For many years, finfluencers have been enjoying an almost no-holds barred party in the Indian market since they operate outside Sebi's regulatory ambit. While there is no doubt about the importance of their role in combating India's rampant financial illiteracy, many often give advice that is generic, underplaying risks, and overplaying returns.
After reviewing several complaints, two weeks ago, Sebi Chairperson Madhabi Puri Buch was asked about Sebi's views on regulating influencers once again. This time she did put India's financial influencers on notice.
A SEBI circular seems to be on its way and finfluencers have good reason to be worried.
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