Finance Minister Nirmala Sitharaman clarified that the Finance Ministry does not direct LIC’s investment choices. She stated that LIC’s investments in the Adani Group, amounting to over Rs 48,000 crore in equity and debt, were made independently following standard operating procedures and thorough due diligence. These decisions adhere to regulations set by IRDAI, RBI, and Sebi. NEW DELHI: Union finance minister Nirmala Sitharaman on Monday said her ministry does not issue advisory or directions to LIC regarding its investment decisions, and emphasised that the investments that the state-owned insurer made in Adani Group were as per established SOPs.India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Following due diligence as per established SOPs, it has bought shares across half a dozen listed companies of Adani Group, whose book value stands at Rs 38,658.85 crore and invested another Rs 9,625.77 crore in debt instruments of the conglomerate.“Ministry of finance does not issue any advisory/direction to LIC in connection with matters related to investment of LIC fund,” she said in a written reply to a question in Lok Sabha. The investment decisions of the state-owned insurer, she said, are taken by “LIC alone following strict due diligence, risk assessment and fiduciary compliance”.Such decisions are governed by provisions of Insurance Act, 1938, as well as regulations issued by IRDAI, RBI and Sebi (wherever applicable) from time to time, she said. End of ArticleFollow Us On Social MediaVideosWatch: MPs Speak Out as SIR Row Dominates Winter Session OpeningIndia’s Elections Earn Global Praise, CEC Calls It A ‘Moment Of Pride’ Amid Vote Row ClaimsHaryana Bodybuilder Killed After Standing Up To Harassers; Family Says Attack Was Planned MurderModi Trolls Opposition Over Bihar Setback Days Before Parliament ShowdownWoman Marries Boyfriend’s Corpse After Family Kills Him, Alleges Police Provoked BrotherMajor Twist In BrahMos Espionage Case As Higher Court Acquits Scientist Of Passing Defence SecretsRamaphosa Praises PM Modi’s Endorsement of South Africa Hosting G20 Summit, Counters Trump’s Claims‘Is There Any Law?’ Renuka Chaudhary Sparks Row After Bringing Stray Dog to ParliamentBSF IG Warns Of Looming Threat As 120 Terrorists Wait In PoK Despite Dip In Infiltration AttemptsPakistan Rages At UN After Criticism Of Munir’s Immunity Amendment Amid Fears Of Deeper Militarism123PhotostoriesDiabetes management: Doctor shares top 5 lifestyle strategies to lower HbA1c levelsFrom Sunda Pangolins to Sunda tiger: 5 of the most endangered animals in the world5 statement watches for women that will complete your traditional wedding lookKamal Haasan performances that redefined Indian cinema foreverIncrease protein intake: 4 easy ways to add more of it to everyday diet3 powerful anti-inflammatory drinks and how to make them at homeFrom Dead Sea Scrolls to Hope Diamond, 7 priceless objects in the world7 dinner dishes made with leftover roti offering over 20 gms protein5 animals that camouflage so perfectly that they almost become invisibleHow to make fiber-rich Gobhi ka Paratha for breakfast123Hot PicksParliament Winter SessionCyclone DitwahWorld NewsGold rate todaySilver rate todayPublic Holidays NovemberBank Holidays NovemberTop TrendingCardi BShedeur SandersDrake MayePat McAfeeCandace Owens Net WorthGisele BndchenConnor McDavidLian BichselLane Kiffin DaughterAnthony Davis
NEW DELHI: Union finance minister Nirmala Sitharaman on Monday said her ministry does not issue advisory or directions to LIC regarding its investment decisions, and emphasised that the investments that the state-owned insurer made in Adani Group were as per established SOPs.India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Following due diligence as per established SOPs, it has bought shares across half a dozen listed companies of Adani Group, whose book value stands at Rs 38,658.85 crore and invested another Rs 9,625.77 crore in debt instruments of the conglomerate.“Ministry of finance does not issue any advisory/direction to LIC in connection with matters related to investment of LIC fund,” she said in a written reply to a question in Lok Sabha. The investment decisions of the state-owned insurer, she said, are taken by “LIC alone following strict due diligence, risk assessment and fiduciary compliance”.Such decisions are governed by provisions of Insurance Act, 1938, as well as regulations issued by IRDAI, RBI and Sebi (wherever applicable) from time to time, she said.
