Iradai asks LIC to trim holdings in companies to 15% or below
Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 per cent in firms where it breaches this ceiling, but has stopped short of setting a time-frame for the same.
Regulator Irdai has asked the life insurance behemoth LIC to prepare a roadmap to pare its stake to 15 per cent in firms where it breaches this ceiling, but has stopped short of setting a time-frame for the same.
As of end March, LIC owned more than 15 per cent in index majors like ITC (16.32 per cent) and L&T (16 per cent), both part of the Suuti (specified undertaking of the Unit Trust of India) stakes that government owns through LIC, and state- owned Corporation Bank in which it owns 18.91 per cent.
"We have advised LIC to reduce its stake in those companies where it owns more than 15 per cent and submit a roadmap for the same as the regulatory norms restrict insurers to own over 15 per cent in any firm," a senior Irdai official told
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