the RBI and the regulator will have to work together on. Similarly, there has to be some clarity on unit-link and traditional platform products. Q: What are your foreign partners saying regarding the reforms being passed in Parliament? A: I guess the Amendment Bill has fair number of other changes apart from FDI. But we're on a wait-and-watch model till some clarity emerges on a few points of interest.
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