BOARD OF DIRECTORS

Shri Ratnakar Patnaik

Additional Non-Executive (Nominee) Director

Shri Ratnakar Patnaik has taken charge as Managing Director of Life Insurance Corporation of India on 1^st June, 2025. Prior to taking charge as the Managing Director, he was Executive Director (Investment- Front Office) & Chief Investment Officer.

Shri Patnaik joined LIC of India in September 1990 as an Assistant Administrative Officer. He has worked across four Zones of the Corporation in various capacities including 10 years as Branch-In-Charge. During his long stint of 22 years in conventional marketing, he was Marketing Manager of Asansol & KMDO-1 Divisions under EZ. He headed Indore and Jamshedpur Divisions as Senior Divisional Manager before taking charge of the Chief Life Insurance Advisor (CUA) Channel of Eastern Zone at Kolkata as Regional Manager (Marketing - CLIA). On promotion to the cadre of Zonal Manager, he started his tenure in Investment- Front Office in May 2021 as Chief (Investment), Central Office, Mumbai. Thereafter, on promotion to the cadre of Zonal Manager (Selection), he took charge as Executive Director (Investment- Front Office) & Chief Investment Officer of the Corporation in April 2023.

Shri Patnaik is a postgraduate in Public Administration and has majors in Physics in graduation. He is a Fellow of Insurance Institute of India and holds a Diploma in Health insurance from the same institute.

Shri Patnaik strongly believes in Teamwork and has empathetic people sense. He takes avid interest in sports, movies and meeting people.

Shri Ameet Patel

Independent Director

Shri Ameet Patel was appointed as Independent Director of LIC Housing Finance Limited on 19^th August, 2015. Presently, he is serving the 2^nd term as independent director of the company. He qualified as a Chartered Accountant in 1986 with a rank at all India level and has been in private practice since then. He did his articleship with a reputed firm – S.V. Ghatalia & Associates. Currently, he is a partner at Manohar Chowdhry & Associates. He has spent a large part of his professional career dealing with taxation matters and in the past few years, he has focussed on tax matters of FIIs, Banks, Mutual Funds, AIFs, and FPIs as also on audit of portfolio management schemes and AIFs.

His core practice consists of tax planning, appeals and representations and Information Technology related issues. He has also advised several foreign companies who have set up subsidiaries in India. He has a keen interest in technology and has a large network on social media. He is currently studying the concept of cryptos and virtual digital assets closely to understand its nuances.

He is a member of the Finance & Taxation Panels of CII’s Maharashtra Region. He is also chairman of Technology Initiatives Committee and member of Taxation Committee of Bombay Chartered Accountants’ Society (which is a voluntary body of CAs with about 8,500 members from across India). He headed this organisation as its President in the year 2009-10.

He is also an independent director of Quantum Trustee Company Private Limited.

He has been a regular speaker at various seminars and conferences organised by the ICAI, BCAS, KSCAA, LCAS, Assocham, CII, private banks such as Kotak Mahindra Bank, income-tax department’s Regional Training Institutes, Rotary Clubs and other bodies.

He is a co-author of following publications of the Bombay Chartered Accountants’ Society:

“Calculators to Computers – a Paradigm Shift”

"Shares And Securities - Taxation & Accounting"

“Tax Deduction at Source”

“FAQs on e-TDS”

“Reporting under the New Format in Form 3CD – A specimen”

His articles have appeared in various magazines and websites such as Money Outlook, MoneyLife, CNBC’s moneycontrol.com, Taxsutra, Journals of the BCAS & ICAI. He has also appeared on several programs on national television and his views are regularly quoted in newspapers and websites and is very active on various social and professional media networks. He has also travelled extensively across the world and has spoken at international forums too.

