Tuesday, April 13, 2010

SEBI out with new order on ULIP ban Advertisement

An apparent truce with insurance regulator IRDA notwithstanding, the SEBI today said that its Friday ban on new ULIP schemes by some insurance companies will continue, creating fresh uncertainty in the market.

The SEBI, which was party to the truce brokered by the Finance Ministry yesterday under which status quo ante as of April 09 would be maintained, today came out with a new order that new ULIP schemes and products would be governed by its Friday order.

"This is to bring to the notice of the investors that SEBI has decided to keep in abeyance, till further notice, the enforcement of the April 09 directions with respect to the ULIP schemes/products existing on the date of the order 09.04.10.

"However, with respect to any new ULIP schemes/products launched after 09.04.

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