In recent years, there has been an upsurge of difficulties in Indian finance, rooted in the `financial regulatory architecture’ – the block diagram of which agency does what. A lot of what is found in India’s present block diagram is rooted in obsolete legislation.
On the SEBI/IRDA problem about ULIPs, Vivek Kaul is writing a series of good pieces in DNA: Why IRDA seems an industry lobby and not a regulator, Guess what got SEBI’s goat?. Also see Jayanth Varma in Financial Express. Deepak Shenoy has a good post showing why ULIPs are bad for your health.
Jayanth Varma smells a rat when insurance companies, banks and NBFCs in India have been exempted from IFRS, and his Indian example of rules versus principles.
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