Monday, 12 April 2010

ULIP Crisis: More time to dupe gullible custoemer, Hurrey...!

Govt. has come out and said that the SEBI and IRDA have agreed to maintain the status quo on the issue of regulation of ULIPs. Why should court decide as to who should regulate the ULIPs? It's simple, ULIPs with any equity portion should come under the purview of SEBI as SEBI is mandated to regulate the equity markets. And IRDA should stick to insurance part of it.
First of all it's absurd on the part of both the SEBI and the IRDA to wash their dirty linens in public. One day SEBI bans ULIPs and the very next day IRDA comes and says publicly to SEBI, fuck-off from governing the ULIPs, it's none of your business. And so it's the business as usual for insurance companies to loot the gullible insurance-customers. They are looting public, like there is no tomorrow, all under the blessing of IRDA and citizen friendly-govt.
Why not the two regulators decide who to do what and then come public before making fun of themselves by fighting in public.
It was similar case where regulators were not sure who was to govern a particular area and they led to many scams, like CRB MF scam, in not-so-distant past.
But it's true to Indian character we never seems to learn from our past mistakes.

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