The Indian government has granted a one-time exemption to Life Insurance Corporation of India (LIC) from the 25% minimum public shareholding (MPS) rule. This allows the government to continue holding more than a 75% stake in LIC for the next eight to nine years. LIC, which had the largest initial public offering (IPO) in India’s capital market history, entered the stock market in May 2022 and was required to meet the 25% public shareholding criteria by May 2027. With the exemption, LIC now has until May 2032 to fulfill the MPS rule. The government currently holds a 96.50% stake in LIC.