Big financial changes you must keep an eye on

The financial year 2023-24 has begun on a high note with several major changes coming in personal taxation, investments, and savings in the last month following the Union Budget 2023. While the month of May has also commenced, more financial changes are lined up, that might impact your finances. While April 2023 was a busy month, May will bring a line of financial rules and regulations into force. Speaking of which, scroll down to know about the key money-related and administrative changes that you need to know for the month of May. Financial changes in May 2023

1. Advertisement code to strengthen the conduct of IA and RA

An updated advertisement code by the Securities and Exchange Board of India (SEBI) has been brought into being to strengthen the conduct of investment advisors (IA) and research analysts (RA) while advertising. Beginning on 1 May, 2023, IAs and RAs will be prohibited from endorsing their quality or standing using any superlative terms, such as “Best,” “No. 1 Top Adviser/Research Analyst,” “Leading,” “One of the Best Among Market Leaders,” etc. Apart from this, they will also be barred from using extensive technical/legal terminology or promising guarantee of assured or risk-free return to the investors in their communications. 2. Guidelines for advisers and analysts when using brand or trade names The name of the IA/RA as it is registered with SEBI, its logo, registration number, complete address, and telephone numbers must all be mandatorily displayed on the website, along with notice boards, display boards, advertisements, publications, Know Your Client (KYC) forms, and client agreements as of May 1, 2023. 3. KYC compliance is required for e-wallets. Capital markets regulator, SEBI, has now mandated that all e-wallets must be fully compliant with KYC standards, in contrast to its previous guidance that allowed the use of e-wallets for investment in mutual funds up to the umbrella limit of Rs 50,000 for investments made through both e-wallets and/or cash. 4. SBI revises benefits on credit cards  Cutting down on a few benefits for SBI card holders, a few revisions from 1 May 2023 will restrict users from earning a cashback after using Cashback SBI Card to shop jewellery, school fees, utility bills, pay insurance premiums, book railway tickets, purchase a gift card, etc. While the maximum cashback that can be earned on online and offline spending will be capped at Rs 5,000, the complimentary domestic airport lounge benefit will be also discontinued. On the other hand, the bank has also reduced the reward points on the use of SimplyCLICK SBI Card and SimplyCLICK Advantage SBI Card while doing online rent payments. 5. PNB will levy ATM charges In its latest notification, the Punjab National Bank will be levying a charge of Rs 10+GST on failed domestic ATM cash withdrawal transactions due to insufficient funds from 1 May 2023. Read all the Latest News, Trending News, Cricket News, Bollywood News, India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.