News | Consumer Issues

NCDRC Asks Kokilaben Hospital and Doctor To Pay Rs40 lakh to Patient for Medical Negligence

MAS Team 05 January 2023
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The National Consumer Disputes Redressal Commission (NCDRC) has ordered Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute in Mumbai...

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Karnataka HC: Insurer Liable Even if Vehicle Lacks Fitness Certificate

MAS Team 19 November 2022
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If the insurance of a vehicle was valid as on the date of the accident, then the liability of the insurance company cannot be absolved even if there...

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Now File Unresolved Credit Score Complaints With RBI Ombudsman

MAS Team 13 August 2022
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Customers of registered credit bureaus can now approach the Reserve Bank of India (RBI) for faster resolution of their credit scores and related...

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SC Issues Notice on Plea By Sucheta Dalal That Information on Unclaimed Amounts Lying In Dormant Accounts Be Made Publicly Available On a Centralised Platform

MAS Team 13 August 2022
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The Supreme Court on Friday issued notice to ministries of finance, corporate affairs, Reserve Bank of India (RBI) and Securities & Exchange Board of...

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Holidays to Become Costlier From 18th July as All Hotel Rooms to be Taxed Under GST

MAS Team 16 July 2022
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People looking to holiday on a budget must get ready to cough up more for their hotel rooms from 18th July 2022.

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Hospital Room Rent to Become Costlier as GST Applicable From 18th July

MAS Team 16 July 2022
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Patients seeking high-end care at private hospitals may have to shell out more as the GST Council has recommended levying 5% tax without input tax...

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Hackers, Fraudulent Customers Steal Rs 7.38 Crore From Payment Gateway Firm Razorpay

MAS Team 21 May 2022
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Hackers and fraudulent customers have stolen Rs 7.38 crore by tampering and manipulating the authorisation process of Razorpay Software to...

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Failure of car manufacturer to provide airbag system should be subject to punitive damages: SC

MAS Team 23 April 2022
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Failure of a car manufacturer to provide an airbag system should be subject to punitive damages which can have a deterrent effect, the Supreme Court...

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Consumer courts empowered to direct refund, compensate buyer for not delivering flat: SC

MAS Team 10 April 2022
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The Supreme Court (SC) has held that consumer courts can grant relief to flat purchasers who are aggrieved with delay in handing over of the flat as...

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Home-buyers Get Priority over Banks in Case of Builder Defaults, Rules SC

MAS Team 18 February 2022
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In a significant order giving relief to lakhs of home-buyers, the Supreme Court (SC) has ruled that the interest of home buyers is more important...

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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