The insurance regulator has sought a roadmap from the state-run Life Insurance Corporation of India (LIC) on how it intends to bring down holdings in some companies which are above the industry norm of 15%, though it has not set any time -frame for the insurer to respond.
“We have asked the LIC to give a roadmap for reducing stake in companies where they own more than 15%,“ said an official from the Insurance Regulatory and Development Authority of India (Irda), who did not want to be identified. “We are yet to hear from LIC on the mat ter.“ LIC being a state-run company and because of its more than 60year legacy , has special privileges when it comes to investment cap in companies which came up in recent years.
