Pranab: Ulip bill provides ad hoc relief

Aug 10, 2010 - Age Correspondent |

New Delhi

The Parliament on Monday passed the Securities and Insurance Laws (Amendment and Validation) Bill, 2010 that provides for a mechanism to resolve the regulators’ disputed over jurisdiction of popular Ulip financial products.

However, till a permanent arrangement through the proposed Financial Stability Development Council (FSDC) is in place, the bill amending the SEBI and IRDA laws, provides for an ad hoc dispensation, finance minister Pranab Mukherjee said in the Rajya Sabha, which passed it.
The Lok Sabha has already passed it.
The bill provides for a joint mechanism, headed by the finance minister, to resolve inter-regulators’ disputes such as the turf war between watchdog bodies — SEBI and IRDA — over regulation of Ulips which are hydrids between insurance and mutual funds.
Reserve Bank governor would be vice-chairman of the joint mechanism.
Mr Mukherjee said there would not be any interference in RBI’s autonomy in its role as a monetary authority. Earlier, participating in the discussion, M.V. Mysura Reddy (TDP) said both IRDA and SEBI have failed to protect the small investors urged the government to protect common people from “corporate vultures”.
The Rajya Sabha on Monday also passed a bill, which sought tighter control over exports of sensitive dual-use technology.

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