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EPF
EPF is in urgent need of an overhaul
A friend recently found himself facing court summons for an EPF default that happened 15 years ago—long after the problem was resolved. Another, a high-earning professional, is stuck contributing to EPF even though he no longer wants to, losing out on better investment options. Why? Because once you're inside the EPF Chakravyuh, there's no way out. Meanwhile, NPS offers flexibility, investment choice to employees and no criminal liabilities for employers —but employees and employers alike are denied a real choice. Truth be told, the system needs urgent reform. But will it ever change? 📖 Read the full article (4 minute ...
Press
Give retirees choice of variable annuities
🔍 Give retirees a choice? Prakash, a retiree is being forced into a "guaranteed" but low return annuity plan. After taking calculated risks by partly investing in equity and building a Rs. 1 crore retirement corpus in NPS, he is forced into a low-return "guaranteed" pension that cant beat inflation. What if he had a choice? Globally, retirees can pick variable pension payout products (PPPs). In India? No choice. Why are we treating retirees like children who need financial babysitting? Mutual Fund investors have already understood that "Guaranteed" equals "Low returns" and have reaped the benefits from taking calculated risks ...
Governments
Is it a step towards “Nyaya”?
The big bang announcement on tax breaks overshadowed other important announcements like the launch of revamped CKYC 2.0 . That could be the UPI moment for the financial sector as financial inclusion and access to financial products will become easier. The move to activate the moribund annuities market is much needed as the absolute number of senior citizens are quite high in the country. The new tax bill to be introduced next week promises " Nyaya" to the tax payers. Whether it actually delivers on the promise remains to be seen. Harsh's take on Budget2025 published in the Business Standard.
Governments
Reform inefficient succession processes
India's succession process is broken. Most of us have faced issues in dealing with transfer of assets of a deceased investor. Succession remains an obstacle course across all asset classes with real estate and agricultural land being the worst even in cases where there are no disputes. SEBI's recent circular categorically stating that the MFs or Depositories can only ask for death certificate and KYC documents from the nominees apart from the standardised transmission form (and nothing else) should do much to ease the process of succession in the securities market. The government has a great opportunity to take the ...