SEBI Chairman CB Bhave said that SEBI was working with IRDA to figure out a 'legally binding' resolution on who would handle the ULIPs.
The two regulators are also trying to make sure that there are no restrictions on investment in existing schemes.
SEBI and IRDA are, therefore, planning on moving a court on the jurisdiction dispute, which began when SEBI banned 14 insurance firms from selling ULIPs last week.
On the sidelines of a CII conference, Bhave said, "We want to do it (move appropriate court) quickly,"
He assured that foreign institutional investors can continue to invest in current ULIPs while informing that the capital market regulator's latest direction is against floating any new product.
“FIIs should know what the correct position is and the correct position is that investors can continue to invest in current ULIPs and no new ULIPs are allowed," Mr Bhave said.