an extended two week tour some key officials in the department of economic affairs or dea in the finance ministry which deals with the financial markets were also kept outaccording to a person with knowledge of the back room developments the proposed draft ordinance went back and forth between the irda headquarters in hyderabad and the finance ministry secretary financial services r gopalan whose department handles insurance had the last word after several rounds of discussions with irda during all this word never leaked out even after the cabinet meeting last week which approved this ordinance which is quite a feat the government then proposed amendments to the rbi act and also decided to form a high level panel to resolve future turf wars between regulators on hybrid or composite products finance minister pranab mukherjee who has been the main arbiter on several issues on behalf of the government will chair this panel the announcement of the ordinance stunned many in the financial sector as well as senior government officials considering that it is rare for the government to opt for such a course at the end of it hari narayan has ensured a tightening of ulip norms to blunt criticism on misselling and also make the product more acceptable to investors but the clean up of ulips perhaps may not have happened but for the turf war between the two regulators