LIC owns 3.69 per cent of the total listed universe based on available disclosures, the lowest since at least June 2009.
This year is set to be the third consecutive year when India's share of IPOs has fallen relative to the rest of the world.
Faster account opening, which allows investors to start trading without ever leaving their homes or visiting a physical branch of their local brokerage has played a role in the surge.
The spread of COVID-19 and the accompanying mayhem caused the S&P BSE Sensex to drop over 38.5 per cent from its all-time high of 42,273.9 to a low of 25,981.2 on March 23. Those in the astrology and even numerology segments received more calls than before during the time.
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
The sentiment around Indian equities remains positive and unchanged.