Insurance regulator IRDA has taken SEBI head on by setting aside a ban on ULIPs by the market watchdog and asking 14 life insurance companies to continue their business as usual. The finance ministry has opted to keep a safe distance from the ongoing controversy. Unit-linked equity products (ULIPs) are insurance plans sold by life insurers where the money collected from consumers is invested into equity and debt markets and returns are linked to the same. Regulation of Ulips has a bone of contention between the two regulators. Moving swiftly within 24 hours of SEBI order, IRDA Chairman J Hari ...

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