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SEBI bans 14 private insurance companies from raising money
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merisarkar news service
New Delhi, April 10, 2010 |
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SEBI bans 14 private insurance companies from issuing ULIPs
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Market regulator SEBI has barred 14 private life insurance companies from selling unit-linked insurance plans, commonly known as ULIP, without its approval on Friday night.
SEBI issued a statement to this effect. Prashan Saran, whole-time member of the regulator said, "I hereby direct the entities...not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new or additional subscription for any product (including ULIPs)."
These companies are: TATA AIG Life, Max New York Life, Metlife India, Reliance Life SBI Life, Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life.
SEBI has said on Friday that these entities have not obtained any registration from it though the ULIP schemes launched by them had an investment component in the nature of mutual funds.
Prashant Saran said that they need to wait till they obtain the requisite certificate of registration from SEBI.
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