Shri P Koteswara Rao

Non-Executive Director

Shri P Koteswara Rao is a Fellow member of Institute of Chartered Accountants of India with Bachelor’s Degree in Commerce from Sri Venkateswara University, Tirupati (AP). He has experience in the area of Accounts, Finance, Fund Management, Portfolio Management, Office Services, etc. He is also NSE Certified Market Professional. Shri P Koteswara Rao joined LIC of India as Direct Recruit Officer (CA Batch) in the year 1986. He has held various responsible positions in senior cadres throughout his career spanning 30 years in various capacities in LIC of India and always added value to his job role. He worked as Marketing Manager and Senior Divisional Manager of Machilipatnam Division of LIC of India in Andhra Pradesh. He also worked as Regional Manager (OS) in the Western Zonal Office, Mumbai, as Regional Manager (F&A) in Southern Zone, Chennai and also as Regional Manager (F&A) in Northern Zone, Delhi. For a brief period of one year, Shri P Koteswara Rao was General Manager in LIC Housing Finance Limited in charge of Credit Appraisal and Project Finance before moving to LIC of India as Chief (Investment/Operations), Central Office, Mumbai.

His hobbies include reading books.

He has attended a programme on Strategic leadership at Indian School of Business, Hyderabad.

Global exposure: Shri P Koteswara Rao participated in training programme on Fixed Income Instruments at Asian Institute of Management, Manila, Philippines.

He was one of the speakers in the seminar conducted by Insurance Institute of India on ERM in June 2019 on Risk Management. After retiring from the services of LIC of India as Chief (Investment) in 2016, he has joined Insurance Institute of India, Mumbai, as Faculty (life) and continues to be faculty member. He has given faculty support on Insurance subjects, including Insurance Regulatory Matters, Investment, Risk Management, etc.

He has visited Bhutan and Armenia on academic assignments.

Shri Kashi Prasad Khandelwal

Independent Director

Shri Kashi Prasad Khandelwal, a distinguished Fellow member of The Institute of Chartered Accountants of India, brings 48 years of profound experience as a Practicing Chartered Accountant. He holds a Bachelor of Commerce (Honors) and a Law degree from Calcutta University. His professional qualifications are further augmented by a Diploma in Information System Audit (DISA) and Computerised Accounting & Auditing Techniques (CAAT) from the ICAI. He also holds an Independent Director’s Certificate from the Institute of Corporate Affairs under the Ministry of Corporate Affairs.

Shri Khandelwal's global recognition in financial audits was solidified by his appointment as a visiting Financial Audit Consultant by the World Bank, Washington, USA, for the Emergency Monrovia Urban Sanitation (EMUS) Project in Liberia in August 2010.

In corporate governance, Shri Khandelwal currently serves as an Independent Director at LIC Housing Finance Limited, GPT Infraprojects Ltd, GPT Healthcare Ltd, and Kiran Vyapar Ltd – all SEBI-listed companies. He is also a Director at Cygnet Industries Ltd, a wholly-owned subsidiary of Kesoram Industries Ltd., Maharaja Shree Umed Mills Ltd and Fusion CX Ltd. He chairs the Audit Committees of LIC HFL and GPT Infraprojects Ltd. and Kiran Vyapar Ltd. Previously, he was an Independent Director at Balasore Alloys Ltd., Kesoram Industries Ltd., and Birla Tyres Ltd.

Shri Khandelwal’s leadership prowess was evident during his tenure as an elected Member of the Central Council of the Institute of Chartered Accountants of India during 1998-2001, 2004-2007, and 2007-2010, where he served as Chairman and Vice-Chairman of various ICAI Standing and Non-standing committees. He was also a member of the first Quality Review Board for a full term of three years and held significant positions in the Eastern India Regional Council of the ICAI from 1985 to 1992. He was Chairman of Eastern India Regional Council of The Institute of Chartered Accountants of India during the year 1988-89.

Shri Khandelwal has presided over the Association of Corporate Advisors and Executives, the Institute of Internal Auditors (Kolkata Chapter), the Direct Taxes Professionals Association, and Avantika, demonstrating his leadership in professional communities as President. Additionally, he has held key auditing roles in prominent organisations and institutions like UCO Bank, LIC of India, Indian Oil Corporation Ltd. and Steel Authority of India.

As an accomplished speaker, Shri Khandelwal has been a faculty member for various training programs organised by the Indian Ministries of Textiles, Company Affairs, and Power. His expertise spans critical topics such as Union Budget, Service Tax, Corporate Laws, and Income Tax.

Beyond his professional endeavours, Shri Khandelwal is actively involved in social initiatives. He has been recognised with the Samaj Bhushan award by Khandelwal Vaisya Mahasabha and has held leadership roles in the Lions Club of Kolkata and Friends of Tribals Society.

