LIC Interim Chairman: Govt Appoints MD Siddhartha Mohanty As LIC Chief For Three Months

In a stock exchange filing, LIC said this is an interim arrangement, and Mohanty will continue to carry out his existing duties as MD and CEO of LIC Housing Finance. 

Life Insurance Corporation (LIC) managing director Siddhartha Mohanty has been given a three-month charge as the chairman from March 14. The development comes after the current chairman MR Kumar didn't get a further extension of his term.

In a stock exchange filing, LIC noted this is an interim arrangement, and Mohanty will continue to carry out his existing duties as MD and CEO of LIC Housing Finance. 

“In terms of Regulation 30 of the SEBI(LODR) Regulations, 2015, we advise that, in view of the completion of the term of Shri Mangalam Ramasubramanian Kumar as Chairperson of LIC of India, effective from the close of business hours on 13th March, 2023, Department of Financial Services, Ministry of Finance, Govt of India, has vide F. no. A-15011/01/2022-Ins.I dated 11th March, 2023, conveyed the approval of the Competent Authority, for entrusting financial and administrative powers and functions of Chairperson, LIC in the interim to Shri Siddhartha Mohanty, Managing Director in addition to his own duties, for a period of three months, with effect from 14th March, 2023, or till assumption of the charge by the regular appointee to the said post, or until further orders, whichever is the earliest."

Mohanty was appointed as the MD of India’s largest insurer Life Insurance Corporation (LIC) in February 2021. Mohanty replaced TC Suseel Kumar, who retired on January 31, 2021.

In his previous position, Mohanty was the chief executive officer of Housing Finance Ltd. He will be in charge up to the date of his superannuation ie June 30, 2023, according to the previous order stated. 

Prior to that, he was with the executive director at LIC, handling the legal department. As per the terms of his appointment, Mohanty was receiving a pay scale of Rs 205,400 - Rs 224,400 from the date of his assumption of charge of the appointment on or after February 1st, 2021, until the date of his superannuation or until further instructions, whichever is earlier.

“The Appointments Committee of the Cabinet (ACC) has approved the proposal of the department of financial services for appointment of Shri Siddhartha Mohanty, CEO,LIC Housing Finance as MD, LIC, in the pay scale of Rs.205,400 – Rs.224,400 with effect from the date of his assumption of charge of the post on or after 01.02.2021 and up to the date of his superannuation or until further orders, whichever is earlier”, according to the notification quoted in the Business Standard report.