Govt seeks swift regulatory review for LIC IPO

New Delhi: The Indian government has asked regulators for a swift review of Life Insurance Corporation's draft prospectus, two government sources with knowledge of the matter said - as it pulls out all the stops to have the country's biggest IPO completed by the end of March.

The Securities and Exchange Board of India (SEBI) has been urged to complete its vetting process in less than three weeks instead of the 75 days it usually requires, they said

"We have 10 bankers for the deal. They are available 24/7 for any questions SEBI might have," said one of the government officials, adding that a "clean" draft prospectus would be submitted.

The official also said the government's divestment department was solely focused on the IPO for the giant state-backed insurer from which it hopes to gain as much as $12 billion, and had put aside other privatisation plans for this fiscal year, Reuters reported.

The draft prospectus is likely to be submitted to SEBI in the next few days, said the sources, who were not authorised to speak to media and declined to be

identified.