PFRDA plans to relax mandatory annuity rule under NPS, offer more annuity choices

Pension fund regulator PFRDA is mulling giving subscribers an option of parking 40% of the corpus that is mandatory to purchase an annuity at the...


NRIs can use direct remittance facility of NPS, get same day NAV

PFRDA has now decided to extend the option of contribution into NPS (National Pension System) through D-Remit to NRI-NPS subscribers,


PFRDA gets nod for e-KYC for National Pension System and APY

Now you can digitally subscribe to the National Pension System by giving e-KYC.


Pensioner’s Life certificate submission date extended till 28 February 2021

In a major relief to central government pensioners amid the COVID-19 pandemic, the date for submission of life certificate has been extended up to...


EPFO net new enrolments rises 56% to 11.55 lakh in October

The net new enrolments with retirement fund body EPFO rose by 56 per cent to 11.55 lakh in October compared to 7.39 lakh in the same month last year,


Postmen will help pensioners submit digital life certificates, will carry biometric devices

The India Post Payments Bank (IPPB) of Department of Posts & Ministry of Electronics & Information Technology (MeitY) have successfully launched the...


Central Govt employees lose shield against early retirement

The Centre has made it clear that it can, in public interest, prematurely retire its employees at any time even after they have attained the age of...


EPFO allows employers to use e-mails for digital signatures

Retirement fund body the Employees provident Fund Organsiation has further eased compliance for employers by allowing them to use emails to obtain...


Govt allows partial withdrawal for NPS subscribers for Covid-19 treatment

NPS subscribers will now be allowed partial withdrawal for covering expenses related to treatment of COVID-19, as stated by the Pension Fund...


PFRDA may become regulator for all pension products

The Economic Times (ET) reports that the Finance Ministry and board of regulators have given an in-principle nod to the proposal to allow the Pension...


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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.
Debashis Basu