Life Insurance Corporation Of India has informed the Exchange about change in management and change in director.
LICI · price
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Life Insurance Corporation of India has announced a change in its Government Nominee Director. Shri Sanjay Lohiya, a 1994-batch IAS officer currently serving as Special Secretary in the Department of Financial Services, Ministry of Finance, has been nominated as a Government Nominee Director effective May 13, 2026, until further orders. He replaces Ms. Shalini Pandit, Joint Secretary in the same department, who ceases to be the Government Nominee Director from the same date. As a consequence, Ms. Shalini Pandit also ceases to be a member of the Executive Committee, Nomination & Remuneration Committee, Audit Committee, and Risk Management Committee. Sanjay Lohiya is not related to any existing directors and has no debarment from holding a director position.
This is a routine change in the board composition driven by the Central Government's nomination rights under the LIC Act. The replacement of a government nominee director typically has minimal impact on the company's operations or stock price as it reflects a change in government appointee rather than any governance or operational concerns.