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Banks

PAN Mandatory for Cash Deposits of Rs2000 Notes Exceeding Rs50,000

MAS Team 24 May 2023
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The Reserve Bank of India (RBI) has recently withdrawn the Rs2000 notes from circulation, and individuals who possess these notes now have two...

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Tax

Revised TCS Rates on Foreign Remittances: Implications and Compliance Guidelines

MAS Team 24 May 2023
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A significant change was made to the tax collected at source (TCS) rates on international transfers made under the Liberalised Remittance Scheme...

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Tax

E-Filing Made Easy: File Your Income Tax Returns for AY23-24 with ITR-1 and ITR-4

MAS Team 24 May 2023
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In an effort to make the tax filing process simple and more convenient to taxpayers, the Income Tax Department has introduced an online platform for...

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Tax

New Rule Imposes 20% Tax on Overseas Credit Card Expenses for Indians

MAS Team 19 May 2023
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According to clarifications provided by the finance ministry regarding changes to the foreign exchange management rules published earlier this week,...

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Retirement

New NPS Rule Change: Subscribers Can Now Opt for Multiple Annuities from the Same Life Insurance Company

MAS Team 19 May 2023
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The National Pension System (NPS) rules have undergone a significant upgrade, according to the Pension Fund Regulatory Development Authority (PFRDA),...

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Retirement

Link PAN-Aadhaar by June 30 to Avoid NPS Account Restrictions

MAS Team 19 May 2023
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The Central Board of Direct Taxes has extended the deadline for linking Permanent Account Number (PAN) with Aadhaar to June 30, 2023.

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Banking

Tata Capital Introduces UPI 123PAY: A New Payment Facility for Feature Phone Users

MAS Team 19 May 2023
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Tata Capital, a leading financial institution, has launched UPI 123PAY, a convenient payment solution tailored for feature phone users. In a recent...

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Banking

Reclaim Your Unclaimed Money from Bank Accounts and FDs

MAS Team 19 May 2023
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The Reserve Bank of India (RBI) has directed banks to identify accounts with no customer-initiated transactions for more than ten years in order to...

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Banking

Changes to UPI SMS Alerts for Kotak Mahindra Bank Customers

MAS Team 19 May 2023
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Kotak Mahindra Bank has recently informed its customers about a change in the SMS alert system for UPI (Unified Payments Interface) transactions.

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Mutual Funds

SEBI plans to allow Performance-Linked Fees for Mutual Fund Schemes in India

MAS Team 12 May 2023
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According to an internal document reviewed by Reuters and a source with knowledge of the situation, the Securities and Exchange Board (SEBI) intends...

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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