The Advertising Standards Council of India revised guidelines requires finfluencers to get necessary registration from SEBI, Insurance Regulatory and Development Authority of India
The ever-evolving landscape of digital media is prompting regulators to take proactive measures, and it’s not just SEBI at the forefront. The self – regulatory body, The Advertising Standards Council of India (ASCI) has also recognized the potential harm it could bring and has stepped up to protect the interest of consumers / investors.
ASCI has enhanced its influencer advertising guidelines, underlining a heightened sense of responsibility for advertising content, particularly in the category of Banking, Financial Services and Insurance (BFSI) and Health and nutrition products. It mandates influencers in these fields to have necessary qualifications and certifications.
ASCI has now emphasized that ‘finfluencers’ can now provide investment-related advice only upon registration with SEBI. To ensure transparency, these influencers are required to prominently display their SEBI registration number alongside their name and qualifications.
These influencer advertising guidelines, initially introduced in May 2021, are designed to empower consumers by enabling them to distinguish promotional content and make well-informed choices about products and services.
The significance of regulatory intervention on the subject of finfluencers has garnered acknowledgment from both the Finance Minister Nirmala Sitharaman and SEBI Chairperson Madhabi Puri Buch.
The revised guidelines can be viewed below.