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Financial Influencers: Preparation to crack down on active financial influencers on social media

Financial Influencers: Social media has become the biggest medium to communicate with people and convey their message. In such a situation, these days many financial influencers work to give financial advice to people through social media. Many times investors lose their hard earned money by falling prey to these suggestions. But the Securities Exchange Board of India (SEBI), the regulator of the stock market, is preparing to make guidelines to monitor them in view of the growing base of financial influencers.

Screws on Financial Influencers!
SEBI member SK Mohanty said in a program related to corporate governance in Mumbai that we are working towards making guidelines. In fact, after the Corona epidemic (Covid 19 Pandemic), the number of retail investors in the stock market has increased, similarly the number of online financial influencers giving financial and event advice has also increased rapidly. These financial influencers are not authorized to give such suggestions, yet they give investment suggestions to people through social media.

role has been suspected
In the last one year, the role of these financial influencers has been very suspicious during the IPO and listing on the stock exchange of startup tech companies. Companies pay these financial influencers to drive up the rate of their shares and these financial influencers suggest investors to invest in these companies.

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Increased influence of financial influencers
Financial advisors have to register themselves as per SEBI regulations. There are more than 1300 financial advisors in the country. The increasing influence of financial influencers has raised the concern of SEBI as well. In 2021-22, there have been 415 violations by financial influencers and celebrities in content related to finance and cryptocurrencies. Recently, SEBI chief had also expressed his concern about financial influencers.

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