Amid RBI expressing reservations over the ULIP ordinance, the Finance Ministry has said a bill to replace the ordinance would be placed in the forthcoming session of Parliament beginning July 26.
“Regulators have raised their points of view. The Finance Minister has taken note of those issues. The ordinance in whatever form has to be placed before Parliament. It is matter of a few days when this (bill) will be tabled and everybody would know what the future course of action on this particular piece of regulation is,” the Finance Secretary, Mr Ashok Chawla, said on Tuesday.
After the Securities and Exchange Board of India and the Insurance Regulatory and Development Authority locked horns over jurisdiction of Unit Linked Insurance Products (ULIPs), the Government issued an ordinance giving IRDA the powers to regulate these schemes.
ULIPs are insurance schemes whose value is linked to the market value of shares they have been invested in.
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