Corporate governance reform enabling listing and share-capital restructuring to align LIC with market disclosure and shareholder regimes.

Amendments recast the LIC Act to establish a Board of Directors with defined committees and governance roles, expand statutory definitions adopting Companies Act meanings, create director qualification, disclosure and related party transaction rules, and reform share capital, shareholder rights and financial reporting (including auditors, accounts, reserves and dividend treatment) to align with listing requirements and enable issuance and transfer of equity and potential public offering, with consequential rulemaking powers and notified effective dates.

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