SC issues notices to Centre, insurers over ULIPs

The Supreme Court issued notices to the Centre and 14 life insurers on a petition by market regulator Sebi seeking transfer of cases from High Courts relating to Unit Linked Insurance Products (ULIPs). Sebi is locked in a turf battle with insurance regulator IRDA over who has jurisdiction over ULIPs. A bench headed by Justice S H Kapadia also sought response from some PIL litigants who have raised the issue concerning ULIPs in various High Courts. During a brief hearing, when the petition filed by Sebi was mentioned by Attorney General G E Vahanvati, the bench questioned Sebi s move to ...

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