The Finance Ministry says market regulator – SEBI – and insurance watchdog Insurance Regulatory Development Authority – IRDA – should resolve the ongoing row between them over unit-linked insurance products -ULIPs. Finance secretary Ashok Chawla said this to reporters in New Delhi today.His comments in the back drop of SEBI, banning 14 life insurance companies in India except LIC, from issuing, ULIPs, yesterday. A notice posted on its website says, such products, which work in a similar way as mutual funds, should not be launched nor should money be raised from investors by way of new or additional subscription, till companies obtain the certificate of registration from SEBI.AIR correspondent reports, SEBI's decision was taken after the market regulator had sent notices to these companies asking why they did not take its permission to launch these schemes.Insurance regulator IRDA is understood to have stated in its reply that regulation of Ulips by Irda is well-laid down and that it does not agree with SEBI contention that it requires SEBI's permission. The issue was also taken up at the meeting of the inter-regulatory body, the High Level Coordination Committee (HLCC). It was decided at the meeting that the two regulators should settle the issue between themselves.