FM Statement on ULIPs Issue

FM’s Statement on ULIPs Issue

Following is the Finance Minister, Shri Pranab Mukherjee’s statement regarding regulation of Unit Linked Insurance Products (ULIPs):

“The Chairman, SEBI and Chairman, IRDA held discussions on the jurisdiction over Unit Linked Insurance Products (ULIPs). To resolve any ambiguity and to ensure smooth functioning in the markets, the regulators have agreed to jointly seek a binding legal mandate from an appropriate court. Meanwhile, status-quo ante is being restored.”