News | Banking

HDFC Bank & IDBI Bank To End Senior Citizen Special Fixed Deposit Scheme From 1st October

MAS Team 24 September 2022
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Most of the main banks introduced Senior Citizens' Term Deposit schemes for senior citizens during the Covid-19 epidemic.

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RBI Plans Registry To Save You From Digital Frauds

MAS Team 02 September 2022
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Following a spurt in cases, the RBI is planning to set up a

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Yes Bank Revises Savings Account Schedule of Charges Effective 1st September

MAS 02 September 2022
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The schedule of charges for savings accounts has been revised by the private sector lender Yes Bank

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Ujjivan Small Fin Bank Raises Interest Rate On Fixed Deposits By Up To 1.5%

MAS Team 27 August 2022
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Ujjivan Small Finance Bank has raised interest rate on fixed deposits by up to 1.5 %.

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RBI Cancels Licence of Deccan Urban Co-operative Bank

MAS Team 19 August 2022
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The Reserve Bank of India (RBI) on Thursday said the licence of Deccan Urban Cooperative Bank, Karnataka, has been cancelled as the lender does not...

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RBI Cancels The Licence Of Rupee Co-operative Bank Pune

MAS Team 13 August 2022
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The Reserve Bank of India (RBI) on Wednesday said it has cancelled the licence of Rupee Co-operative Bank Ltd, Pune in compliance with the Bombay...

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NRIs Can Now Pay Utility Bills For Families in India via Bharat Bill Payment System

MAS Team 05 August 2022
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The Reserve Bank of India (RBI) said that it would allow cross-border inward payments on the Bharat Bill Payment System.

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RBI Raises Repo Rate by 50 bps to 5.4%

MAS Team 05 August 2022
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The Reserve Bank of India (RBI) Monetary Policy Committee hiked the benchmark repo rate by 50 basis points—its third straight increase—in...

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RBI Imposes Rs 1 Crore Penalty Each on Kotak Mahindra Bank, IndusInd Bank

MAS Team 08 July 2022
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The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs1.05 crore on Kotak Mahindra Bank and Rs1 crore on IndusInd Bank for violating...

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RBI's Deposit Insurance Arm to Pay Depositors of Two Co-operative Banks in August

MAS Team 08 July 2022
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The deposit insurance and credit guarantee corporation (DICGC) will pay the eligible depositors of Shankarrao Pujari Nutan Sahakari Bank,...

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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