The Centre is planning to divest its stake in LIC and a few public sector banks (PSBs), beyond what is mandated by SEBI, Mint reported. The government currently holds a 96.5% stake in LIC, after selling 3.5% in an IPO in 2022. SEBI's deadline for LIC to comply with minimum 10% public shareholding rule was extended from 2024 to 2027.