SEBI Mulling Bringing Finfluencers Into Regulatory Net

SEBI Mulling Bringing Finfluencers Into Regulatory Net

SUMMARY

The primary task would be to bring most of the finfluencers into the regulatory net so that it becomes easy to monitor whether they are complying with the security laws, said Kamlesh Varshney, a whole-time member of SEBI

In September last year, SEBI chief Madhabi Puri Buch urged finfluencers looking to deal with securities or partner with regulated entities to register with the market regulator

Recently, SEBI took action against Hyderabad-based finfluencer Mohammad Nasiruddin Ansari accusing him of luring investors with false and misleading information and offering unregistered investment advisory services

Amid various ongoing controversies surrounding finfluencers, who are providing illegal investment advice via social media platforms, markets regulator the Securities and Exchange Board of India (SEBI) is reportedly mulling to bring them under the ambit of market norms.

Speaking at the Mint Annual BFSI Summit and Awards, Kamlesh Varshney, a whole-time member of SEBI, said that the primary task would be to bring most of the finfluencers into the regulatory net so that it becomes easy to monitor whether they are complying with the security laws. 

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