News | 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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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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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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Union Bank of India launched facility to submit Form 15G/H via WhatsApp

MAS Team 28 April 2023
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Union Bank of India has taken a major step towards simplifying the process of submitting Form 15G & H for its customers with the launch of Union...

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ICICI bank launched facility to pay UPI payments above Rs10,000 in EMIs

MAS Team 14 April 2023
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ICICI Bank has introduced an easy EMI facility for UPI payments made by scanning QR codes. This facility is available only to customers who are...

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Bank of Baroda issues alert for customers to complete C-KYC to avoid account deactivation

MAS Team 17 March 2023
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According to a tweet from Bank of Baroda (BoB), its customers must complete Central KYC (C-KYC) by March 24, 2023.

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Video-based identification enabled for the verification of the legal heir and nominee in an NPS death claim.

MAS Team 06 January 2023
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The Pension Fund Regulatory and Development Authority (PFRDA) has made the decision to allow intermediaries to use technological intervention by...

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Fund transfer to cheque return, Canara Bank’s revised charges

MAS Team 06 January 2023
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According to the Canara Bank website, service charges for certain non-credit, non-forex related services have changed as of February 3, 2023.

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Bank of Baroda's Special Fixed Deposit Offering 7.5% Interest Rate to End on 31st Dec

MAS Team 28 December 2022
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Bank of Baroda has recently increased the interest rates offered on its 'Tiranga Deposit Scheme', a limited period special retail term deposit (fixed...

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DCB Bank Hikes FD Rates, Senior Citizens Can Now Get up to 8.35%

MAS Team 23 December 2022
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DCB Bank has announced an interest rate hike on fixed deposits under Rs2 crore. According to the bank's official website, the new rates come into...

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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