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The road to the bourses for India’s largest insurance company — Life Insurance Corporation (LIC) of India — is not going to be an easy one. The government’s decision to list LIC via an initial public offering (IPO) is beset with issues that the government, LIC management, as well as regulators of capital market and insurance, will have to overcome for smooth sailing of the issue.
The most important question is whether the sovereign guarantee on LIC’s liabilities will continue. If the government continues with the sovereign guarantee, there would be questions on LIC’s governance. However, if the government decides
