Corporate governance reforms enable listing and issuance of equity shares, aligning LIC with listing and disclosure requirements.

The Bill overhauls the LIC Act to vest management in a Board of Directors with defined composition and committees, introduce director disqualifications, disclosure and related party rules, and create a statutory regime for issuance, transferability and recognition of equity shares-including shares to the Central Government and treatment of such shares for public offering-while instituting strengthened financial reporting, audit, dividend and surplus allocation rules to align LIC with listing and disclosure requirements.

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