NEW DELHI: Union finance minister Nirmala Sitharaman on Monday mentioned her ministry doesn’t subject advisory or instructions to LIC concerning its funding selections, and emphasised that the investments that the state-owned insurer made in Adani Group have been as per established SOPs.India’s largest insurer has, through the years, made funding selections throughout corporations based mostly on fundamentals and detailed due diligence. Following due diligence as per established SOPs, it has purchased shares throughout half a dozen listed corporations of Adani Group, whose guide worth stands at Rs 38,658.85 crore and invested one other Rs 9,625.77 crore in debt devices of the conglomerate.“Ministry of finance doesn’t subject any advisory/route to LIC in reference to issues associated to funding of LIC fund,” she mentioned in a written reply to a query in Lok Sabha. The funding selections of the state-owned insurer, she mentioned, are taken by “LIC alone following strict due diligence, threat evaluation and fiduciary compliance”.Such selections are ruled by provisions of Insurance coverage Act, 1938, in addition to rules issued by IRDAI, RBI and Sebi (wherever relevant) every now and then, she mentioned.