SEBI lifts ULIP ban, leaves a catch

The devil lies in the detail. The Securities and Exchange Board of India (Sebi) on Tuesday issued a clarification to itsearlier order that was issued on Friday.

The 14 private insurance companies which had been prohibited from raising new money or additional subscription on unit linked insurance plan (Ulips), have now been allowed to do so, for the time being. But insurance companies may not sigh in relief yet, for the last but one line in the order goes thus: "However, with respect…