Mumbai, Oct. 27 -- Advocate HP Ranina has dismissed a recent report by The Washington Post questioning the investment practices of the Life Insurance Corporation (LIC) of India, calling it baseless and misleading.

Speaking to ANI, Ranina said there was "no substance in this report" and emphasised that LIC is a professional and publicly owned institution that operates strictly within its own investment guidelines.

Ranina clarified that while LIC is owned by the government, it functions as an independent, listed company accountable to its shareholders. "LIC of India is a professional body. It may be owned by the government, but it is a listed company," he said.

The advocate said that the insurer follows "strict internal controls and guid...