In a major relief to ULIP holders and insurance companies, the government stepped in to ensure that the business of selling equity-linked insurance plans can go ahead as before. The Finance Ministry's intervention comes after the two regulators SEBI and IRDA clashed with each other over regulating Unit Linked Insurance Products, ULIPs. The two clashing regulators have decided to approach the court, for sorting out the dispute. On Friday, SEBI banned 14 life insurance companies from selling ULIPs, till they obtain registration from the market regulator. Within 24 hours, IRDA asked the companies to ignore the SEBI ban order and continue with business as usual. SEBI chairman C B Bhave and IRDA Chairman J Harinarayan rushed to Delhi and held discussions with senior officials and Finance Minister Pranab Mukherjee, before the two sides agreed to seek a binding legal mandate. Mr Mukherjee told reporters after the discussions that for resolving any ambiguity and to ensure smooth functioning in the market, the regulators have agreed to jointly seek a binding legal mandate from an appropriate court and meanwhile, the status quo ante is being restored.