Mumbai, Dec. 1 -- The finance ministry does not issue any advisory or direction to Life Insurance Corporation of India (LIC) on matters related to investments, finance minister Nirmala Sitharaman told Parliament on Monday, reiterating that the state-run insurer operates independently.

"The investment decisions of LIC are taken by LIC alone following strict due diligence, risk assessment, and fiduciary compliance and are governed by the provisions of Insurance Act, 1938, as well as regulations issued by the Insurance Regulatory and Development Authority of India (Irdai), Reserve Bank of India (RBI), and Securities and Exchange Board of India (Sebi) (wherever applicable) from time to time," she said while answering a starred question on LI...