 "Life Insurance Corporation of India, LIC")
The government may not be required to amend any legislation to allow foreign participation in the proposed initial share sale of insurance giant Life Insurance Corporation of India (LIC), sources said.
Foreign participation would be allowed as per the listing norms of the Securities and Exchange Board of India (SEBI) and the extant sectoral FDI guidelines, they added.
Apart from the government and Reserve Bank, foreign investment in the insurance sector is also regulated by the Insurance Act, IRDA Act and the rules made thereunder, which are implemented by sector regulator IRDAI.
The initial public offering (IPO) of LIC would
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