LIC IPO subscription not possible if policyholders’ PAN card, DEMAT a/c not up-to-date –Check how to do it
Zee News
In the interests of policyholders, LIC been running advertisements calling upon policyholders to update PAN in LIC records.
New Delhi: Life Insurance Corporation of India has issued a public notice to all the policyholders of LIC of India regarding subscription of the company’s upcoming IPO.
“You may be aware by now, the Government of India, in the interest of the policyholders of LIC, has passed an amendment to the LIC Act, 1956 permitting the Corporation to make a reservation on a competitive basis, in favour of its policyholders, at any time during the period of five years of the commencement of Section 131 of the Finance Act, 2021, I.e., five years from June 30, 2021, as one of the reserved categories in any public offering that the Corporation may undertake in the future, subject to necessary approvals," said LIC.
The insurance behemoth added that in order to participate in any such public offering, policyholders will need to ensure that their PAN details are updated in the Corporation's records. Further, subscribing to any public offering in India is only possible If you have a valid DEMAT account - accordingly, policyholders should ensure that they have an active DEMAT account in place.
