The government has formally appointed V.K. Sharma as CMD of LIC of India. He has been functioning as acting chief of the corporation. Sharma will have a five-year term. Sharma succeeds S.K. Roy, who quit abruptly a few months ago, after a departmental inquiry into alleged misconduct in relation to investments by the insurer. Sharma had a stint as the MD of LIC Housing Finance before taking over as managing director of LIC and later as acting CMD. The other MD at LIC is Usha Sanwan. Two posts of MD are vacant in the organization now.
