The Life Insurance Corporation (LIC) has directed its staff not to speak publicly about the state-run insurer's upcoming Initial Public Offering (IPO). The firm has also asked its employees not to comment on the pricing, timing and valuation of the public offer which is expected to take place in the January-March quarter of this financial year.
The IPO-bound insurance major said only Chairman MR Kumar and the four managing directors - MK Gupta, Raj Kumar, Siddhartha Mohanty and Mini Ipe - are permitted to interact with media till further instructions.
"No comment or statement should be made by any official on IPO/IPO size/IPO size/IPO timing/IPO valuations/Futuristic projections in any public forum or in any interaction which is likely to be made public," noted LIC in an official communication to its officers, reported Business Standard.
"This will include not talking on such issues in public interactions like Dos/Agent Meetings/Customer meet/Public functions or any public forum," the communication further mentioned.
LIC, which commands almost 70% of the market share, runs a huge agent network across India. The country's largest insurance company alone has over 13.5 lakh agents compared to 11 lakh belonging to 20 other private life insurance firms. LIC has more than one lakh employees on its payrolls.
"The officials shall not share/disclose any unpublished data/information of LIC in any public forum of any public interaction. For this purpose, data given in Annual report, IRDAI related disclosures on LIC website, data published by IRDAI, audited accounts and other disclosures published by LIC will be treated as published data," the communication further read.
LIC, in its communication, emphasised the need to sensitise its employees and agents against posting any unpublished information, unverified or unpublished data on social media platforms. It added that any violations of the instructions will invite action against the perpetrators.
"Any circulation/forwarding of such unverified, unpublished information, will be treated as violation of these instructions and employees/ agents forwarding/sending/giving such information will be held responsible for such violation and appropriate action will follow," the communication noted.
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