The government will set up an inter-ministerial group (IMG) with Secretaries from the Corporate Affairs, and Law Ministries as well as the Finance Ministry’s three Secretaries to clear the initial issues on LIC listing shortly.
Secretaries from DIPAM, DEA and Finance Secretary Rajeev Kumar will be in the IMG, sources said, adding that setting up an IMG is the first step towards such big decisions and it will look at the valuation, and the requirements including the legislative changes.
The IMG will chalk out the initial roadmap for the listing — valuation, legislative changes and readying accounts, sources said.
The government believes it would take about 8-9 months to prepare accounts and do the required legal tweaking before an IPO of the insurance behemoth could be launched.
State-owned LIC is the country’s largest insurer, controlling more than 70 per cent of the market share. The insurer has a market share of 76.28 per cent in number of policies.