Corporate governance reform: Board-centric governance and securities framework introduced to enable listing and shareholder rights. The Bill revises the LIC Act to institute a Board of Directors with governance rules (disqualifications, disclosures, related party controls and committees), establish an equity and securities framework for share issuance, transfer and shareholder rights to enable listing and IPOs, and overhaul financial reporting, audit and surplus/dividend allocation rules, while empowering the Central Government and the Board to make detailed rules and regulations incidental to these changes.
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Corporate governance reform: Board-centric governance and securities framework introduced to enable listing and shareholder rights.
The Bill revises the LIC Act to institute a Board of Directors with governance rules (disqualifications, disclosures, related party controls and committees), establish an equity and securities framework for share issuance, transfer and shareholder rights to enable listing and IPOs, and overhaul financial reporting, audit and surplus/dividend allocation rules, while empowering the Central Government and the Board to make detailed rules and regulations incidental to these changes.
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