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To safeguard the consumer interest, Nidhi Khare, Secretary at the Consumer Affairs Ministry has said that the government is considering to make it mandatory for e-commerce companies to comply with quality norms for consumer reviews after a voluntary push failed to effectively curb fake reviews. She said the government issued the new quality norms for e-tailers a year ago, prohibiting them from publishing paid reviews and demanding disclosure of such promotional content.
The Secretary said it's been more than one year that the voluntary standard on 'online reviews' was notified. Some entities claim that they are complying with it. However, fake reviews are still getting published. She added that the ministry has scheduled a meeting with e-commerce firms and consumer organisations on May 15 to discuss the proposed move.
The ministry's Bureau of Indian Standards (BIS) that formulated and issued the new standard for ‘Online Consumer Reviews’ in November 2022, barred publishing of reviews purchased and/or written by individuals employed for that purpose by the supplier or third party concerned. With no chance to physically inspect products, consumers heavily rely on online reviews while making purchases. Misleading reviews and ratings can lead them to purchase goods or services based on incorrect information.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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