IRDA direction

The Securities and Exchange Board of India (Sebi) vide its Order. No.WTM/PS/IMD/06/APR/2010 dated 9th April, 2010 issued by the Whole Time Member has issued a direction to 14 insurance companies, not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including Ulips) having an investment component in the nature of mutual funds, till they obtain the requisite certificate of registration from Sebi. This order is without prejudice to any action that might be taken by Sebi in respect of offer documents or advertisements ...

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