The Indian government has granted a one-time exemption to Life Insurance Corporation of India (LIC) to achieve a minimum public shareholding (MPS) of 25% within 10 years. LIC, the country's largest insurer, was listed in May 2022, with the government selling a 3.5% stake through an IPO. Currently, the government holds a 96.5% stake in LIC. The exemption to the MPS rule, applicable to listed state-run companies, including banks, allows them to bypass the 25% MPS requirement even after privatization if deemed in "public interest" by the government.