The government has granted LIC a one-time exemption to achieve the minimum public shareholding requirement within 10 years. LIC, the country’s largest insurer, was listed in May 2022. The government had sold a 3.5% stake in LIC through an IPO, but still holds a 96.5% stake in the company. This exemption is a result of the government amending regulations for listed state-run companies that do not need to comply with the rule if the government decides it is in the public interest.