Shri Khandelwal's contributions across professional and social spectrums are a testament to his multifaceted expertise and his commitment to service and governance.

Shri Sanjay Kumar Khemani

Independent Director

Shri Sanjay Kumar Khemani is Practicing Chartered Accountant and Senior Partner of M M Nissim & Co LLP and possesses more than 33 years of post-qualification experience in rendering professional services to Banking, Insurance and Other Financial Services sector entities and advising on Corporate & Tax Law. He has rich experience of conducting Statutory Audit of reputed private sector banks, public sector banks, foreign banks, NBFCs, Insurance Companies, Mutual Funds, Schemes of National Pension Fund, Banking Correspondents and Stockbrokers. He also has rich experience of conducting internal audit of Stock Exchange, Regulators, Primary Dealers, Custodians, Portfolio Managers, Depository Participants etc. He has been advising large Banks on direct and indirect taxation matters and also has experience of conducting investigative/forensic audits.

He was on the Board of Asset Reconstruction Company of India Limited as an independent director for 6 years. Presently, he is serving on the Board of Yes Bank Limited as an Independent Director. He is / has been associated with various NGOs for Social Service and is a member of Institute of Social Auditors and Institute of Company Secretaries of India.

Shri Akshay Kumar Rout

Non-Executive Director

Shri Akshay Rout is a leader in development management, social mobilisation, communication and public campaigns, Institution building, training, academic and capacity development besides having senior level experience in programme and project implementation.

After 36 years in years in civil service (IIS), Akshay Rout is currently Senior Fellow, NITI Aayog, supporting newly incubating missions. He is also Senior Adviser, providing strategic support to urban water and sanitation missions in Government of India. Rout is a member of the National Focus Group on Adult and Lifelong Education and an Advisor with Union Public Service Commission. He contributes as a resource and Special Observer in elections. Akshay Rout is Director on the Board of LIC Housing Finance Limited, India’s largest housing finance company.

Rout earlier served as Senior Adviser with UNICEF (covid response in schools) for Ministry of Education and as visiting Professor at the Central University of Odisha. During 2019--2020, he served UNICEF and UNOPS to assist India and other national governments in scaling up safe water and sanitation. He was Senior Adviser, Indian Renewable Energy Development Agency (IREDA) during 2019-21.

As Director General in Swachh Bharat Mission (deemed as world’s largest), Akshay Rout contributed to its strategy, implementation, communication, and consolidation. He set out models of involving millions of Indians, particularly the weaker and marginalised sections, women, youth, and children, while also collating resources from corporate and non-government sectors, for a self-empowering sanitation movement, that culminated in an Open Defecation Free India and led to better health and livelihood and dignified living.

From 2009 to 2014, as Director General in Election Commission of India, Akshay Rout led initiatives that yielded significant increase in enrolment and record turnout of voters. He is associated with acclaimed interventions like SVEEP (Systematic Voters’ Education and Electoral Participation) and National Voters’ Day. Rout laid the foundation of India International Institute of Democracy and Election Management (IIIDEM), a global knowledge and resource center for capacity development in elections; and was its first Director General. He observed national elections in Mexico, Tanzania, Russia, Australia, and South Korea.

Akshay Rout has made distinguished contribution to mass media development and broadcast practices. His tenures as I/C Director General and Addl. Director General in Doordarshan News were marked by a series of structural reforms and content interventions. He represented AIR and DD in Southeast Asia and Bangladesh from 2000 to 2003.

Akshay Rout is a triple Masters in English literature, in Economics and Management and in Public Policy and Sustainable Development. A regular columnist and broadcaster in national media and speaker at a range of national institutions, he mentors extensively on development and social sector; water, sanitation, and hygiene; elections and democracy, public participation, and communication.

Akshay Rout is associated with two historic achievements in recent times: the sustained increase in voters’ registration and turnout in Indian elections and the fulfilment of the Swachh Bharat Mission.

Smt J. Jayanthi

Independent Director

Smt J Jayanthi is a Post Graduate in Commerce from University of Madras, ICWAI (Inter) and Fellow of Insurance Institute of India.

