Foreign Exchange Management Act, 1999 (FEMA) came into force by an act of Parliament. It was enacted on 29 December 1999. This new Act is in consonance with the frameworks of the World Trade Organisation (WTO). It also paved the way for the Prevention of Money Laundering Act, 2002 which came into effect from July 1, 2005. The government has amended rules of the Foreign Exchange Management Act, paving the way for up to 20% foreign direct investment in LIC. The rule called Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February 2022, had filed the Draft Red Herring Prospectus (DRHP) before the market regulator SEBI for the IPO and SEBI gave approval to the draft papers and the insurer is in the process of filing a request for proposal with changes.
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