Section 26 in Life Insurance Corporation General Rules, 1956
26. Reservation in favour of and allotment to life insurance policyholders in a public issue.
(1)Any reservation made by the Corporation in favour of its life insurance policyholders on a competitive basis in a public issue under clause (a) of sub-section (9) of section 5 shall be made in a manner similar to that applicable to a reservation on a competitive basis for employees in a public issue under any regulation made and circular issued by the Securities and Exchange Board of India regarding issue of capital and disclosure requirements, to the extent not repugnant to the provisions of the Act, and be subject to fulfilment of the terms and conditions in this regard, as disclosed in the offer document approved by the Board.(2)Allotment of equity shares to life insurance policyholders against any reservation made in their favour shall be made in consultation with the stock exchanges concerned.Explanation. - Words and expressions used in this rule but not defined in the Act shall have the meanings assigned to them in the regulations made by the Securities and Exchange Board of India regarding issue of capital and disclosure requirements, to the extent not repugnant with the provisions of the Act.