She started her career as direct recruit officer with The New India Assurance Co Ltd, in the year 1985. She has risen to the rank of General Manager and superannuated in November 2020. In her career spanning 35 years she worked in various places across the country. She was heading a Division as Senior Divisional Manager & as Chief Regional Manager in charge of Large Corporate and Broker Office, Chennai she handled corporate as well as retail customers besides Brokers. As Deputy General Manager she was in charge of Chennai Regional Office, one of the leading flagship offices of her organisation and on her promotion as General Manager she was posted to Head Office Mumbai and in charge of various technical departments like Fire, Engineering, Motor, Crop Insurance (PMFBY).

During her voyage of over three decades and a half in her career, she handled challenging scenarios and environments, associating with people within and outside the organisation in which she worked with diverse capabilities and culture. Her working style, people orientation, quick decision making & sound technical knowledge has resulted in success in each of her assignments.

She has qualified for the post of Independent Director in the examination conducted by IICA. Smt J Jayanthi is also an Independent Director in Policybazaar Insurance Brokers Private Ltd since June 2021.

Shri Ravi Krishan Takkar

Independent Director

Shri Ravi Krishan Takkar is a commerce graduate from Shri Ram College of Commerce, New Delhi and obtained a law degree from Delhi University. He started his banking career with Oriental Bank of Commerce (now amalgamated with Punjab National Bank) in 1979. Worked in various capacities as branch head, Regional Manager and Administrative Head of various departments in Head Office. He has wide and varied experience in operations, credit, merchant banking. He was promoted to General Manager in November 2010. Shri Takkar was appointed as Executive Director of Dena Bank (now amalgamated with Bank of Baroda) by MOF, Govt of India on 1^st February, 2014. He was elevated as MD & CEO of UCO Bank w.e.f 2^nd November, 2015 and superannuated from UCO Bank on 1^st November, 2018.

Shri Takkar has attended various seminars and conferences in India and abroad including Advanced Leadership Programme of CAFRAL, Leadership Development for corporate excellence of Kellogg and NIBM, SIBOS, IMF & World Bank Spring meeting. He has frequently featured on financial channels and newspapers and been a panelist member/ speaker in various conferences.

Shri Takkar during his tenure as MD & CEO of UCO Bank was also appointed as director on the board of National Insurance Company Limited, member of governing body of NIBM, IIBM, SIBSTC, INPS, IBA, Chairman of governing body of IBPS and Chairman of negotiating committee for wage revision and HR committee of IBA, member Apex RBI Committee on MSMEs.

He is presently the Non-Executive Chairman and an Independent Director on the board of Nabsamruddhi Finance Limited, as well as an Independent Director at Park Medi World Private Limited. He is also a working partner in M/s. R and R Associates, a firm providing advisory services on legal and corporate matters.

Shri Ramesh Adige

Independent Director

Shri Ramesh Lakshman Adige, Non-Executive Independent Director is a B.E (Hons) from BITS Pilani & has a Post Graduate degree from the Faculty of Management Studies, University of Delhi. He has almost five decades of wide & in-depth experience, in the areas of Banking & Insurance, Marketing, Branding, Consumer durables, Automotive industry, Pharma, Global Corp Comm and Healthcare. In addition, Ramesh is adept at EHS and MDG/ESG administration, CSR, Sustainability reporting, Intellectual property policy, Public affairs, Public Policy, & Higher Education.

He was Ind Dir on the Board of Syndicate Bank & SUD Life and Fortis Healthcare. Ramesh was member of the BOG of the Indian Institute of Corporate Affairs. He was Executive Director on the Board of Fiat India, and Ranbaxy. He was Chairman of the PHD Rural Development Foundation. He was President of the Governing Council of ARAI, Pune, the premier institute for validation, homologation & certification of all automotive and allied industries. Ramesh was also a member of the Governing Council of TA Pai Management Institute Manipal for 15 years. He was a Member of the National Pharmacopeia Commission & National Formulary of India. After finishing his terms on various boards, he continues to be on the Board of LIC Housing Finance Limited, Union Bank of India Services Ltd and Fortis Malar Hospital Ltd. He is also Founder Member of the Biodiversity Foundation of NCT of Delhi chaired by the Lt Governor of Delhi.

