LIC’s investment in NSE emerges among top 6 most valuable holdings

The Life Insurance Corporation of India (LIC), India’s largest institutional investor, continues to diversify its portfolio with significant stakes in some of the country’s biggest companies. A recent analysis based on ACE Equity data for the March 2025 quarter reveals that LIC’s investment in the National Stock Exchange (NSE) has emerged as one of its top six most valuable holdings, despite NSE being an unlisted entity.

As of March 2025, LIC holds a 10.7% stake in NSE, translating to 26.53 crore shares, valued at about Rs 63,374 crore based on the latest unlisted market price of Rs 2,389 per share. This positions NSE among LIC’s largest equity bets, standing shoulder to shoulder with the giants of India’s corporate landscape.

Top Holdings Reflect LIC’s Strategic Portfolio Mix

LIC’s portfolio continues to be anchored by well-established blue-chip companies. The five most valuable listed holdings are:


Reliance Industries, where LIC owns 6.74% stake or 89.39 crore shares, valued at approximately Rs 1.34 lakh crore.

ITC, with a 15.52% holding (194.2 crore shares), valued at Rs 80,602 crore.

HDFC Bank, where LIC holds 5.45% or 36.1 crore shares, worth about Rs 72,591 crore.

State Bank of India (SBI), with a 9.38% stake (82.9 crore shares), valued at Rs 68,027 crore.

Larsen & Toubro, where LIC holds a 13.25% stake (18 crore shares), with a market value of around Rs 66,053 crore.

Following these industry titans is the NSE, which, despite its unlisted status, has carved a niche as LIC’s sixth most valuable holding. This is a testament to the growing value and strategic importance of financial infrastructure investments in LIC’s portfolio.

Moreover, with discussions around NSE’s potential IPO gaining momentum, LIC’s holding in the exchange could see a substantial re-rating, unlocking further value for the insurance giant’s portfolio.

NSE IPO Timeline

According to Motilal Oswal Private Wealth, the NSE is expected to receive a green light from SEBI to file its Draft Red Herring Prospectus (DRHP) by the end of July 2025. This follows a proposed settlement of long-pending co-location and dark fiber issues. Once SEBI issues the no-objection certificate, the DRHP filing process could take 4–5 months, followed by 2–3 months of regulatory review—putting NSE’s listing timeline in Q4 of FY2026.