Against the backdrop of Sebi banning 14 life insurers from selling ULIPs, the insurers are likely to meet here on Monday to discuss their future course of action against the order. SEBI had, late yesterday night, banned 14 life insurance companies from selling ULIPs–insurance products that invest in equity–on the ground that they were akin to mutual funds and were launched without obtaining registration from it.
The insurance companies are likely to meet Life Insurance Council on Monday to examine various options, including legal to counter the SEBI order.
Life Insurance Council’s Chairman S B Mathur said that no decision has yet been taken on a Monday meeting.
However, industry sources said that a meeting was likely to be held to discuss the future course of action.