In a Monday address to Parliament, Finance Minister Nirmala Sitharaman clarified that the Ministry does not issue any advisory or directive concerning LIC’s investment affairs. She explained that LIC makes all investment choices independently, following rigorous due diligence, risk reviews and fiduciary standards, and operating under the Insurance Act of 1938 as well as guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), the Reserve Bank of India (RBI), and the Securities and Exchange Board of India (SEBI).
Sitharaman noted that LIC typically invests in the top 500 listed companies on the NSE and BSE, with a significant share in the larger firms. As of 30 September 2025, the book value of LIC’s stake in Nifty 50 companies reached ₹4,30,776.97 crore, representing 45.85 percent of its total equity holdings. The corporation’s investment functions are subject to scrutiny by external auditors, statutory and system auditors, IFC auditors, an internal vigilance team, and periodic reviews by IRDAI.
There is no direct government oversight on LIC’s investment decisions. The Minister also presented detailed holdings of LIC in Adani Group entities, amounting to ₹38,658.85 crore as of 30 September 2025, which include investments in the newly acquired ACC Ltd and Ambuja Cements.
LIC’s largest private‑sector investment stands at ₹40,901.38 crore in Reliance Industries, followed by ₹38,846.33 crore in Infosys, ₹31,926.89 crore in Tata Consultancy, ₹31,664.69 crore in HDFC Bank, and ₹30,133.49 crore in Hindustan Unilever. The corporation also holds equity in major public sector enterprises such as SBI, Coal India, ONGC, Punjab National Bank, and the General Insurance Corporation of India.
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