New Delhi, April 12: (PTI) Planning Commission today said the spat between the two regulators– SEBI and IRDA– over an insurance product linked to the stock market should be quickly sorted out to clear investor confusion.
“When there are differences between the regulator they should be very quickly sorted out so that there is no uncertainty,” Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.
ULIPs– a common insurance plan sold by life insurers, where money collected from consumers is invested into equity and debt markets– have become a bone of contention between the two financial regulators, with both claiming regulatory authority over the scheme.
The government today said SEBI and IRDA have agreed to maintain status quo that existed before the market regulator’s ban on 14 life insurers from raising funds for unit-linked schemes.
–Agencies