In recent years, there has been an upsurge of difficulties in Indian finance, rooted in the `financial regulatory architecture' - the block diagram of which agency does what. A lot of what is found in India's present block diagram is rooted in obsolete legislation.
On the SEBI/IRDA problem about ULIPs, Vivek Kaul is writing a series of good pieces in DNA: Why IRDA seems an industry lobby and not a regulator, Guess what got SEBI's goat?. Also see Jayanth Varma in Financial Express. Deepak Shenoy has a good post showing why ULIPs are bad for your health.
Jayanth Varma smells a rat when insurance companies, banks and NBFCs in India have been exempted from IFRS. And, see his Indian example of rules versus principles.
Shobhana Subramanian in the Indian Express on FSDC.
Ila Patnaik in the Indian Express and T. K. Arun in the Economic Times both come at the idea of unification of all financial supervision into a single agency. On this subject, you might like to also see an old piece of mine in Business Standard.