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Govt amends FEMA rules to allow 20 pc FDI in LIC

Govt amends FEMA rules to allow 20 pc FDI in LIC

The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.

Last month, Sebi gave approval to the draft papers and the insurer is in the process of filing a request for proposal with changes.

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