SC TO HEAR ULIP CASE IN JULY; MAY NOT DECIDE JURISDICTION ISSUE
June, 03rd 2010
The Supreme Court (SC) will hear the case pertaining to the row over control of Ulips between market watchdog Sebi and insurance regulator Irda next month but may not decide on the controversy over who would regulate these market-linked insurance products.
The Supreme Court is in vacation. The transfer petition is likely to be taken up in July, Irda chairman J Hari Narayan said on Wednesday when asked about the progress on resolving its dispute with Sebi over controlling unit-linked insurance products (Ulips). Significantly, the Irda chief is not sure whether the apex court will decide on the issue of jurisdiction of Ulips as it is not directly raised in the transfer petition filed by Sebi before the apex court.