Government would look into ULIP ban issue: Ashok Chawla

New Delhi, Apr 12 (ANI): Finance Secretary Ashok Chawla on Monday said the ministry would look into the orders of the two regulators Securities and Exchange Bank of India (SEBI) and Insurance Regulator and Development Authority (IRDA) on equity linked products sold by 14 companies internally and discuss it.

IRDA has reportedly convinced investors that the equity-linked products are safe, while seeking greater clarity from authorities on jurisdiction of the two watchdogs.

Earlier taking the SEBI head-on, IRDA had asked insurance firms to continue selling Unit Linked Insurance Plans (ULIPs), a day after the capital market watchdog barred 14 insurers from selling these products without its approval.

The companies, which came under the ban, include Reliance Life, SBI Life, ICICI Prudential, Tata AIG and HDFC Standard Life. (ANI)