Tuesday, April 13, 2010
SEBI Lifts BAN on Insurance Cos to sell ULIPs
In a dramatic turn of events the stock market regulator SEBI has lifted the ban that it had imposed on Insurance cos this past friday on the sale of ULIPs.
The Story So Far:
January 2010 - SEBI issues show cause notice to insurance cos and IRDA asking why they haven't obtained approvals from them before flouting ULIP Plans
April 9th 2010 - With no satisfactory response from either IRDA or Insurance cos SEBI bans 14 companies from selling ULIPs
April 10th 2010 - IRDA rejects the Ban and advises insurance cos to carry out business as usual
April 12th 2010 - Finance Ministry expected to intervene to sort things out
To read the whole story Click Here
Latest Developments:
The Finance Minister Mr. Pranab Mukherjee had a discussion with members from both SEBI and IRDA and the group had come to a consensus reg. the issue and this resulted in SEBI lifting the ban on the insurance cos.
Is this good news:
Definitely it is good news for all investors who have put in their hard earned money. Approximately 10 lakh crores of indian rupees is said to be the asset under management in the ULIPs of the 14 companies that were banned and any negative decision from SEBI would have had adverse effects on all investors.
Finally some relief for us :)
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