LIC Independent Directors Dr. V.S. Parthasarathy & Mahalingam G. Retires
Life Insurance Corporation of India (LIC) has announced changes to its senior management and Board following the completion of the terms of two Independent Directors.
According to a regulatory filing, Independent Directors Dr. V.S. Parthasarathy and Mahalingam G. have retired effective July 28, 2026, upon completion of their terms.
Meanwhile, Shatmanyu Shrivastava has been appointed as Chief Financial Officer (CFO) with effect from July 28, 2026. V. Muthuvenkataraman has been appointed as Executive Director (Enterprise Risk Management) and Chief Risk Officer (CRO).
Dr. V. S. Parthasarathy serves as a Member of the global advisory board for Board Stewardship. He serves as an Independent Director on the Boards of Pennar Industries and Cloudnine Hospitals. He spent more than 20 years with the Mahindra Group, where he served as Group CFO, Group CIO and President of the Mobility Services Sector. A Chartered Accountant from ICAI and ICAEW, he is an alumnus of Harvard Business School’s Advanced Management Program and holds a PhD from the University of Mumbai. He is also involved in education and women empowerment initiatives.
Mahalingam G. has extensive experience in the financial and securities sector, having served as Executive Director at the Reserve Bank of India (RBI) and as a Whole-Time Member of the Securities and Exchange Board of India (SEBI). He currently serves as an Independent Director on several corporate Boards, including City Union Bank, India International Bullion Exchange IFSC Ltd., CARE Ratings, Central Depository Services, DSP Pension Fund Managers, and Care Ratings Nepal. His expertise covers financial regulation, capital markets, banking, and Corporate Governance. Mahalingam holds a master’s degree in science (statistics) from the Indian Institute of Technology (IIT), Kanpur, and an MBA in international banking and finance from the University of Birmingham.
Before assuming the role, Shatmanyu Shrivastava served as Executive Director (Enterprise Risk Management) and CRO. Before that, he was Executive Director (Finance and Accounts). He joined LIC in 1990 as a direct recruit officer and has over three decades of experience across branch, divisional, zonal and central offices. Since joining the Central Office as Chief (Finance & Accounts) in 2022, he has overseen the corporation’s post-IPO financial reporting and regulatory compliance under SEBI and IRDAI regulations. A Fellow Member of the Institute of Chartered Accountants of India since 1989, he is also a Fellow of the Insurance Institute of India and has cleared seven papers of the actuarial examinations conducted by the Institute of Actuaries of India.
V. Muthuvenkataraman joined the corporation in 1992 as an Assistant Administrative Officer and most recently served as Additional Executive Director (Enterprise Risk Management) at the central office in Mumbai. He has also held leadership positions as Regional Manager at LIC Housing Finance Limited in Chennai and at LIC (Singapore) Pte Ltd. Muthuvenkataraman holds a Bachelor’s degree in Chemistry from the University of Madras, is a Fellow of the Insurance Institute of India, and has completed the Executive Programme at the Indian Institute of Management Ahmedabad.
