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ICICI Bank, Canara Bank and Axis Bank Revise FD Rates

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Banking

Post Office to Collect Passbook of Deposit Accounts at the Time of Closure

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Banking

Transactions Above Rs 20000 Cannot be Done in Post Office Accounts if Mobile Number, PAN not updated

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Life Insurance

For New Life Insurance policy, Covid-recovered Have to Wait For 3 Months

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Wills

Daughters Entitled to Inherit Fathers' Self Acquired Properties in Absence of Will: SC

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Banking

PNB hikes charges of these banking services from 15 January 2022

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Banking

HDFC Bank Revises Fee on InstaAlert Service With Effect From 1st January

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Banking

SBI Hikes Short-Term FD Interest Rate; HDFC Bank Hikes FD Rates For Select Tenures

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Banking

Failed auto-debits reduce in December, signalling higher personal income

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Real Estate

Failure of builder to obtain occupation certificate is deficiency in service under Consumer Protection Act: SC

A Supreme Court bench of Justices D Y Chandrachud and A S Bopanna has ruled that the failure of a builder to obtain occupation certificate is a...

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Changes in Our Business Model
 
 
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
  • The investools will have to be reworked and will offer model portfolios. 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