PRESS RELEASE - SEBI

 April 13, 2010
PR No. 096/2010

Regarding enforcement of Order No. WTM/PS/IMD/06/Apr/ 2010 dated 09.04.10 in the matter of ULIPs

Whole Time Member, SEBI has passed an order No WTM/PS/IMD/06/Apr/ 2010 dated 09.04.10.

  1. In terms of para 26 of the said order, 14 entities have been restrained from issuing any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new and/or additional subscription for any product (including ULIPs) having an investment component in the nature of mutual funds, till they obtain the requisite certificate of registration from SEBI. As per para 28 of the said order, the order shall come into force with immediate effect, i.e. from 09.04.10.
     
  2. This is to bring to the notice of investors that SEBI has decided to keep in abeyance, till further notice, the enforcement of the above directions with respect to the ULIP schemes /products existing on the date of the order, i.e. 09.04.10. However, with respect to any new ULIP schemes / products launched after 09.04.10, the directions mentioned in the said order will be enforced as indicated therein.
     
  3. The aforesaid 14 entities have been informed of the above decision separately. 

Mumbai

April 13, 2010

 

For full copy of order against AEGON RELIGARE LIFE INSURANCE CO.LTD., click here.

For full copy of order against AVIVA LIFE INSURANCE CO.INDIA LTD., click here.

For full copy of order against BAJAJ ALLIANZ LIFE INSURANCE CO.LTD., click here.

For full copy of order against BHARTI AXA LIFE INSURANCE CO.LTD., click here.

For full copy of order against BIRLA SUN LIFE INSURANCE CO.LTD., click here.

For full copy of order against HDFC STANDARD LIFE INSURANCE CO.LTD., click here.

For full copy of order against ICICI PRUDENTIAL LIFE INSURANCE CO.LTD., click here.

For full copy of order against ING VYSYA LIFE INSURANCE CO.LTD., click here.

For full copy of order against KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LTD., click here.

For full copy of order against MAX NEW YORK LIFE INSURANCE CO.LTD., click here.

For full copy of order against METLIFE-INDIA INSURANCE CO.LTD., click here.

For full copy of order against RELIANCE LIFE INSURANCE CO.LTD., click here.

For full copy of order against SBI LIFE INSURANCE CO.LTD., click here.

For full copy of order against TATA AIG LIFE INSURANCE CO.LTD., click here.