Sebi moves court over jurisdiction of ULIPs

According to highly placed sources, Sebi filed caveats including in High Courts of Delhi, Bombay and Hyderabad but no official comments could be obtained from the market regulator.

Sebi had last week said all ULIPs issued after April 9 will have to have its approval. This was questioned by insurance sector regulator IRDA. The caveat comes a day after the government asked both regulators — Sebi and Irda — to move court immediately to resolve differences over who will have jurisdiction over ULIPs.

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