Finmin knew of Sebi's Ulip order a week earlier

Unconventional it may seem, but the capital market regulator Securities and Exchange Board of India (Sebi) had kept the finance ministry informed about its controversial order on Ulips (unit-linked insurance products) eight days before issuing it on April 9. Unconventional, because Sebi is an autonomous regulator and is not required to inform the government about its proposed actions. The order barred 14 insurance companies from raising fresh money through Ulips. Equally unconventional was the fact that the finance ministry was apparently not unanimous on how to respond. While the ministry tacitly accepted the Sebi position at that point, it subsequently ...

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