LIC’s stake in NSE emerges as fifth most valuable holding for insurance behemoth

In Reliance Industries, LIC owns 89.39 crore shares, representing a 6.74 percent stake in Q4, valued at Rs 1.34 lakh crore.

Life Insurance Corporation of India’s investment in the National Stock Exchange has become its fifth most valuable holding among listed entities, according to data analysed by Moneycontrol.

As of March 2025 quarter, LIC holds a 10.7 percent stake, or 26.53 crore shares, in NSE, valued at over Rs 66,319 crore based on the latest unlisted market price of Rs 2,500 per share.

LIC’s top four holdings by value are Reliance Industries, ITC, HDFC Bank, and State Bank of India. In Reliance Industries, LIC owns 89.39 crore shares, representing a 6.74 percent stake in Q4, valued at Rs 1.34 lakh crore.

Its stake in ITC comprises 194.18 crore shares, or 15.52 percent, with a market value of Rs 80,874 crore. LIC’s investment in HDFC Bank is worth Rs 72,180 crore, while its holding in State Bank of India stands at Rs 68,031 crore. Other significant investments include Larsen & Toubro at Rs 66,272 crore and Infosys Ltd at Rs 62,432 crore.

As of Q4, LIC holds stakes in 351 stocks with a total portfolio value of around Rs 15.18 lakh crore, compared to 352 stocks with a portfolio value of over Rs 15.88 lakh crore in the previous quarter.

Apart from LIC, other major investors in NSE include Stock Holding Corporation of India, with an estimated stake valued at Rs 27,500 crore, State Bank of India at Rs 19,961 crore, and Radhakishan Damani at around Rs 9,771 crore.

The total valuation of the National Stock Exchange is currently estimated at around Rs 5.7 lakh crore, placing it among the top 10 most valued listed companies in India. The price of NSE shares in the unlisted market has surged over 50 percent in the past month, driven by renewed investor interest. Optimism has been fuelled by recent comments from SEBI Chairman Tuhin Kanta Pandey, who suggested that the long-awaited NSE initial public offering could soon materialise.

Speaking at a CFO awards event in Mumbai, Pandey stated that there are no regulatory obstacles to the IPO. He also clarified that the issue of demerging clearing corporations—previously viewed as a potential hurdle—is not a barrier to the process. He added that the related consultation paper reflects SEBI’s thinking and does not represent a final policy position.

Meanwhile, NSE is actively pursuing a consent settlement with SEBI in relation to its co-location and dark fiber cases. On June 20, the exchange filed its consent application and has agreed to pay Rs 1,388 crore. If the settlement goes through, SEBI may issue a No-Objection Certificate (NOC) by the end of July or mid-August.

Moneycontrol recently reported that a settlement application has been submitted to SEBI to resolve long-standing litigation related to two critical issues—co-location and dark fibre. The process is expected to conclude by mid-July.

In the co-location case, certain brokers were alleged to have gained an unfair advantage by placing their servers physically closer to NSE’s systems, enabling faster data access. The dark fibre issue involved similar allegations of preferential access for select brokers. NSE is reported to have filed the settlement application following several informal rounds of discussions with SEBI’s settlement division.

Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.