News | Banking

NPCI Bharat BillPay Integrates SBI Card for Effortless Credit Card Bill Payments

MAS Team 07 December 2023
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In a significant development, NPCI Bharat BillPay (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has...

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QR Code Scams Surge, Posing Threats to Digital Payments

MAS Team 07 December 2023
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The proliferation of QR code scams is emerging as a major concern in the rapidly expanding digital payment landscape. Scammers are capitalizing on...

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RBI Mandates Enhanced Consumer Notifications for Credit Information Access

MAS Team 28 November 2023
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The Reserve Bank of India (RBI) has issued directives to Credit Information Companies (CICs) to elevate customer communication standards. The primary...

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Revolutionary Changes in Money Transfers: Send up to Rs5 Lakh via IMPS Using Just a Mobile Number

MAS Team 20 October 2023
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Money transfers have transformed with the advent of online banking in India. What was once a cumbersome visit to the bank can now be achieved with a...

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Bank of India Enhances Savings Accounts with new Features and Benefits

MAS Team 11 October 2023
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Bank of India has taken a proactive step to enrich its savings accounts, catering to various customer segments including salaried employees,...

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Axis Bank Introduced Innovative Numberless Credit Card

MAS Team 11 October 2023
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In a pioneering move, Fibe, formerly known as EarlySalary, India's leading Fintech company, and Axis Bank, one of the country's largest private...

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India's First UPI ATM Introduced: A New Era in Digital Banking

MAS Team 07 September 2023
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India's digital payment landscape reached a new milestone with the launch of the country's first UPI ATM. This groundbreaking development, introduced...

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SBI's YONO App Widens Horizon: Non-SBI Users Can Now Embrace UPI Transactions

MAS Team 30 August 2023
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In a strategic move to amplify the accessibility of its digital banking application, the State Bank of India (SBI) has taken the progressive step of...

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RBI launched Conversational Payments and Offline Functionality in UPI to Reshape Digital Transactions Landscape

MAS team 10 August 2023
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The announcement made by the Reserve Bank of India (RBI) regarding the introduction of conversational payments and offline functionality within UPI...

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RBI launched pilot program for India’s New Digital Currency e-Rupee

MAS Team 20 July 2023
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The Reserve Bank of India (RBI) has unveiled the

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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