Markets watchdog Sebi will come out with a discussion paper to frame guidelines to control unsolicited financial and stock market advise from social media influencers as also from unregulated investment advisors.
Addressing a meeting of the Association of Registered Investment Advisers here on Friday, Sebi Whole Time Member Ananth Narayan Gopalkrishnan said some unscrupulous people are misusing their Sebi registration to further their businesses and as the regulator “we don’t want (that) to happen”.
“We’ll come out with a discussion paper seeking inputs for making effective measures to control unsolicited financial and market advises from social media influencers and also from unregulated investment advisors.
“After inputs from market participants, and other stakeholders, we’ll issue guidelines to rein them in,” Gopalkrishnan said.
There is also the issue of unregistered investment advisors, who pose greater risks to gullible investors. More important, “we see examples of misuse of
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