Sebi devising regulations to increase accountability of 'finfluencers'

According to Sebi, there has been an exponential rise in the number of unregistered advisors giving unsolicited stock investment tips on social media platforms

The Securities and Exchange Board of India (Sebi) is working on draft guidelines to increase the accountability of financial influencers (finfluencers) on social media, reported Livemint. Finfluencers are increasingly gaining followers with more people turning to social media for advice and hacks on stocks and investments. With a massive following, they have the ability to influence stock prices or mutual funds offerings.

While speaking at the sideline of a Kroll-CII National Conference on ‘Corporate Frauds: Governance and Risk Management’ held in Mumbai on Thursday, S K Mohanty, whole-time member of Sebi, said, "We are working on the guidelines for financial influencers."