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Regulation

Central government may soon notify new labour codes

MAS Team 11 June 2021
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The four labour codes are likely to see the light of day in a couple of months as the Centre is now keen to go ahead with the implementation of these...

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Stocks

Demat account openings averaged 13 lakh per month since April 2020

MAS Team 11 June 2021
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Amid near-record rally in the equity markets during the pandemic-ravaged FY21, brokerages have added on an average 13 lakh new demat accounts every...

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Mutual Funds

Debt MF schemes will need to classify their credit, interest rate risks

MAS Team 11 June 2021
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Securities market regulator Sebi has asked mutual funds to classify all debt schemes in terms of a potential risk class matrix, based on interest and...

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Regulation

Casual, contractual employees of municipal bodies to enjoy ESIC cover

MAS Team 11 June 2021
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The Ministry of Labour and Employment announced that the Employees State Insurance Corporation (ESIC) would extend benefits of its health insurance...

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Life Insurance

Life insurers first year premium declined by 5.6% in May

MAS Team 11 June 2021
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New premium income of life insurance companies declined by 5.6% to Rs 12,976.99 crore in May this year, according to the IRDAI data.

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Consumer Issues

RBI fines HDFC Bank Rs 10 crore for irregularities in auto loan book

MAS Team 04 June 2021
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The Reserve Bank of India fined HDFC Bank Rs 10 crore for irregularities found in its auto loan book. The regulator found the bank deficient in...

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Mediclaim

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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Life Insurance

Wife not entitled to insurance money if not contributed by deceased husband, rules Madras High Court

MAS Team 04 June 2021
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The wife will not be entitled to any legal share in the insured money, if her deceased husband did not contribute any premium, the Madras High Court...

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Banking

HDFC Bank deploys Mobile ATMs across 50 cities

MAS Team 04 June 2021
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HDFC Bank has deployed Mobile Automated Teller Machines (ATMs) in 50 cities across India to assist customers during the lockdown, writes The Economic...

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Tax

CBDT extends IT-return deadline to 30 Sep from 31 July

MAS Team 28 May 2021
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The government has extended the due date for filing income tax returns for assessment year 2021-22 by two months, to September 30, 2021 from the...

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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