A record 34 lakh demat accounts were opened in January before LIC's IPO

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MUMBAI: A record 3 lakh demat accounts have been opened in January ahead of LIC's mega IPO and a new record could be set in February. Stock brokerage firm LIC has been active in opening demat accounts for policyholders.

According to market analysts, LIC plans to allot shares to its insurers at a discounted price under the IPO to make the massive public issue a success, with policyholders reserving up to 10 per cent stake in the IPO.

Online Brokers Traditional brokers are offering a variety of schemes and gift vouchers, free trading in LIC shares for one month to attract LIC agents and policyholders to open a demat account with them.

According to the latest figures from NSDL and CDSL, the number of demat accounts increased from 3.08 crore at the end of December 2021 to 6.4 crore at the end of January 31, 2008. At present, the number of LIC policyholders is around 20 million. Notably, insurance policyholders have a more emotional connection with LIC than investing and do not want to miss out on this opportunity to become a shareholder.

In December, LIC asked its policyholders to update their PAN card details and open a demat account to acquire shares under the IPO.

About 10 million applications are expected from small investors for LIC's IPO. Earlier, the record was held by Reliance Power, which had received 3 lakh IPO applications.

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