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Madras HC’s order for mandatory bumper-to-bumper car insurance put on hold

MAS Team 03 September 2021
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The Madras High Court has put on hold its earlier order mandating bumper-to-bumper cover for new vehicles sold from September 1, as reported by...

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Madras HC mandates bumper-to-bumper car insurance from 1 September

MAS Team 28 August 2021
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The Madras High Court ruled that

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Insurers settled 15.39 lakh health and 48,000 life claims during second wave of Covid

MAS Team 25 June 2021
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India’s health and life insurance companies have settled 15.39 lakh medical claims exceeding an amount of Rs 15,000 crore and over 48,000 life...

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Home Treatment cover to be offered as add-on in Health Insurance

MAS Team 25 June 2021
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Insurance regulator IRDAI has allowed non-life insurers to offer

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General, Health Insurers erect barriers around 'Corona Kavach' as claims rise

MAS Team 04 June 2021
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India’s health insurers are silently pulling back from issuing short-term Covid-19 hospitalisation covers after thousands of crores of rupees...

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Insurers will have to continue offering standard Covid-19 policies

MAS Team 12 May 2021
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The Insurance Regulator and Development Authority of India (IRDAI) has reiterated that all general and health insurers will have to mandatorily offer...

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IRDAI faces HC wrath after Insurer rejects mental health related claim

MAS Team 24 April 2021
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The Delhi High Court pulled up insurance regulator IRDAI for

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Health Insurers Cannot Deny Covid-19 Claims, says the Insurance Regulator

MAS Team 24 April 2021
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Finance Minister Nirmala Sitharaman has asked IRDAI chairman S C Kunthia to

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Health Insurers barred from widening cover if it leads to increase in premium

MAS Team 19 March 2021
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The Insurance Regulatory and Development Authority of India (Irdai) has said that insurers cannot make any significant changes in coverage of health...

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IRDAI announces standardised personal accident cover Saral Suraksha Bima

MAS Team 27 February 2021
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Insurance regulator IRDAI has come out with standardised personal accident cover named “Saral Suraksha Bima” which shall be offered by...

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Changes in Our Business Model
 
 
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
  • The investools will have to be reworked and will offer model portfolios. 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