SEBI Unauthorizes 14 Insurance Companies From ULIP’s Selling

Saturday, April 10, 2010
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SEBI has banned 14 major insurance companies from raising any money from public for any unit linked insurance products. Issues have crawled up between SEBI and supervisory body IRDA.
Secuirity and Exchange Boards of India, SEBI has reportedly banned 14 top insurance companies from raising money from public for any ULIP’s (Unit Linked Insurance Products). The market regulator, SEBI has blown  a spark between itself and insurance supervisory body, IRDA.

The companies which have been affected are Reliance Life, ING Vysya Life, Kotak Mahindra old mutual life,Bajaj Allianz, Bharti AXA, Birla Sunlife, HDFC Standard Life, SBI Life, ICICI Prudential, TATA AIG, Aegon Religare Life, Aviva Life, Max New York Life, Metlife India.

SEBI, passed the order last night and stated that the entities have not acquired registration from the regulator. Although, the ULIP’s that had been launched by them had mutual funds as their investment component nature. The order would be enforced immidiately.

In January, notices have been issued to these companies to show reasons. IRDA,Indian Regulatory and Development Authority, stated to sources on this by saying, that they are awaiting for a copy from SEBI for the same and then it would approach the court to determine ULIP regulatory jurisdiction.

It also said, that an estimate of 1 lakh crore is done on the products and it is yet not clear what the court has decided on the issue.

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