sebi: Finfluencers must register with Sebi for dealing with regulated entities: Madhabi Puri Buch


Individuals or platforms who wish to deal with securities or partner with regulated entities must register with the Securities and Exchange Board of India (Sebi), its chairperson Madhabi Puri Buch said on Tuesday.

Buch’s comments come as Sebi floated a consultation paper on August 25, which introduced a proposal to limit interactions between its regulated entities and unregistered ‘finfluencers’.

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“We are very clear. If you wish to stay outside the purview of Sebi, we don’t have any problem because we respect your freedom of speech. But if you wish to deal with securities, or wish to partner with regulated entities, then you need to come and register with us,” said Buch at the Global Fintech Festival 2023

The regulator has “recently expressed its view that it respects the freedom of speech and freedom of expression” in the country, she added. “But if it crosses that line and becomes enticement, entrapment, fraud, then that is not okay… But if we are not following our rules, then the people who are registered cannot have any dealing with you.”

Financial influencers or ‘finfluencers’ have come under Sebi’s scanner amid growing cases of fraud and incorrect advice. The registered entities are expected to not have any direct or indirect association, whether monetary or non-monetary, with such influencers.

Buch further said that the markets regulator would like to see fintechs further democratising the market.

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“If what do you do will democratise the market further, then we have all the time in the world for you, because that is our objective. We would like to see fintechs take the markets to more and more people across the country and do it at a low cost, which makes it inclusive,” added Buch.The Sebi chairperson also added that the capital markets regulator is planning to roll out one-hour trade settlements soon.

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