The Supreme Court will hear the case pertaining to the row over control of Ulips between market watchdog Sebi and insurance regulator Irda next month, but may not decide on the controversy over who would regulate these market-linked insurance products.
“The Supreme Court is currently in recess.The transfer petition is likely to be taken up in July,” Irda chairman, Mr J.Hari Narayan, said, when asked about the progress on resolving its dispute with Sebi over controlling unit-linked insurance products (Ulips).
Significantly, the Irda chief is not sure whether the apex court will decide on the issue of jurisdiction of Ulips as it is not directly raised in the transfer petition filed by Sebi before the apex court.
“The issue of jurisdiction is not squarely mentioned in the petitions. It is only obliquely mentioned,” said Narayan, who was in the Capital and met the finance secretary, Mr Ashok Chawla.
Earlier, Sebi had filed a petition in the Supreme Court seeking transferring all the Ulip-related cases from various high courts to the apex court. In this regard, the apex court had issued notices to the Centre, Irda and 14 life insurers. Sebi and Irda have been locking horns over regulatory issues on Ulips.
— PTI