Ramesh has worked, in leadership roles in highly regulated & complex industries, and in challenging geographies such as India, USA, Europe and Africa, with a successful track record of building and managing the Brand and company reputation. The focus always being on value creation and positive outcome for stakeholders. His other interests are – Natural History, Ornithology & Tree Planting.

Shri Anil Kaul

Independent Director

Shri Anil Kaul has been the former managing director of TATA Capital Housing Finance. He has been a part of the banking and insurance industry since 1989 in various capacities and was associated with marquee names such as Citi Bank N.A., Standard Chartered Bank, ICICI Bank, ICICI Lombard, etc. in senior leadership positions. During these associations, he specialised in building and scaling up businesses, managing large teams and also handled major organisational changes.

Along with his wealth of experience spanning over 3 decades, He is a gold medallist in MBA (Finance). Shri Kaul has attended Columbia University and The Wharton School, University of Pennsylvania to advance his leadership expertise through various programmes.

Shri Masil Jeya Mohan

Additional Independent Director

Shri Masil Jeya Mohan has had an extensive and distinguished career with the Life Insurance Corporation of India (LIC), spanning various key roles. His assignments have included positions such as Assistant Branch Manager, Deputy Manager at LIC Housing Finance, Manager (New Business & Actuarial), Regional Manager (Human Resources), and Regional Manager (Estates). Notably, he served for seven years in senior positions within LIC's Investment Department, including roles as Fund Manager of the Pension & Group Scheme Fund, Chief of ULIP Funds, and Executive Director (Investment). He has also held the position of Chief Investment Officer at LIC.

Beyond his tenure at LIC, Shri Jeya Mohan has contributed his expertise to various organisations. He has served as a Trustee on the Board of the National Pension System (NPS) Trust, been an Investment Consultant for the Tamil Nadu Power Finance and Infrastructure Development Corporation and held the position of Director at Centrico Insurance Repository Limited. Currently, he serves as a Nominee Director of LIC on the Board of Central Depository Services (India) Limited (CDSL).

Shri T C Suseel Kumar

Additional Independent Director

Shri T.C. Suseel Kumar retired as the Managing Director of Life Insurance Corporation of India (LIC) in January 2021. During his career spanning close to 4 decades, Shri Kumar held various distinguished positions in LIC, in India and abroad. Other than holding senior positions of Managing Director, Executive Director, and Zonal Manager, Shri Kumar has had the distinction of managing all major departments of LIC including Marketing, CRM, HR, Finance, Audit, Corporate Governance and Investments, besides heading the foreign operations of LIC in Mauritius.

With his rich experience and expertise in the field of insurance and finance, Shri Kumar has held positions on the Board of many important companies including, Life Insurance Corporation of India and its various Indian and Overseas subsidiaries, Axis Bank Limited, Bombay Stock Exchange Limited, Lakshmi Machine Works and National Mutual Fund (Mauritius).

Apart from that Shri Kumar continues to be an Independent Director on the board of Manappuram Finance Limited, Phillips Carbon Black Limited, First Source Solutions Limited and TVS Credit Services.

Shri T Adhikari

Managing Director & CEO

Shri Tribhuwan Adhikari, is a Direct Recruit of the 17th Batch joined LIC of India in September 1989. During his career in LIC, spanning more than 3 decades he has worked all over the country and has been posted in West Bengal, Bihar, Uttar Pradesh, Uttrakhand, & Maharashtra. He has mostly worked in Marketing and has held important positions as Branch Manager In-charge of various Branches, Chief Manager in Branch 925 of Mumbai Division-4, Marketing Manager in two Divisions viz., Nanded in Maharashtra and Dehradun in Uttarakhand.

He has had the privilege of holding independent charge of two Divisions of LIC i.e., Dehradun in Uttarakhand and Kanpur in Uttar Pradesh. On the administrative side, he has held positions like Manager Information Technology of Dehradun & Kanpur Divisions, Regional Manager New Business & Actuarial and Regional Manager Information Technology of North Central Zone Kanpur. Moreover, working in different streams of life insurance management viz., administrative & marketing has given him the twin advantages of enriched knowledge and clarity on processes and procedures in the life insurance industry.

Shri Adhikari joined LIC HFL as the Chief Operating Officer on the 03^rd June, 2023 and took charge as Managing Director & Chief Executive Officer of LIC HFL on the 03^rd August, 2023.