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Banking

ICICI Bank, Canara Bank and Axis Bank Revise FD Rates

MAS Team 21 January 2022
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ICICI Bank has revised its interest rates on domestic, NRO, and NRE deposits of less than Rs2 crore The new rates are effective from 20 January 2022,...

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Banking

Post Office to Collect Passbook of Deposit Accounts at the Time of Closure

MAS Team 21 January 2022
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If you visit the post office to close your account, i.e., Recurring Deposit/Term Deposit/Monthly Income Scheme (MIS)/Senior Citizen Savings Scheme...

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Banking

Transactions Above Rs 20000 Cannot be Done in Post Office Accounts if Mobile Number, PAN not updated

MAS Team 21 January 2022
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If you are a post office account holder and if your mobile number and PAN are not updated with the Post Office then you will not be able to make...

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Life Insurance

For New Life Insurance policy, Covid-recovered Have to Wait For 3 Months

MAS Team 21 January 2022
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People who have recovered from Covid and wish to take a life insurance policy may have to wait for up to three months before they can avail it.

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Wills

Daughters Entitled to Inherit Fathers' Self Acquired Properties in Absence of Will: SC

MAS Team 21 January 2022
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In a significant ruling, the Supreme Court (SC) said the daughters of a male Hindu, dying intestate, would be entitled to inherit the self-acquired...

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Banking

PNB hikes charges of these banking services from 15 January 2022

MAS Team 15 January 2022
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Punjab National Bank (PNB) has hiked charges of various services pertaining to general banking operations effective from 15 January 2022.

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Banking

HDFC Bank Revises Fee on InstaAlert Service With Effect From 1st January

MAS Team 15 January 2022
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“From 1 January 22, we've revised charges for InstaAlert services via Email and SMS,” stated a flash on HDFC Bank’s website.

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Banking

SBI Hikes Short-Term FD Interest Rate; HDFC Bank Hikes FD Rates For Select Tenures

MAS Team 15 January 2022
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In what is regarded as yet another clear sign that the rates will start moving upwards from now onwards, state-owned State Bank of India (SBI) and...

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Banking

Failed auto-debits reduce in December, signalling higher personal income

MAS Team 13 January 2022
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The debit bounce rate for December 2021, which is the percentage of auto-debit payments that failed, stood at 24.4% by value, the lowest since the...

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Real Estate

Failure of builder to obtain occupation certificate is deficiency in service under Consumer Protection Act: SC

MAS Team 13 January 2022
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A Supreme Court bench of Justices D Y Chandrachud and A S Bopanna has ruled that the failure of a builder to obtain occupation certificate is a...

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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