Capital market regulator SEBI today said it was working together with the insurance watch dog to expeditiously find a legally binding resolution on the control of unit linked products and there are no restrictions on investment in existing schemes. SEBI Chairman CB Bhave said on the sidelines of a CII Conference on Indian Financial Markets that the regulator wants to move appropriate court quickly for resolving the jurisdiction issue. He also told the foreign institutional investors apprehensive about the turf war between the two regulators that they can continue to invest in current ULIPs, which have a portfolio of over Rs 92,000 crore. He also clarified that the SEBI's latest direction is against floating any new product. Mr Bhave said, FIIs should know what the correct position is and the correct position is that investors can continue to invest in current ULIPs and no new ULIPs are allowed.SEBI had last week said that all ULIPs issued after April 9 will have to have its approval. This was questioned by insurance sector regulator IRDA. The stock market watchdog had on Thursday, moved the Supreme Court and some High Courts to guard against any ex-party decision. On April 10, SEBI had banned 14 life insurance companies, including those belonging to Tatas, SBI, ICICI, HDFC and Reliance Anil Ambani group, from raising funds through ULIP without its approval.