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INSURANCE CORPORATION OF INDIA2024-04-012025-03-31Yearly2025-03-31EquitytruetruefalseThere was no acquisition of shares or voting rights aggregating to five percent or more of the shares or voting rights in an unlisted company during the quarter or any change in holding from the last disclosure made under sub para 1 of para A part A of Schedule III of SEBI LODR 2015 exceeding two per cent of the total shareholding or voting rights in the said unlisted company.truetruefalseThe Corporation being an Insurance Company, any loan, guarantee/comfort letter or security provided in connection with any loan or any other form of debt is excluded from the given disclosure requirements.trueTop 500 listed entitiestrueCOMZ00153OriginaltruefalseMrRamaswamy Narayanan10337640Executive DirectorChairpersonCEO-MD1965-09-04falseActiveNA2023-10-012031MrMaruthi Prasad TangiralaABGPT6758B03609968Non-Executive - Nominee DirectorNot Applicable1965-07-25falseActiveNA2023-01-053010MsArumugam Manimekhalai08411575Non-Executive - Independent DirectorNot Applicable1966-03-04falseActiveNA2022-09-0531.272132MrPriya Bhushan SharmaALPPS8955E01081362Non-Executive - Independent DirectorNot Applicable1968-10-09falseActiveNA2022-03-222025-03-21361120Tenure CompletionMsVinita Kumari10093690Non-Executive - Independent DirectorNot Applicable1981-03-01falseActiveNA2023-03-2424.61120MrHitesh Rameshchandra JoshiAACPJ1777H09322218Executive DirectorNot Applicable1968-09-19falseActiveNA2024-07-092020MsRadhika Seetharaman Chinnadaraduram10703999Executive DirectorNot Applicable1965-06-24falseActiveNA2024-07-121000truetruetruetruetrueAudit Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-30Audit Committee01081362Priya Bhushan SharmaNon-Executive - Independent DirectorMember2022-05-102025-03-21Audit Committee10093690Vinita KumariNon-Executive - Independent DirectorMember2023-05-11Audit Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2025-03-21Nomination and remuneration committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-30Nomination and remuneration committee03609968Maruthi Prasad TangiralaNon-Executive - Nominee DirectorMember2023-01-30Nomination and remuneration committee10093690Vinita KumariNon-Executive - Independent DirectorMember2023-05-11Stakeholders Relationship Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorChairperson2022-09-30Stakeholders Relationship Committee10337640Ramaswamy NarayananExecutive DirectorMember2023-10-01Stakeholders Relationship Committee10093690Vinita KumariNon-Executive - Independent DirectorMember2023-05-11Stakeholders Relationship Committee01081362Priya Bhushan SharmaNon-Executive - Independent DirectorMember2022-06-032025-03-21Risk Management Committee10093690Vinita KumariNon-Executive - Independent DirectorChairperson2025-03-21Risk Management Committee10337640Ramaswamy NarayananExecutive DirectorMember2023-10-01Risk Management Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorMember2022-09-30Risk Management Committee01081362Priya Bhushan SharmaNon-Executive - Independent DirectorMember2022-05-102025-03-21Risk Management Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2024-08-09Risk Management Committee10703999Radhika Seetharaman ChinnadaraduramExecutive DirectorMember2024-08-09Risk Management Committee99999999Balkrishna VariarChief Financial OfficerMember2024-07-15Mr. V. Balkrishna, CFO being a non-board member, DIN is not applicable.Risk Management Committee99999999Jayashri BalkrishnaChief Risk OfficerMember2024-07-15Mrs. Jayshree Balkrishna, CRO being a non-board member, DIN is not applicable.Risk Management Committee99999999Sateesh BhatAppointed Actuary (NonLife)Member2024-07-15Mr. Sateesh Bhat, AA (Non Life) being a non-board member, DIN is not applicable.Risk Management Committee99999999Suresh SindhiAppointed Actuary (Life)Member2024-07-15Mr. Suresh Sindhi, AA (Life) being a non-board member, DIN is not applicable.Corporate Social Responsibility Committee10337640Ramaswamy NarayananExecutive DirectorChairperson2023-10-01Corporate Social Responsibility Committee08411575Arumugam ManimekhalaiNon-Executive - Independent DirectorMember2022-09-30Corporate Social Responsibility Committee01081362Priya Bhushan SharmaNon-Executive - Independent DirectorMember2022-09-302025-03-21Corporate Social Responsibility Committee10093690Vinita KumariNon-Executive - Independent DirectorMember2023-05-11Corporate Social Responsibility Committee09322218Hitesh Rameshchandra JoshiExecutive DirectorMember2024-08-09Corporate Social Responsibility Committee10703999Radhika Seetharaman ChinnadaraduramExecutive DirectorMember2024-08-09Other Committee10337640Ramaswamy NarayananInvestment CommitteeExecutive DirectorChairpersonOther Committee08411575Arumugam ManimekhalaiInvestment CommitteeNon-Executive - Independent DirectorMemberOther Committee01081362Priya Bhushan SharmaInvestment CommitteeNon-Executive - Independent