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Dec 9 2011 5:22PM
Life Insurance Corporation of India wants to strengthen its risk management

Life Insurance Corp of India, the countrys largest institutional investor, has scrapped bulk trading on stocks exchanges, in a bid to bury the ghost of investigating agency probe into alleged corruption.We have stopped participating in block and bulk deals in the market. We have taken this step to strengthen our risk management practices and follow a transparent method, said a senior executive from LIC. In November 2010, LIC s books had come under the scanner of the Central Bureau of Investigation for alleged irregularities in certain investments. In 2011, LIC has participated in only one block deal on April 7. In 2010, LIC had done 17 block and bulk deals worth 3,777 crore, according to data from BSE. In 2009, it had bought stocks worth 3,874 crore in block deals. LIC has investments in more than 1,000 companies. A block deal is a transaction where minimum 5,00,000 shares, or shares worth 5 crore, are traded through a single transaction. This is disclosed on the exchanges. Also, the total quantity of shares bought or sold under any single client code is more than 0.5% of the number of equity shares of a listed company. These deals are priced 1% below the closing price of previous day.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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