A set of financial and regulatory changes takes effect across India from Sunday, November 1, affecting mutual fund investors, pensioners, mobile phone users and businesses registered under the Goods and Services Tax (GST), IANS reported on Saturday.

Source: IANS via IANSLive

Mutual funds: direct plans become the default

All asset management companies (AMCs) will be required to make direct plans the default option on their digital investment platforms from November 1. Investors who choose a regular plan instead will have to be informed about the higher expense ratio that comes with it, a move aimed at improving transparency, IANS said. Direct plans are bought directly from a fund house without distributor commission, so they carry lower costs than regular plans of the same scheme.

Source: IANS via IANSLive

Announcing the measure earlier this week, SEBI Chairman Tuhin Kanta Pandey said investors opting for regular plans must be told about their higher expense ratios so they understand the additional cost of investing through a distributor, The Hindu BusinessLine reported. SEBI has also made it mandatory for consolidated account statements to disclose the commission paid to distributors on SIP transactions through regular plans, the report said.

Source: The Hindu BusinessLine

Phone calls will now show the caller's name

The Department of Telecommunications (DoT) has made it mandatory for telecom service providers to implement Calling Name Presentation (CNAP) from November 1. The feature displays the caller's name along with the phone number on incoming calls, making it easier to identify callers and helping curb anonymous and potentially fraudulent calls, IANS reported. The name shown is the caller's KYC-registered name on supported 4G and 5G networks, according to Digit.

Source: Digit

Pensioners: life certificate window opens

For pensioners, November marks the annual life certificate submission period. Pensioners below 80 years of age can submit their annual life certificates between November 1 and November 30, while those aged 80 and above were allowed to begin from October 1, IANS reported. The Pension Fund Regulatory and Development Authority (PFRDA) has also introduced the UPS Jeevan Setu Digital Life Certificate facility for subscribers of the Unified Pension Scheme, who must submit their annual digital life certificates through the Protean e-Gov application by November 30.

Source: IANS via IANSLive

GST fine print changes

Several GST-related amendments also come into force from November 1, covering post-sale discounts, credit notes and refund provisions. The revised framework modifies the conditions for excluding eligible post-sale discounts from taxable value and includes provisions on input tax credit reversals, while refund provisions for businesses affected by inverted duty structures have also been updated, IANS reported.

Source: IANS via IANSLive