LS clears Bill to replace Ulip Ordinance

The Lok Sabha on Monday cleared a Bill to replace the Ulip Ordinance that seeks to set up a joint mechanism to address the issues of jurisdiction between financial sector regulators. Finance minister Pranab Mukherjee said the new mechahism would in no way interfere with RBI s functions as monetary authority. The Securities and Insurance Laws (Amendment) and Validation Bill, 2010, provides for setting up a joint committee under the chairmanship of the Finance Minister, with representations from the four financial sector regulators and the finance ministry. Since the finance minister is accountable to Parliament, therefore, the buck must stop with ...

More...