Directive rebuffed


“There is no fresh clarification. The earlier one stands good,” Chairman J Hari Narayan told PTI when asked to comment on Sebi’s order on Tuesday, issued a day after Finance Minister Pranab Mukherjee asked the two watchdogs to restore status quo ante.

Hari Narayan, who had earlier asked insurance companies to ignore the Sebi directives, said whatever updates or notifications are to be given, have been updated in Irda site and no fresh clarifications are being issued.

Sources in the Irda said despite being a national holiday on the occasion of Ambedkar Jayanti, Hari Narayan held discussions with members of the watchdog to draw a roadmap to counter Sebi’s alleged intervention into their jurisdiction.

After Sebi and Irda came out with conflicting orders with each other, Finance Ministry intervened and persuaded the two to agree to seek a legally binding mandate over their jurisdiction over the ULIPs.

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