Page 11 - Lic

Sebi disposes of adjudication proceedings against state-owned LIC

Sebi on Thursday disposed of adjudication proceedings against state-owned LIC with respect to alleged violations of mutual fund norms. The case pertained to the insurer's shareholding in IDBI Mutual Fund. In a 12-page order, Sebi said the alleged violation on part of LIC is to be viewed in the context of the efforts taken by it to complete the merger of IDBI Mutual Fund with LIC Mutual Fund, and disposed of the adjudication proceedings. The regulator had conducted an examination in the matter of alleged non-compliance of MF (Mutual Fund) regulations by LIC with a focus to ascertain if there was any violation of the rules. During the course of examination, the regulator observed that IDBI Bank is the sponsor of IDBI Mutual Fund and directly holds 66.67 per cent and 33.33 per cent equity stake through IDBI Capital Markets & Securities in IDBI AMC, respectively. Also, IDBI Bank holds 100 per cent stake in IDBI MF Trustee Company Ltd. Thereafter, Sebi issued a show cause notice to LI

LIC may need 5 yrs more beyond 2027 comply with public float norms

FinMin-LIC discusses roadmap, stake dilution plans and challenges ahead

LIC surges 4% on heavy volumes; stock hits over seven-month high

The stock of state-owned life insurer quoted at its highest level since January 27, 2023 and has recovered 30 per cent from its 52-week low of Rs 530.20 touched on March 29.

Government invites bids to engage asset valuer for IDBI Bank sale

The asset valuer would be required to value IDBI Bank's investments; loans & advances; fixed assets and other assets

LIC offloads over 2% shares in Bajaj Auto via open market transactions

LIC decreased its shareholding from 5.2% to 3.17% in Bajaj Auto Ltd

After disappointing results in Q1FY24, valuation support for LIC stock

In operational terms, annualised premium equivalent (APE) declined and value of new business (VNB) margin was flat

Govt appoints R Doraiswamy as LIC MD effective Sept 1, in place of Ipe Mini

Life Insurance Corporation of India (LIC) on Monday said the government has appointed R Doraiswamy as the managing director. Doraiswamy is currently executive director at the central office in Mumbai. He has been appointed as managing director of LIC in place of Ipe Mini with effect from the date of assumption of charge of office on or after September 1, 2023 and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier, a regulatory filing said. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, in June had recommended the name of Doraiswamy as MD. The FSIB is headed by Bhanu Pratap Sharma, former secretary, Department of Personnel and Training (DoPT). Other members of the headhunter are the secretary, Department of Financial Services, secretary, Department of Public Enterprises, IRDAI Chairman Debasish Panda, former LIC managing director Usha Sangwan and former

We are focussing to grow non-par premium: LIC chairman Siddhartha Mohanty

Mohanty shares LIC's three pronged strategy - agency, bancassurance and digital channels, to boost growth and margins

We are focussing on growing premium from non-par products: LIC chairman

We are expecting good growth in the festive season, says Siddhartha Mohanty, Chairman, LIC

Stocks to Watch today: LIC, Hero Moto, Apollo Tyres, TRIL, Zee, GR Infra

Stocks to watch on August 11, 2023: Balrampur Chini, Chambal Fertilisers, Delta Corp, Indiabulls Housing Finance, Manappuram Finance and Zee among eight stocks in F&O ban period on Friday.

LIC Q1 net profit jumps multifold to Rs 9,544 cr; GNPA eases to 2.48%

The net premium income of LIC was almost flat at Rs 98,362.75 crore, compared to Rs 98,351.76 crore in the corresponding period of last year

Govt appoints Sat Pal Bhanoo as Managing Director of Life Insurance Corp

He has been appointed in place of Siddhartha Mohanty who has been appointed as chairman of LIC in April

Life Insurance Corporation's new business premium grows 21% in June

For the 26 private life insurers, the group yearly renewable premium for June grew by 47 per cent to Rs 933.30 crore

LIC offloads over 2% shares in India Cement via open market transactions

Life Insurance Corporation of India (LIC) on Wednesday said it has offloaded a little over 2 per cent stake in India Cement through open market transactions between November 2007 and July 2023. "...Corporation's shareholding in 'India Cement Ltd' has diluted from 18,205,665 to 11,877,759 equity shares decreasing its shareholding from 5.875 per cent to 3.833 per cent of the paid-up capital of the said company," LIC said in a regulatory filing. These shares were sold at an average price of Rs 191.59 apiece during the period from November 21, 2007 to July 4, 2023. The holding decreased from 5.875 per cent to 3.833 per cent, a decline of 2.042 per cent, it said. Shares of LIC closed 0.81 per cent higher at Rs 626.95 apiece on the BSE.

LIC launches close-ended plan Dhan Vridhhi; offers protection, savings

National insurer Life Insurance Corporation on Friday launched a new close-ended plan Dhan Vridhhi. The new plan will be on sale from June 23 through September 30, the insurer said in a statement. LIC said Dhan Vriddhi is a non-linked, non-participating, individual, savings, single premium life plan, offering a combination of protection and savings. This plan provides financial support to the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the assured. The plan comes with two options to choose from wherein the sum assured on death can either be 1.25 times or 10 times in the second option. The plan is available for 10, 15 and 18 years and the minimum age at entry varies from 90 days to 8 years, depending on the term selected, and the maximum age at entry varies from 32 to 60 years, depending upon the term and option selected. The plan offers a minimum basic assured sum of Rs ..

Everything you want to know about IDBI Bank

Consultation with the RBI is on to check how many technical bidders are 'fit and proper'. In the next stage, financial bids will be called and IDBI Bank will open up the virtual data room for bidders

Top headlines: RBI on Rs 500 notes report, India to have 40% of workforce

Business Standard brings you the top headlines at this hour

LIC announces relaxations to mitigate hardships for victims of cyclone

Following insurance regulator Irdai directive, LIC on Saturday announced concessions to mitigate the hardships of the claimants of policies and also of Pradhan Mantri Jeevan Jyoti Bima Yojana affected by the Cyclone Biparjoy. LIC in a statement said it is reaching out to the affected people to provide assistance although the loss of lives has been minimal. Nodal officers have been nominated at Divisional level to liaison with Chief/Secretary/Officer concerned of the State Government in this regard, it said. LIC has also created a portal link for the online submission of claims arising due to Biparjoy Cyclone. 'Bijarjoy' made landfall on the coast of Kutch on Thursday night with a windspeed of 115-125 km/hour causing loss to property and infrastructure in States impacted by the cyclone.

State Bank of India, LIC, two other sponsors to dilute stake in UTI MF

According to sources, these entities have approached merchant bankers to advise on stake sales

Life Insurance Corporation increases stake in SAIL by 2.001% to 8.687%

Earlier this week, LIC had raised its stake in IT firm Tech Mahindra Ltd by about 2 per cent through an open market acquisition