Lloyds of London attacks Indian protectionism

Reuters Published: 11:19PM GMT 04 March 2010

Peter Levene told the Financial Times that India"s process of commanding an tenure extent on unfamiliar investors in word companies creates it a formidable marketplace in that to do business.

"It"s one of the couple of places in the universe where I censure law (for keeping unfamiliar word companies out)," Levene said.

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Existing law in India does not concede word firms to list in their initial 10 years of operations, nonetheless officials have pronounced the supervision could support a order by end-March that could rectify the rules, tentative a shift in the applicable legislation.

Lloyd"s, that traces the origins behind 322 years to a London coffee residence where rich merchants sole shipping insurance, is seeking to enhance the commercial operation in Middle East to about fifteen percent of sum income over the subsequent decade, the paper reported.

"It would be nice, in 10 years" time if we had fifteen per cent in Asia," Levene said.