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Sebi says insurers must seek its nod for new Ulips

Sebi says insurers must seek its nod for new Ulips
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First Published: Tue, Apr 13 2010. 07 02 PM IST
Updated: Tue, Apr 13 2010. 07 02 PM IST
Mumbai: The Securities and Exchange Board of India (Sebi) on Tuesday barred the launch of new unit linked insurance plans (Ulips) by 14 life insurance firms until they seek permission from the capital markets regulator.
The order will not apply to existing Ulips, Sebi said in a notice posted on its website.
Late last Friday, Sebi barred 14 life insurance companies from selling Ulips without its approval, saying they needed to register with the regulator.
On Monday, the markets regulator and the insurance regulator Irda agreed to maintain the current status on Ulips after intervention from the Finance Ministry.
Sebi and the Insurance Regulatory Development Authority (Irda) have locked horns on who should regulate Ulips, given the product combines insurance and investments.
Ulips are similar to mutual funds with an added life cover.
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First Published: Tue, Apr 13 2010. 07 02 PM IST
More Topics: Ulip | Sebi | Irda | Insurer | Markets |