FINANCE MINISTER TO INTERVENE IN SEBI-IRDA SPAT:
On Friday, the SEBI stunned the insurance sector by ordering 14 insurance companies against selling any more ULIP

On Saturday, the Insurance Regulatory and Development Authority (IRDA) reacted by asking insurance companies to disregard the order from the Securities Exchange Board of India (SEBI) which asked insurance companies to stop selling ULIPs (unit linked insurance policies). IRDA invoked its power under section 34(1) of the Insurance Act and asked insurance companies to continue business as usual.

Sources now say that finally the Finance Minister will intervene. The Minister is likely to be briefed on the SEBI-IRDA row over ULIPs, the sources said, adding that the FM was conscious of the weight of responsibility to investors in this row.