The Life Insurance Corporation (LIC) of India has told the government that it rigorously abides by the legal framework and rules when making investments, the government stated on Tuesday.
State-owned LIC revealed last Monday that it has invested Rs35,917.31 crores in the debt and equity securities of the Adani Group. The sum represents 0.975% of the Rs41.66 lakh crore in total assets under management.
All of the Adani Group firms' equity had a total purchase value of Rs30,127 crore, but according to LIC, the market value of that equity as of January 27, 2023, at the closing of market hours, was Rs56,142 crore.
In a written response to a question posed to the Rajya Sabha on Tuesday, Minister of State for Finance Bhagwat Karad stated, 'LIC has informed that all investments of LIC are carried out strictly in accordance with the statutory framework of the Insurance Act, 1938 and the IRDAI Investment Regulations, 2016 and are guided by a detailed governance mechanism.'
