Yes, UGC has given its approval regarding pursuing two courses at the same time, only provided that one cannot pursue both these courses in regular mode. This basically means that for both courses to be considered valid,, one course has to be in regular mode and the other course must be in distance mode from Open University.
UGC rules are applicable in the case of IGNOU also. Earlier before UGC made such changes, IGNOU did not allow two regular courses simultaneously through the same University. But in accordance with recent regulations, you can do two regular as well as two distance courses at the same time.