“The Finance Minister has already said that the concerns of RBI will be addressed. He has assured that there is an inter-regulatory dispute resolution mechanism and the autonomy will not be disturbed, and I think we have to accept that,” Pension Fund Regulatory and Development Authority (PFRDA) Chairman Yogesh Agarwal told PTI.
The government had, last month, ended a two-month-long turf war between insurance regulator IRDA and capital market watchdog Sebi through an ordinance, making it clear that Ulips would be regulated by Irda.
The ordinance also provided for creating a high-level panel, chaired by Finance Minister Pranab Mukherjee, that would sort out all issues of jurisdiction regarding hybrid products.
Published 25 July 2010, 16:52 IST