- With the commencement of the foreign portfolio investment (FPI) regime from 1 June 2014, the erstwhile foreign institutional investors (FIIs), Sub Accounts and qualified foreign investors (QFIs) have been merged into a new investor class termed foreign portfolio investors. The total net FPI inflows during April-December 2014 stood at US $ 32,943 million compared to an outflow of US $ 539 million in the corresponding period of 2013-14.
- In India, insurance penetration has grown from 2.3% (life 1.8% and non-life 0.7%) in 2000 to 3.9% (life 3.1% and non-life 0.8%) in 2013.
- With a view to removing archaic and redundant provisions in the insurance laws, empowering the Insurance Regulatory and Development Authority (IRDA) to enable more effective regulation, and enhancing the foreign equity investment cap in an Indian insurance company from 26 to 49% with the safeguard of Indian ownership and control, the government has promulgated the Insurance Laws (Amendment) Ordinance 2014 on 26 December 2014.
- The ordinance amends the Insurance Act 1938, the General Insurance Business (Nationalization) Act 1972, and the IRDA Act 1999.
- The National Pension System (NPS) which was initially introduced for the new recruits who had joined central government service (except armed forces at first stage) with effect from 1 January 2004, has been subsequently extended to autonomous bodies, state governments, and the unorganized sector.
- Barring two States, all the States have since come under the ambit of the NPS. From 1 May 2009, the NPS was opened up for all citizens in India to join on a voluntary basis. Till 31 December 2014, a total of 79.71 lakh members have been enrolled under the NPS with a corpus of ` 73, 097 crore.
- The Swavalamban Scheme, a co-contributory pension scheme launched in 2010 for persons in the unorganized sector, is now open to those citizens of India who are not part of any pension/ provident fund scheme. A total of 6.29 lakh subscribers have already been enrolled under the scheme till 31 December 2014 during FY 2014-15.
- The Pension Fund Regulatory and Development Authority (PFRDA) Act 2013 has been made effective from 1 February 2014, after it was passed by Parliament in September 2013. The PFRDA Act seeks to vest the PFRDA with statutory status in order to allow it to perform its regulatory and developmental roles effectively.
