The government has ended a two-month long turf war between insurance regulator, IRDA and capital market watchdog SEBI, saying Unit Linked Insurance Products (ULIPs) will be regulated by IRDA. An ordinance amending several laws to this effect has been promulgated by the President. According to an official press release, the government has also set-up a high-level committee chaired by Finance Minister Pranab Mukherjee to sort out all issues of jurisdiction regarding hybrid products.