In the Indian mutual fund industry, three fund houses - Kotak Mutual Fund, Reliance Mutual Fund and Birla Sun Life Mutual Fund - provided the group insurance facility, which was to be completely discontinued with effect from 1st October 2008. However, on 30th September 2008, a meeting was held between the regulatory authorities - the Insurance and Regulatory Development of India (IRDA) and the Securities and Exchange Board of India (SEBI) - and a decision was made that the fund houses could restart the above mentioned offer with their mutual fund schemes.
IRDA also informed the Life Insurance Council to put the earlier decision on hold.
When the three concerned fund houses were contacted, Reliance and Kotak said that they would soon restart the facility under the new guidelines, but Birla Sun Life informed that they were still to make a decision on the same.
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