SEBI to abide by new govt norms in ULIP controversy

Speaking at the Confederation of Indian Industries Mutual Fund Summit in Mumbai on Wednesday, Chandrashekhar Bhaskar Bhave, Chairman of the Securities and Exchange Board of India (SEBI), cleared the air on the Unit Linked Insurance Plans or Products (ULIPs).Rubbishing reports of a proxy 'war' between the government and SEBI over the ULIPs case, Bhave said that the regulatory body would abide by the newly changed laws related to the case. Bringing further relief to investors, Bhave promised that the banned and tainted Indian stockbroker, Ketan Parekh, was under the SEBI scanner and that all his actions were under surveillance.