LIC Mutual Fund was set up by the Life Insurance Corporation
of India on 20th April 1989 to engage in the business of Mutual Fund and in
order to achieve this objective to engage in any other activity or business
permitted or authorized. The Fund continues to work towards realizing this
objective. The Fund was governed by a Board of Trustees earlier and is governed
with effect from 8th April 2003 by LIC Mutual Fund Trustee Company Pvt.
Ltd.(Trustee Company) on its incorporation under The Companies Act, 1956.
The Trustees of the LIC Mutual Fund have exclusive ownership of Trust
Fund and are vested with general power of superintendence, discretion and
management of the affairs of the Trust and have appointed Jeevan Bima Sahayog
Asset Management Company Limited (AMC) as the Investment Managers to LIC Mutual
Fund. The AMC was incorporated on 20th April 1994 under The Companies Act, 1956,
which commenced business on 29th April 1994 and later was renamed as LIC Mutual
Fund Asset Management Company Ltd w.e.f. 21st August 2006. The Trustees are
responsible for appointing a Custodian. The Trustees also ensure that the
activities of the Trust and the AMC are in accordance with the Trust Deed and
the SEBI Mutual Fund Regulations, as amended from time to time. The Trustees
also report periodically to SEBI on the functioning of the Fund.
Trustee
Company and AMC entered into a joint venture with Japans leading financial
services conglomerate Nomura Asset Management Strategic Investments Pte. Ltd.
(Nomura) on 18th January 2011 and thus LIC Mutual Fund became LIC Nomura Mutual
Fund with its investment manager, renamed as LIC Nomura Mutual Fund Asset
Management Company Limited and Trustees as LIC Nomura Mutual Fund Trustee
Company Private Limited. Consequent upon joint venture, along with LIC, Nomura
also has representation on the board of AMC and Trustee Company while LIC
continues to be the sole sponsor of LIC Nomura Mutual Fund.
