Credit rating agency, CARE Ratings Limited, announced the appointment of Sobhag Mal Jain as an Additional Director on the company’s Board, with effect from January 28, 2023.
According to the company’s exchange filing, “Please note that the Board of Directors of the Company at their meeting held on Saturday, January 28, 2023, have approved appointment of Mr. Sobhag Mal Jain (DIN:08770020) as an Additional Director (Non-Executive Non-Independent Director) of the Company based on the representation letter received from LIC and as per recommendation of Nomination and Remuneration Committee with effect from January 28, 2023.”
Sobhag Mal Jain is a qualified Chartered Accountant (CA) and lastly held position of Executive Director (Finance & Accounts and Taxation) of LIC. He Joined LIC in June 1987 at the age of 24 yrs. as a direct recruit officer in a CA batch. Prior to this position of Executive Director, he was Director & Chief Executive of LICHFL CARE HOMES Mumbai, Chief Risk Officer at LIC pension fund Mumbai, Chief (F & A), Secretary (investment-operation), Secretary (InvestmentRisk Management & Research), Secretary (Marketing) at Central Office. He was also Senior Divisional Manager In-charge of Ahmedabad Division before posting as Regional Manager (F&A) in central zone Bhopal.
He has facilitated the SEBI (LODR) Compliance of LIC within a short span of 12 days after Listing on 17th May 2022. He brought laurels to Ahmedabad division by achieving all counts target after a long gap. As Chief risk officer, he helped to take many strategic decisions to save the pension fund from probable risk of losses. Under his guidance a GST Manual was prepared first time in LIC by taxation cell to help branch division and zonal offices, the statement said.
During his tenure as Marketing Manager at Vadodara, Division pioneered in sale of Bima Plus and Future Plus Policies and paved the way for the ULIP marketing. He was instrumental in holding international mid term review conference of MDRT USA at Hyderabad. Since he had marketing experience of continuous 14 years, he mentored many divisions in Central zone while working in Administration.
As a CA with vast experience in LIC, he was visiting faculty to National Insurance Academy, Management Development Centre and Zonal training Centres. He was a member of Study group of IFRS17 implementation in India set up by ICAI & IRDAI. He was also a member of Sub-committee on Expenses of Management (EoM) set up by IRDAI.
From LIC, he has been nominated on the (a) Advisory penal of Spring Healthcare India Fund (Sabre Partners) (b) Member on the Supervisory Board of Bio Technology Fund (APIDC Venture Capital Pvt. Ltd.), and (c)Supervisory Board of India Advantage Fund Series 2 (ICICI Venture).
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