News | Retirement

EPFO added 16.26 lakh net subscribers in November 2022

MAS Team 24 January 2023
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The provisional payroll data of Employees’ Provident Fund Organisation (EPFO released by Labour ministry highlighted that retirement body...

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PFRDA introduced an advanced mode for bank account verification of the subscribers

MAS Team 20 January 2023
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The PAN-PRAN- VPA(UPI) method of bank account verification for subscribers has been introduced by the Pension Fund Regulatory and Development...

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RBI orders new locker agreement

MAS Team 06 January 2023
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The Reserve Bank of India (RBI) has ordered banks to sign new safe deposit box agreements with their customers on or before December 31, 2022. New...

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Government Warns Pensioners About Fake Jeevan Pramaan Website

MAS Team 09 December 2022
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Jeevan Pramaan is a digital life certificate for pensioners that is biometrically enabled and based on Aadhaar

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Who is Eligible for Higher EPS Pension Under EPF Scheme, Last Date to Claim

MAS Team 11 November 2022
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The Supreme Court has ruled that members of the Employees' Provident Fund Organisation (EPFO) who are members of Employees' Pension Scheme can...

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Employees’ Pension Scheme: SC Holds Revisions as Legal, Reads Down Certain Rules

MAS Team 05 November 2022
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The Supreme Court on Friday declared as legal and valid the provisions contained under Employees’ Pension Amendment (Scheme), 2014, which...

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NPS Death Claim: PFRDA Clarifies on Nomination Post Death of NPS Subscribers

MAS Team 28 October 2022
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NPS subscribers must submit nomination in the necessary format when they enrol in the National Pension System.

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NPS Investors Can Now Invest Up To 75% In Equity Till Age of 60

MAS Team 22 October 2022
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The Pension Fund Regulatory Authority (PFRDA) has increased the ceiling for National Pension System (NPS) under its Active Choice to invest in Asset...

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No Loss of Interest for EPF Subscribers: Finance Ministry

MAS Team 08 October 2022
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The finance ministry has issued a clarification on why the subscribers of the Employees’ Provident Fund (EPF) are not able to view the interest...

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Over 80% Urban Indians Fear Running Out of Money in Retirement

MAS Team 30 September 2022
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More than 80% of urban Indians fear they will run out of money in retirement, according to the India Retirement Index Study (IRIS) conducted by...

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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