new delhi the supreme court today issued notices to the centre insurance regulator irda and 14 insurers on a petition by market watchdog sebi seeking transfer of cases relating to unit linked insurance products from various high courtssebi and irda have locked horns over who has the power to regulate ulips which are equity and bondlinked insurance productsa bench comprising justices s h kapadia swatanter kumar and a r dave also sought response from some pil litigants who have raised the issue concerning ulips in various high courtsduring a brief hearing when the petition filed by sebi was mentioned by attorney general g e vahanvati the bench questioned sebis move to file the petition before the apex courtsebi is in mumbai insurance companies are in mumbai lic is in mumbai the bench remarked and indicated that the matter could have been heard by the bombay high courtvahanvati in his submission said that the issue of jurisdiction too has to be settled by the apex courtthe bench said basically both the regulators are fighting and wondered why not appoint a super regulator it later posted the matter for hearing on july 8the dispute over jurisdiction of ulips between sebi and irda snowballed into a major controversy after the market regulator banned 14 life insurers including those belonging to sbi and reliance anil ambani group from raising any further money from ulips unless they are registered with the market watchdogresponding to sebis directive irda asked insurance companies to ignore the order of the market regulator and continue with business as usualamid the conflicting orders the finance ministry brokered peace between the two regulators and asked them to jointly seek legally binding order from an appropriate court over jurisdiction on ulips till then status quo ante was restoredhowever when contacted irda chairman j harinarayan said the pils do not deal with the issues relating to dispute about jurisdiction but about missellingsebi and our problem is of jurisdiction does sebi have right to regulate ulips that is the question that is not the question in the pil pil is another matterfollowing the government directive of status quo sebi allowed insurers to raise money from existing ulips but asked them not to issue fresh ulips after april 9 the date when it issued the order banning 14 life insurance companies from raising funds through ulipsulips are insurance products but part of the premium raised through them is invested in capital market while sebi regulates the capital market the working of the insurance companies is overseen by irda