By Ashley Coutinho Life Insurance Corporation of India’s (LIC) bid to buy a 15% stake in India International Exchange (India INX), an international exchange, and a similar stake in India International Clearing Corporation (India ICC) — both promoted by BSE and located at GIFT IFSC — may come to fruition after the government tweaked provisions of the Insurance Act last week to allow Indian insurers to invest in the International Financial Services Centre (IFSC) at GIFT city, Gujarat. LIC had approached insurance regulator IRDAI for purchasing a stake in India INX earlier this year under the overseas direct investment route. …
