No restrictions on investment in existing unit linked schemes: SEBI
merisarkar news service
New Delhi, April 17, 2010
No restrictions on investment in existing ULIPs: CB Bhave
Capital market regulator SEBI today said it was working together with the insurance regulator IRDA to find a legally binding resolution on the control of unit linked products and said that at present 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.
Mr. Bhave also tried to allay the apprehensions of Foreign Institutional Investors that aroused due to perceived turf war between the two regulators. He said that they can continue to invest in current ULIPs, which have a portfolio of over Rs 92,000 crore.
Mr. Bhave also clarified that the SEBI's latest direction is against floating any new product.
