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LIC News Update: Cabinet approves up to 20% foreign investment in LIC under automatic route

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new Delhi. The Union Cabinet has approved foreign direct investment in Life Insurance Corporation of India (LIC), government sources have told Tech for FTCP. FDI up to 20 percent will now be allowed in LIC under the automatic route.

In view of LIC IPO, it was believed that this proposal can be approved in today’s meeting. According to the current FDI policy, 74 percent foreign investment is allowed in the insurance sector. However, this rule does not apply to Life Insurance Corporation of India (LIC). Its management is under a separate law LIC Act.

IPO mandatory as per SEBI norms
As per the norms of market regulator SEBI, both FPI (Foreign Portfolio Investment) and FDI are allowed under the IPO offering. Since there is no provision for foreign investment in the LIC Act, there is a need to make the proposed LIC IPO as per SEBI norms with regard to foreign investor participation. Therefore, it was necessary to allow LIC foreign investment.

Also read- Foreign investors are selling a lot of shares, selling shares worth 2.22 lakh crores in FY22

The cabinet had approved the IPO of LI in July last year. LIC has applied for this IPO before the market regulator SEBI. LIC’s IPO will probably come in March.

Investors taking interest in LIC IPO
Amidst the pressure in the stock market after the Ukraine crisis, the Finance Minister has dismissed the speculations of postponement of LIC IPO, saying that the IPO is in discussion in the market. Investors are also showing great interest in this. For this reason, the government is moving ahead with this issue. LIC’s IPO is going to be the biggest IPO of the country so far.

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LIC’s IPO investors are showing keen interest. LIC has reserved 10 percent of the IPO for the policyholder. For this, the policyholder has to update his PAN on LIC’s site. February 28 is the last date for this. Till now more than 70 lakh policy holders have updated their PAN for LIC IPO.

Tags:, IPO, LIC IPO, Life Insurance Corporation of India (LIC)

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