'This is to inform that Mr. Sudhakar Ravindranath, Executive Director (Marketing/Product Development) & Chief Marketing Officer, Key Managerial Personnel ( KMP ) of the Life Insurance Corporation of India, has ceased to be the KMP in compliance with the IRDAI Regulations'.
LICI · price
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On the reaction day the stock moved 1.1 pts less than Nifty Midcap 150 and 1.3 pts less than its Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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LIC has informed stock exchanges that Mr. Sudhakar Ravindranath, Executive Director (Marketing/Product Development) & Chief Marketing Officer, has ceased to be a Key Managerial Personnel (KMP) of the corporation. The change is due to a redefinition of the CMO position under the new IRDAI (Corporate Governance for Insurers) Regulations, 2024. As a result, the CMO role no longer qualifies as a KMP position. Mr. Ravindranath continues in his role as Executive Director, only his KMP designation has been removed.
This is a regulatory-driven reclassification rather than a departure from the company, so it is unlikely to materially affect LIC's operations or shareholder value. No management change is implied.