<p>''I think we will have to have greater clarity on respective jurisdiction. Investors are safe,'' IRDA Chairman J Harinarayan told reporters outside the Finance Ministry's office at the North Block.<br /><br />Harinaryan came today to give his side of the picture to the Finance Ministry officials.<br />"I don't think I have come here for a decision. I am here to give a perspective on the issue. SEBI does not have jurisdiction on ULIP products. Sebi believes otherwise," he said.<br /><br />SEBI Chairman C B Bhave, who is in Delhi to attend a function, may also meet the ministry official on the issue.<br /><br />On late Friday night, SEBI banned 14 life insurance companies, including Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life , from raising fresh money in ULIP schemes that invests a major chunk of funds in stock markets.<br /><br />A day after, IRDA asked these companies to continue their business as usual, questioning the SEBI's authority to issue such an order.<br /><br />"The decision which they (SEBI) have taken have a negative implication on the financials of policy holders and insurance companies," Harinarayan said.</p>
<p>''I think we will have to have greater clarity on respective jurisdiction. Investors are safe,'' IRDA Chairman J Harinarayan told reporters outside the Finance Ministry's office at the North Block.<br /><br />Harinaryan came today to give his side of the picture to the Finance Ministry officials.<br />"I don't think I have come here for a decision. I am here to give a perspective on the issue. SEBI does not have jurisdiction on ULIP products. Sebi believes otherwise," he said.<br /><br />SEBI Chairman C B Bhave, who is in Delhi to attend a function, may also meet the ministry official on the issue.<br /><br />On late Friday night, SEBI banned 14 life insurance companies, including Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life , from raising fresh money in ULIP schemes that invests a major chunk of funds in stock markets.<br /><br />A day after, IRDA asked these companies to continue their business as usual, questioning the SEBI's authority to issue such an order.<br /><br />"The decision which they (SEBI) have taken have a negative implication on the financials of policy holders and insurance companies," Harinarayan said.</p>