The bill provides enhanced shareholding by a foreign company - either by itself or through subsidiary firms or nominees in Indians insurance companies - from 26 percent to 49 percent, except in case of insurance co-operative societies where the limit would continue to be 26 percent.

Scindia also said there was no proposal to extend the limit of foreign equity in the media and the banking industries. Currently, there is a ceiling of 26 percent in these two sectors.