Users Can Now Get Aadhaar E-verification Done Offline; Revoke eKYC consent

People can now get their Aadhaar e-verification done offline by sharing a digitally-signed document generated by the Unique Identity Authority of India (UIDAI) which will contain only the last 4 digits of the Aadhaar number assigned to the holder, according to new rules published by the government.
 
The Aadhaar (Authentication and Offline Verification) Regulations 2021 notified on 8th November and published on the official website have laid down a detailed process to enable offline verification of the Aadhaar for e-Know Your Customer (KYC) process.
 
The UIDAI has added QR code verification, Aadhaar paperless offline e-KYC verification, e-Aadhaar verification, offline paper-based verification and any other type of offline verification introduced by the authority from time to time apart from existing mechanisms on online verification.
 
The rule gives Aadhaar holder choice to share as a digitally signed document, Aadhaar paperless offline e-KYC, generated by the UIDAI containing last 4 digits of Aadhaar number, demographic data like name, address, gender, and date of birth, and photograph of the Aadhaar number holder etc with authorised agency for e-KYC.
 
The Aadhaar number and demographic information of the Aadhaar number holder obtained from the holder is matched with the demographic information in the central database.
 
The other mode of verifications like one-time pin and biometric based authentication will also continue along with offline options. Agencies authorised to verify Aadhaar data may choose any suitable mode of authentication and even opt for multiple factor authentication for enhancing security.
 
The new rules allow Aadhaar number holders to revoke consent given to any verification agency for storing his e-KYC data at any time.
 

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder