homenewsWho is Siddhartha Mohanty, FSIB’s choice for LIC Chairman?

Who is Siddhartha Mohanty, FSIB’s choice for LIC Chairman?

Who is Siddhartha Mohanty, FSIB’s choice for LIC Chairman?
3 Min(s) Read

By CNBCTV18.com Mar 24, 2023 10:52:21 PM IST (Published)

The Chairman is selected from the existing four managing directors of the LIC. The FSIB interviewed the four candidates on March 23 for the position.

The Financial Services Institutions Bureau (FSIB) has shortlisted Siddhartha Mohanty for the position of Chairman of the Life Insurance Corporation on Thursday. As per the guidelines, the chairman is selected from the four managing directors of the company and the final call is taken by the government after FSIB makes its recommendation.

The FSIB, which selects the candidates for top positions in state-owned banks and financial institutions, interviewed the four managing directors of LIC on March 23. Based on their overall experience and extant parameters the FSIB recommended Siddhartha Mohanty for the Chairman position, the Bureau said in a statement.
Currently, Siddhartha Mohanty additionally serves as the acting chairman of the country’s largest insurer as he was appointed after the completion of MR Kumar’s term on March 13.
The final decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.
Who is Siddhartha Mohanty?
Siddhartha Mohanty is a postgraduate in Political Science with a degree in Law and he also has a postgraduate degree in Business Management and Licentiate from the Insurance Institute of India.
Mohanty began his career as a direct recruit officer in the LIC in the year 1985 and he rose through the ranks in the corporation.
His career spans over three decades in the LIC, and during this period he has made his mark in the areas of Marketing, Investments, Legal and HR in the company.
He has served in various capacities including as the Chief of Investments (Monitoring), the Senior Divisional Manager of Raipur and Cuttack divisions of the LIC, and Regional Head of a marketing vertical of LIC‘s Western Zone, including the states of Maharashtra, Gujarat and Goa.
He was appointed as the Managing Director and Chief Executive Officer (CEO) of LIC Housing Finance, one of the largest housing finance companies. Prior to taking over as MD & CEO he was the company’s Chief Operating Officer. Before joining LIC Housing Finance, he served as the Executive Director Legal in LIC.
He was then appointed as the MD of the LIC on February 1, 2021, replacing TC Suseel Kumar, who was to retire on January 31, 2021.
On March 14, Mohanty took over as the interim Chairman of LIC for three months after the serving Chairman, M R Kumar completed his term. He continued to carry out his existing duties while serving as the interim chairman.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Recommended Articles

View All