News | Retirement

NPS Withdrawal Timelines Shortened

MAS Team 24 September 2022
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Pension Fund Regulatory and Development Authority (PFRDA) intermediaries have decided to reduce the timelines of various transactions under the...

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NPS Exit Form to be Treated as Proposal to Purchase Annuity Products: IRDAI

MAS Team 16 September 2022
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The insurance regulator Insurance Regulatory and Development Authority (IRDAI) has eased the requirement of submitting separate proposal forms by...

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Tax Payers Can No Longer Be a Part of the Atal Pension Yojana: Fin Min

MAS Team 19 August 2022
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Income tax payers will soon be disallowed to be a part of the Atal Pension Yojana (APY). According to a gazette notification issued by the Ministry...

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NPS Voluntary Contributions via D Remit Can Now be Done via UPI

MAS Team 13 August 2022
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National Pension Scheme (NPS) subscribers currently deposit their voluntary contributions under D-Remit into their NPS Tier I/II accounts from their...

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You Can No Longer Make Contributions to NPS Tier II Accounts Using Credit Card

MAS Team 05 August 2022
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The Pension Fund Regulatory and Development Authority (PFRDA) has decided to stop accepting payment of subscriptions/contributions by using credit...

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EPF Rate of 8.1% for FY 2021-22 Approved by Government

MAS Team 04 June 2022
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The labour ministry has notified the 8.1% interest rate on provident fund deposits of the Employees’ Provident Fund Organisation following a go...

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Single Window Portal To Be Set Up For Pensioners, Superannuated Elder Citizens

MAS Team 16 April 2022
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Union Minister Jitendra Singh has announced the establishment of a Single Window Portal for the benefit of pensioners and superannuated seniors.

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These NPS Investors Can Exit From Scheme After 5 Years Lock-In Period Only

MAS Team 17 March 2022
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The Pension Fund Regulatory and Development Authority (PFRDA) has reduced the lock-in period for NPS investments from 10 years to 5 years for...

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EPFO Interest Rate For 2021-22 Slashed From 8.5% To 8.1%, Lowest In Over 4 Decades

MAS Team 12 March 2022
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In a major hit to the earnings of over sixty million subscribers of the Employees Provident Fund Organisation (EPFO), the central board of trustees...

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Employer obligated to pay damages for delay in payment of EPF contribution: SC

MAS Team 26 February 2022
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An employer is under an obligation to pay the damages for delay in payment of the contribution of Employees' Provident Fund (EPF) of an employee, 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