The Lok Sabha passed a Bill to replace the ULIP Ordinance that seeks to set up a joint mechanism to address the issues of jurisdiction between the financial sector watchdogs. The Securities and Insurance Laws (Amendment) and Validation Bill, 2010, provides for setting up a joint body under the chairmanship of the Finance Minister, and with representations from the four financial sector regulators and the Finance Ministry. The Bill states that the Reserve Bank Governor will be the vice-chairman of the joint committee. However, there were apprehensions expressed by RBI over its autonomy. Finance Minister Pranab Mukherjee assured Lok Sabha that the joint mechanism will not deal with other areas and only the regulators can refer the matter of jurisdiction to the committee. The minister clarified that government will not interfere with the monetary authority of the Reserve Bank.The minister further said the government has to interfere, if there is contradiction between the regulators and the overall interests of the economy suffers.