News | Retirement

EPFO Launches Special Drive for Swift Recovery: Employers Urged to Clear Dues

MAS Team 17 November 2023
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In response to a concerning trend of slow arrears recovery, the Employees' Provident Fund Organisation (EPFO) has announced a special recovery drive...

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PFRDA Introduces Systematic Lump Sum Withdrawal (SLW) for NPS Subscribers

MAS Team 13 November 2023
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In a recent circular dated October 27, 2023, the Pension Fund Regulatory and Development Authority (PFRDA) has introduced the provision of Systematic...

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Government Relaxes Norms for Small Savings Schemes: Key Changes You Need to Know

MAS Team 13 November 2023
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In a recent move, the government has eased norms for various small savings schemes, impacting popular avenues like the Public Provident Fund (PPF),...

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Significant Progress in Higher Pension Applications Under EPS, Demand Letters Issued

MAS Team 10 November 2023
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The Employees’ Provident Fund Organisation (EPFO) has issued a total of 32,591 demand letters, reflecting a cumulative demand of Rs1,974 crore...

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EPFO's Pro Rata System Sparks Concerns Over Reduced Pensions

MAS Team 10 November 2023
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The recent decision by the Employees Provident Fund Organisation (EPFO) to implement a pro-rata system for calculating higher pensions has raised...

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EPFO Grapples with Outdated IT System: Impact on India’s Largest Social Security Organization

MAS Team 27 October 2023
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The Employees’ Provident Fund Organisation (EPFO), the world's largest social security organization, is under considerable strain due to the...

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India's Retirement System Shows Improvement, Yet Challenges Remain

MAS Team 20 October 2023
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In the recently released 2023 Mercer CFA Institute Global Pension Index survey (MCGPI), India's retirement system showcased a slight improvement...

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Super Senior Pensioners Can Now Submit Life Certificates Through Face Authentication

MAS Team 05 October 2023
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Pensioners are required to submit their Life Certificates, known as Jeevan Pramaan Patra, every year to ensure continuation of pension disbursement....

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Streamlined Process for Updating EPF Details: New Circular by EPFO

MAS Team 30 August 2023
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The Employees' Provident Fund Organisation (EPFO) has introduced a fresh circular aimed at standardizing the process of correcting or updating...

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Understanding Taxation of Foreign Retirement Pensions for NRIs in India

MAS Team 02 August 2023
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For Indians who have worked abroad or expatriates qualifying as resident and ordinarily resident (ROR) taxpayers in India, reporting foreign...

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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