Finance Secretary Ashok Chawla told reporters in New Delhi, that the Ministry will look into the orders of the two regulators SEBI and IRDA on equity linked products sold by 14 companies. <br/><br/>Meanwhile, insurance regulator, IRDA today assured investors that the equity-linked products are safe, while seeking greater clarity from the authorities on the jurisdiction of the two watchdogs. <br/><br/>IRDA Chairman, J. Harinarayan came to give his side of the picture to Finance Ministry officials at North Block. <br/><br/>PTI reports that SEBI Chairman, C. B. Bhave, who is in Delhi, may also meet ministry officials on the issue. <br/><br/>Last Friday, SEBI had banned 14 life insurance companies from raising fresh money in ULIP schemes. <br/><br/>A day after, IRDA asked these companies to continue their business as usual. <br/><br/>ULIP, or Unit Linked Insurance Products, are basically savings products clubbed with insurance, sold by life insurers, where the money collected from consumers is invested into equity and debt markets. <br/>
News On AIR | April 12, 2010 2:18 PM
Finance Ministry to look into orders on equity linked products