DirectorMemberMr. P. B. Sharma ceased to be member of the Investment Committee w.e.f. 21-03-2025 Other Committee10093690Vinita KumariInvestment CommitteeNon-Executive - Independent DirectorMemberOther Committee09322218Hitesh Rameshchandra JoshiInvestment CommitteeExecutive DirectorMemberOther Committee10703999Radhika Seetharaman ChinnadaraduramInvestment CommitteeExecutive DirectorMemberOther Committee10337640Ramaswamy NarayananEthics CommitteeExecutive DirectorChairpersonOther Committee03609968Maruthi Prasad TangiralaEthics CommitteeNon-Executive - Nominee DirectorMemberOther Committee08411575Arumugam ManimekhalaiEthics CommitteeNon-Executive - Independent DirectorMemberOther Committee09322218Hitesh Rameshchandra JoshiEthics CommitteeExecutive DirectorMemberMs. Radhika Seetharaman Chinnadaraduram (DIN - 10703999) is also a member of the Ethics Committee. Composition of Human Resource Committee: 1. Ms. Arumugam Manimekhalai (DIN - 08411575) - Chairperson 2. Shri Ramaswamy Narayanan (DIN - 10337640) - Member 3. Shri Hitesh Joshi (DIN - 09322218) - Member 4. Ms. Radhika Seetharaman Chinnadaraduram (DIN - 10703999) - Member2024-10-16true8732024-11-1226true8842025-01-0856true7622025-02-0325true762Audit Committee2024-10-16true4330Audit Committee2024-11-1226true4440Audit Committee2025-01-0856true3220Audit Committee2025-02-0325true3330Risk Management Committee2024-11-12true6524Risk Management Committee2025-02-03true6524Corporate Social Responsibility Committee2024-11-12true7630Corporate Social Responsibility Committee2025-01-0856true6520Corporate Social Responsibility Committee2025-02-03true6520Nomination and remuneration committee2024-10-16true4320Nomination and remuneration committee2025-01-08true3210Stakeholders Relationship Committee2025-01-08true4320Other Committee2024-11-12Investment Committeetrue6520Other Committee2025-02-0382Investment Committeetrue6520falsetruetruetrueYestruetruetrueWith reference to Point No. 1 of the Affirmations, we inform that the Corporation being a Government of India Company, the appointment of Director on the Board is done by the Government of India through Ministry of Finance, as per the Articles of Association of the Corporation. The Corporation has already requested the Ministry of Finance for appointment of Directors and has been following up in this respect. The Corporation and its Directors and Officers have taken all efforts and steps in this respect. Said matter is pending with Ministry of Finance. Reference to Point No. 8 of the Affirmations, we would like to submit that the Corporate Governance Report pertaining to previous quarter has been placed before the Board at its meeting held on 03-02-2025. The Corporate Governance Report pertaining to quarter ended 31-03-2025 will be placed as applicable. Ramaswamy NarayananManaging DirectorYeshttps://www.gicre.in/en/business-enYeshttps://www.gicre.in/en/about-us/regulatory-frameworkYeshttps://www.gicre.in/en/people-resources/policies-and-guidelinesYeshttps://www.gicre.in/en/people-resources/policies-and-guidelinesYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/committees-of-the-corporationYeshttps://www.gicre.in/images/2024/Code_of_Conduct_for_Directors__Senior_Management_Personnel_-_2024_Version_40.pdfYeshttps://www.gicre.in/images/pdf/Vigil_Mechanism_or_Whistle_Blower_policy-_2022_Ver_20.pdfYeshttps://www.gicre.in/images/phocadownload/Ministry_Order_Payment_of_Sitting_Fees__12-4-2018_new.pdfYeshttps://www.gicre.in/images/2024/Related_Party_Transaction_Policy_2024Ver_060_1.pdfYeshttps://www.gicre.in/images/2024/Policy_for_determining_of_Material_Subsidiaries_-2024_Ver_40.pdfYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/familiarisation-programme-for-independent-directorsYeshttps://www.gicre.in/en/contact-usYeshttps://www.gicre.in/en/contact-usYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/financial-performance/financial-resultsYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/periodical-disclosures/quarterlyNAYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/analyst-investor-meet-or-conference-callYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/analyst-investor-meet-or-conference-callNAYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/newspaper-noticeYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/intimation-to-stock-exchanges/credit-ratingYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/financial-performance/audited-financial-statements-of-subsidiariesYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/periodical-disclosures/annuallyYeshttps://www.gicre.in/images/2024/Policy_for_determination_for_Determination_of_Materiality_of_event_or_information__2024_Ver_40.pdfYeshttps://www.gicre.in/images/2023/pdf/Intimation_of_Updated_Contact_details_of_KMP_under_regulation_305_of_SEBI_LODR_Reg2015.pdfYeshttps://www.gicre.in/images/2024/Archival_Policy_for_any_material_event_or_information_-_2024_Ver_30.pdfNAYeshttps://www.gicre.in/images/2025/Dividend_Distribution_Policy_2025_Ver_30_web.pdfYeshttps://www.gicre.in/en/investors-public-disclosures/investors-en/financial-performance/annual-returnNAYeshttps://www.gicre.in/en/Yeshttps://www.gicre.in/en/YesNoThe