Govt forced to step into SEBI, IRDA fight

With the ULIP ban controversy s consequences spanning the financial sector, especially stocks as a knee-jerk reaction, the Finance Ministry said it will look into the orders of the two regulators -- SEBI and IRDA-- on equity linked products sold by 14 companies. We need to look at both the orders internally and discuss it, Finance Secretary Ashok Chawla said. ULIPs--a common insurance plan sold by life insurers, where the money collected from consumers is invested into equity and debt markets-- have become a bone of contention between the two financial regulators, with both claiming regulatory authority over the scheme. Taking ...

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