Ulip row: SC to hear case in July

The Supreme Court will hear the case pertaining to the row over the control of Ulips between the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority next month.

The Supreme Court will hear the case pertaining to the row over the control of Ulips (unit-linked insurance plans) between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) next month. However, the apex court may not decide on the controversy over who would regulate these market-linked insurance products.

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“The Supreme Court is in vacation. The transfer petition is likely to be taken up in July,” said J. Hari, chairman, IRDA, when asked about the progress on resolving its dispute with the market regulator over Ulips. Narayan met Finance Secretary Ashok Chawla. “The issue of jurisdiction is not squarely mentioned in the petitions. It is only obliquely mentioned.”