Insurance regulator, Irda, has asked Life Insurance Corporation (LIC) to chalk-out a plan to reduce its stake in those companies where it holds more than 10% and expects a response in the next 15-20 days, a senior Irda official said. In our bilateral discussions with LIC, we have asked them to come out with a clear plan for compliance with the norms for reduction of its stake in those blue-chip companies where it holds more than 10%, Insurance regulatory and development authority member (actuary), R Kannan, said. Irda had, last year, said that LIC should pare down its holding in ...

More...