Markets watchdog Sebi has amended norms in a bid to regulate unregistered financial influencers or finfluencers amid growing concerns about potential risk associated with such unregistered persons.
In three separate notifications, the regulator has restricted associations between its regulated entities and unregistered individuals.
This came after the board of Sebi approved a proposal in this regard last month.
As per the notifications, the persons regulated by Sebi and the agents of such persons will not have any association like any transaction involving money, referral of a client, interaction of information technology systems with any other person who, directly or indirectly, provides advice, recommendation or makes explicit claim of return.
“No person regulated by the Board (Sebi) or the agent of such a person shall have any direct or indirect association, with another person who provides advice or any recommendation, directly or indirectly, in respect of or related to a …
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