New Delhi: The Life Insurance Corporation of India (LIC) will now have the position of the head of the executive officer and manager director instead of the position of chairman, with the government making changes to relevant regulations ahead of the first public fiscal offer.
Changes have been conducted by the Ministry of Finance under the Ministry of Finance by changing the rules of Indian life insurance (amendments).
In addition, several other rules under the LIC, 1956, have been changed.
“Chief Executive and Managing Director Means Chief Executive Officer and the Implementing Director appointed by the central government based on Section 4 Act (LIC ACT 1956),” According to Gazette notices issued on July 7 to facilitate the list of insurance giants, the government has approved the increase in stock capital Authority to Rs 25,000 Crore.
In addition, the Department of Economic Affairs under the Ministry of Finance recently changed the contract rules (regulation) effects.
Companies that have market capitalization more than RS 1 Lakh Crore at current listings can sell only five percent of their shares, with the latest amendments in the rules, a step that will benefit the government during the initial public Lic offering.
Such entities will be asked to increase the ownership of public shares to 10 percent in two years and increase the same thing up to at least 25 percent within five years.