Corporation being a Government of India Company, the appointment of Director on the Board is done by the Government of India through Ministry of Finance, as per the Articles of Association of the Corporation. Corporation has already requested the Ministry of Finance for appointment of Directors and has been following up in this respect. The Corporation and its Directors and Officers have taken all efforts and steps in this respect. Said matter is pending with Ministry of Finance.YesYesYesNAYesNAYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesYesNAYesYesNAYesNAYesYesYesYesYesYesNAYesYesYesNAYesRamaswamy NarayananManaging DirectorYesRamaswamy NarayananManaging DirectorfalseRamaswamy NarayananManaging DirectorMumbai2025-04-2901100The Corporation being a Government of India Company, the appointment of Director on the Board is done by the Government of India through Ministry of Finance, as per the Articles of Association of the Corporation. Corporation has already requested the Ministry of Finance for appointment of Directors and has been following up in this respect. The Corporation and its Directors and Officers have taken all efforts and steps in this respect. Said matter is pending with Ministry of Finance. In light of this, a request has been made to both Stock Exchanges to waive the fine imposed for not having the required number of Directors on the Board.National Stock Exchange of India Limited and BSE LimitedCommunication of fine levied for non-compliance with regulation 17 (1) of SEBI LODR, 20152025-03-19Fine levied by National Stock Exchange of India Limited and BSE Limited during quarter ended March 2025 for not having required number of Independent Directors on the Board for the quarter ended December, 2025(from 21.12.2024 to 31.12.2024).Rs. 64,900/- (incl. GST) each from National Stock Exchange of India Limited and BSE Limited.CIT-1, Mumbai2012-10-23Appeal is filed by Income Tax Department and Case admitted at High Court at 23-10-2012Pending at High Court, MumbaiCIT-1, Mumbai2013-02-25Appeal is filed by Income Tax Department and Case admitted at High Court at 25-02-2013Pending at High Court, MumbaiCIT-1, Mumbai2013-03-05Appeal is filed by Income Tax Department and Case admitted at High Court at 05-03-2013Pending at High Court, MumbaiCIT-1, Mumbai2014-11-15Appeal is filed by Income Tax Department and Case admitted at High Court at 15-11-2014Pending at High Court, MumbaiCIT-1, Mumbai2017-02-28Appeal is filed by Income Tax Department and Case admitted at High Court at 28-02-2017Pending at High Court, MumbaiPCIT(3), Mumbai2022-03-07Income tax department has filed an appeal before Hon'ble Bombay High Court on 07-03-2022 and the same is pending for admission.Pending at High Court, MumbaiACIT CIT 3(1)(1), Mumbai2023-01-03Initial appeal was filed by GIC on 23-03-2019 at CIT(A) level and then Income tax department had filed appeal against CIT(A) order at ITAT level on 03-01-2023Pending at Income Tax Appellate Tribunal, MumbaiACIT CIT 3(1)(2), Mumbai2019-03-23Appeal is filed by the Corporation on 23-03-2019 against order under sec 143(3) r.w.s 147 dtd 23-02-2019Pending at CIT(A)-8 MumbaiACIT CIT 3(1)(1), Mumbai2022-01-25Initially appeal was filed by GIC at CIT(A) level on 14-06-2019 against order under section 143(3) r.w.s 144C(3) dated 30-05-2019 .Subsequently, Appeal was filed by Income Tax Department aginst CIT(A)order on 25-01-2022 and same is pending at ITAT level.Pending at Income Tax Appellate Tribunal, MumbaiIncome Tax Dept Circle 3(1)(2)2021-11-30Appeal is filed by the Corporation on 30-11-2021 against order under 143(3) r.w.s 144C(3) dated 26-11-2021Pending at CIT(A)-NFAC levelIncome Tax Dept Circle 3(1)(1)2023-12-05Appeal is filed by the Corporation on 05-12-2023 against order under 143(3) r.w.s 144C dated 29-11-2023Pending at CIT(A)-NFAC levelADIT-CPC2024-03-05Appeal is filed by the Corporation on 05-03-2024 against order 143(3) rws 144C dated 24-02-2024Pending at CIT(A)-NFAC levelCBIC - GST Dept2016-10-19Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTAT. Section 130 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium, the Corporation plans to pursue case with CESTAT to dismiss demandCBIC - GST Dept2019-10-18Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTATCBIC - GST Dept2020-01-16Adjudicating Authority has confirmed the demand. GIC Re has filed the appeal before Honourable CESTAT Mumbai.Pending at CESTAT. Section 130 of Finance Act 2025 introduced retrospective amendment to grant exemption for service tax on exempt agriculture premium, the Corporation plans to pursue case with CESTAT to dismiss demandCBIC - GST Dept2024-08-06GIC Re has filed response with the Deputy commissionerPending with the Deputy Commissioner