The Finance Ministry of India is set to amend the Actuaries Act of 2006 to broaden its scope beyond traditional areas of insurance and pensions. The proposed changes will include fields such as data science, risk management, and financial modeling. A formal framework for the registration and regulation of actuarial firms is also planned, which will introduce disciplinary provisions to enhance accountability. This initiative comes in response to the acute shortage of actuarial professionals in the country, as highlighted by Insurance Regulatory and Development Authority of India (IRDAI) chairman Ajay Seth. The amendments are designed to modernize the regulatory framework in line with global standards and emerging economic needs, particularly as India seeks to attract more foreign direct investment (FDI) in the insurance sector. The bill is anticipated to be introduced during the upcoming monsoon session of Parliament, following consultations with stakeholders. The proposed changes also aim to allow actuaries to form partnerships with other professionals, thereby enhancing service integration and transparency.