As the deadline nears for public consultation on Sebi's proposals to curb unauthorised investment tips through social media, some people took to Twitter today to criticise the proposed norms announced by the regulator for protecting investors' interest.
Microblogging site Twitter was abuzz with comments about Sebi's proposal to ban unauthorised trading tips through SMSes, WhatsApp, Twitter, Facebook and other social media platforms.
Even though a large number of users were tweeting about the proposed norms, it was not clear whether or how many of them have officially given their responses to the consultation paper issued by Sebi last month.
The paper is open for public comments till November 4.
On October 7, the Securities and Exchange Board of India (Sebi) issued the consultation paper whereby it has proposed curbing unsolicited investment advice and promotion of investment products through electronic and broadcasting media platforms. Besides, the watchdog has sought greater checks and balances for online investment advisory services and use of automation or robotic tools.
Thousands of Twitter users today voiced their concerns about the proposals and one of them tweeted that Sebi "wants to restrict our freedom of getting stock tips from anyone".
The hashtags '#SEBIgoback' and '#SEBIkidadagiri' were also trending.
Seeking to clamp down on fraudulent investment advisers and protect investor interests, the proposals are part of the consultation paper on Amendments/Clarifications to the Sebi (Investment Advisers) Regulations, 2013.
Wide-ranging changes have been proposed by Sebi to existing rules to check mushrooming of several unauthorised entities that are luring gullible investors through their trading tips, including through bulk SMSes, WhatsApp, Facebook, Twitter, email, blogs and various other internet and mobile-based platforms, while a number of trading leagues have also come up in recent past.
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