NEW DELHI, March 3 -- THE government on Tuesday said it will continue to retain the management control of LIC and safeguard the interest of policyholders even after listing of the insurance behemoth through initial public offering (IPO) on stock exchanges. In the Budget Speech 2020-21, Finance Minister Nirmala Sitharaman announced that Life Insurance Corporation of India (LIC), a fully-owned government undertaking, will be listed.
In a written reply to a query in the Rajya Sabha, the minister said that listing of companies on stock exchanges disciplines a company and provides access to financial markets and unlocks its value.
"It also gives opportunity for retail investors to participate in the wealth so created," Sitharaman added.
The I...