The government has amended the rules of the Foreign Exchange Management Act (FEMA) to open the way for up to 20% Foreign Direct Investment (FDI) in the Life Insurance Corporation of India (LIC).
The government is also planning to dilute its stake in LIC through the Initial Public Offering (IPO).
SEBI has also given approval to the draft papers and the insurer is in the process of filing a request for a proposal with changes.
