The Life Insurance Corporation of India (LIC) has announced that its offices in Bangladesh will be closed till August 7 due to the current upheaval in the neighboring nation.

"This is to advise you that the LIC of Bangladesh Ltd. office will be closed from August 5 to August 7, 2024, due to the current socio-political circumstances in Bangladesh. The Government of Bangladesh has ordered a three-day curfew from August 5 to August 7, 2024," LIC said in a regulatory filing.

"The impact of the situation there is currently unknown. Hence, details are needed under Point 6 of Para B of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, should be communicated thereafter," LIC stated.

Situation in Bangladesh

According to estimates from Dhaka, more than 100 people have been murdered in violent clashes between police forces and anti-government protestors across the neighboring nation in the previous two days.

The students' demonstrations in Bangladesh, which began last month against a contentious employment quota plan, escalated into an anti-government campaign. The job quota that ignited Bangladesh's statewide riots reserved government posts for families of veterans who participated in the country's 1971 war of independence.

The protesters in Bangladesh want to replace the whole quota system with a merit-based one. They said that the system is biased and favors supporters of Prime Minister Sheikh Hasina, whose Awami League party spearheaded the independence campaign. They even requested Hasina's resignation as Prime Minister.