Section 27 in Life Insurance Corporation of India (Staff) Regulations, 1960
27. Private Trading.
(1)No employee or class of employee shall, except with the approval of the Corporation, engage directly or indirectly in any trade or business.(2)No employee shall, except with the previous sanction of the Corporation, take part in the registration, promotion or management of any bank or other company registered under the Indian Companies Act or any other law for the time being in force.[Provided that an employee may take part in the registration, promotion or management of Cooperative Societies under Co-operative Societies Act or any other law for the time being in force, which have been formed mainly by the employee of the Corporation and for their benefit] [Notified in Gazette of India, Part-III Section 4 dated 7.8.1971.]
