The Centre through a one-time exemption has granted insurance major Life Insurance Corporation of India (LIC) time till May 2032 to comply with the 25% minimum public shareholding (MPS) requirement.

“The Department of Economic Affairs, Ministry of Finance, has decided in the public interest to grant one-time exemption to Life Insurance Corporation of India to achieve 25% minimum public shareholding within 10 years from the date of listing i.e. till May 2032,” the life insurer said in a filing on Thursday. The exemption has been given under Rule 19A (6) of the Securities Contract (Regulations) Rules (SCRR) 1957, it said.

The government holding in the insurer stood at 96.50% after the IPO last year in which 3.50 was divested. LIC had listed in May 2022. According to SEBI norms, a company has to achieve the 25% MPS within three years of listing.