To settle the jurisdiction dispute between itself and Insurance Regulatory and Development Authority (IRDA), the Securities and Exchange Board of India (SEBI) has approached the Supreme Court.

It has reached the apex court seeking its involvement in settling the conflict and also deciding as to who will look after what.

In its petition, the market regulator has also sought that the cases which are pending in the Allahabad and the Bombay High Courts should be brought to the notice. In both these cases, SEBI has named IRDA and Union government as the respondents.

The truce had developed when the two regulators went undecided as to who would have the regulatory authority over Unit-linked insurance plans (Ulips).

Ulips are programs where the insurance companies invest in the capital market and then return the benefits to the beneficiaries. Since two different sectors are to be considered in these kind of plans, both regulators have the deciding authority as of now.

The matter is going to be heard by the SC today. Experts believe that the court will provide immediate relief. In rare cases, though, it may seek future hearing as well.