It is "very difficult" to catch financial influencers as the Securities Appellate Tribunal (SAT) expects rigorous investigation, Sebi's whole-time member Ashwani Bhatia said on Monday.
Sebi orders can be challenged before the tribunal.
Bhatia said the capital markets regulator has done one case of a financial influencer since coming out with the guidelines earlier this year and termed it as a "very, very big achievement".
"It is very difficult to catch financial influencers. The fact that we have done one case is a very, very big achievement because the rigour of investigation that SAT expects out of us is like a proper legal matter," Bhatia said while addressing an event here.
He said Sebi has to get an influencer's telephone and cellular details, which takes a lot of time, and added that they also keep changing their locations.
The career banker-turned-securities market regulator said at Rs 17,000 crore per month achieved in October, the systematic investment plans (SIPs) have replaced the recurring deposits of banks.
There is a need for a higher number of investment advisors in the country, pointing out that there are 1,300 such IAs in the country, of which 500 are inactive. Ideally, there should be an IA in every mohalla and galli (neighbourhood), he added.
The Securities and Exchange Board of India will promote more digitisation in the securities market going forward, and the same-day settlement of trades will also be a reality next year, he assured.