SEBI Shuts Down 15,000 Finfluencer Sites in Crackdown

 

UV INDIA NEWS: In the past three months, the Securities and Exchange Board of India (SEBI) has taken down over 15,000 content sites operated by unregulated financial influencers, known as influencers. SEBI's full-time member, Kamlesh Varshney, stated that this action aligns with SEBI's ongoing efforts to prevent regulated entities from associating with unregistered financial influencers.

Varshney explained that SEBI collaborated with technology platforms to remove misleading content harming investors. This measure aims to ensure that investor education and regulatory compliance coexist seamlessly while curbing the influence of unregistered influencers.

SEBI has asked technology platforms to develop systems for identifying unregulated content, enhancing SEBI's oversight. Varshney emphasised that SEBI is committed to reducing entry barriers and providing clear guidelines for the financial market. The objective is to combine investor education with a robust regulatory framework, ultimately fostering a safe investment environment.

Additionally, Varshney highlighted that SEBI received over 1,000 responses to its proposal to ease certain restrictions on registered investment advisers and research analysts. SEBI's board is expected to review and potentially approve these proposals in its next meeting in September.

Varshney also reflected on the evolution of the financial markets due to technological advancements, noting the impact of visionaries who have leveraged technology to create successful startups. He expressed optimism about the future, indicating that emerging technologies will continue to shape the landscape of the financial markets.