WEe can visualized court interference when different entities are involved in a dispute. The disputes between individuals, Government and individual, a state government and another state government, central and state government may well be subject matter of court. But I do not understand how dispute between SEBI and IRDA, both arms of Central government, Ministry of finance is subjected to court. The Ministry of finance must resolve the dispute and there is no logic in seeking court intervention.
This way, if there is a dispute between Ministry of Home affairs and Ministry of finance, this will also become a matter of court jurisdiction instead of Cabinet decision. Such tendencies will result in administration by courts instead of cabinet or executive.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
Jayen, yet SEBI and IRDAare not clear about their roles. SEBI still believes in its right to control ulip of insurance companies. surprisingly, SEBI spared ulip schemes of L.I.C. of India. Thus SEBI is not consistent in its approach.
The Ministry of Fiance must act to make it amply clear as to what are the respective functions of SEBI and IRDA and resolve the differences at Govt of India level and not go the funny way of allowing its two associate bodies to go in litigation. There is no logic in different bodies or wings of same govt litigating against each other.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
Contrary to my expectattion the Finance Minister has-as matter of habit-dodged the issue by asking these two agencies to seek a legal mandate on this issue!
Going by the latest stand of the government and that of the Finance Minister I don't think the subscribers to this kind of ULIP Schemes have any reason to worry.
