april, 2010, shall be deemed and always deemed to have been validly issued and shall not be called in question in any court of law or other authority solely on the ground that it was issued without a certificate of registration under any law for the time being in force or without following any procedure under any law for the time being in force, by an insurer or any other person 5 repeal and savings 7 (1) the securities and insurance laws (amendment and validation) ordinance, 2010 is hereby repealed (2) notwithstanding such repeal, anything done or any action taken under the ord 3 of principal act, as amended by the said ordinance, shall be deemed to have been done or 2010 taken under the corresponding provisions of the principal act, as amended by this act lo  statement of objects and reasonsthe securities and exchange board of india act, 1992 was enacted, inter alia, to provide for the establishment ofa board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental thereto the insurance act, 1938, infer alia, contains the law relating to the business of insurance and the insurance regulatory and development authority act, 1999 was enacted, inter alia, to provide for the establishment of an authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto 2 the securities and exchange board of india (sebi) issued on the 9th april, 2010, an order against certain insurance companies directing them not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new or additional subscription for any product inciuding ulips having an investment component in the nature of mutual funds, till they obtain the requisite-certificate of registration from the sebi the differences of opinion relating to jurisdiction of the sebi and the insurance regulatory and development authority (irda) in respect of hybrid or composite instruments or units (by whatever name called) which provides a component of investment and a component of insurance issued by an insurer had arisen 3 in order to clear uncertainties on the differences of opinion relating to jurisdiction of the securities market regulator, ie, the sebi and the insurance regulator, ie, the irda it has become necessary to clarify that the "life insurance business" also include any unit linked insurance policy and accordingly to amend the insurance act, 1938, the securities contracts (regulation) act, 1956 andthe securities and exchange board of india act, 1992 for the said purpose 4 in order to address the differences of opinion among certain statutory regulators which may arise in future, it was felt necessary to set up a joint mechanism, consisting of the union finance minister as its chairperson, and governor, the reserve bank of india (rbi), finance secretary, secretary (financial services) and chairpersons of the insurance regulatory and development authority, securities and exchange board of india and the pension fund regulatory and development authority (pfrda) as its members, for resolving future differences of opinion as to whether any hybrid or composite instrument, having a component of insurance or any other investment or securities market instrument or a component of money market instrument falls within the jurisdiction of the irda or sebi or rbi or pfrda 5 as both houses of parliament were not in session and immediate action was required to be taken, the president promulgated the securities and insurance laws (amendment and validation) ordinance, 2010 on the 18th june, 2010 to achieve the above objectives 6 the bill seeks to replace the aforesaid ordinance pranab mukherjee new deut; the 20th july, 2010  memorandum explaining the modifications contained in the bill to replace the securities and insurance laws (amendment and validation) ordinance, 2010the securities and insurance laws (amendment and validation) bill, 2010, which seeks to repeal and replace the securities and insurance laws (amendment and validation) ordinance, 2010, proposes to make the following nfodifications apart from modifications of consequential or drafting nature in the provisions contained in the said ordinance, namely:— (1) it is proposed to clarify that the difference of opinion between regulators over jurisdiction of hybrid or composite products shall only be referred to the joint committee and to omit the words "or the central government" in sub-section (1) of section 45y of the reserve bank of india act, 1934 proposed to be inserted by clause 2 of the bill (2) it is proposed to provide that the governor of the reserve bank of india shall be the vice-chairperson of the joint committee instead ofa members of the joint committee as provided in the ordinance and to substitute the words "ex officio member" with the words "ex officio vice-chairperson" in clause (6) of sub-section (1) of section 45y of the reserve bank of india act, 1934 proposed to be inserted by clause 2 of the bill (3) it is proposed to provide that secretary, department of economic a ffairs in the ministry of finance shail be the member of the joint committee instead of finance secretary in the ministry of finance as provided in the ordinance and to substitute the words "the finance secretary" with the words "secretary, department of economic affairs" in clause (c) of sub-section (1) of section 45y of the reserve bank of india act, 1934 proposed to be inserted by clause 2 of the bill (4) it is proposed to provide that in case of any difference of opinion between regulators referred to in sub-section (1) of section 45y of the reserve bank of india act, 1934, only the members referred to in clauses (b), (€), (f) and (g) of that sub-section, namely, the governor of reserve bank of india, the chairman of insurance regulatory and development authority, the chairman of securities and exchange board of india and the chairperson of pension fund regulatory and development authority shail make a reference to the joint committee and to insert the words, brackets and fetters "referred to in clauses (b), (e), (f) and (g) of that sub-section", after the words "the joint committee" in sub-section (3) of section 45y of the reserve bank of india act, 1934 proposed to be inserted by clause 2 of the bill 