India’s regulator turns up heat on influencers as stocks boom

Sebi has repeatedly warned investors about the dangers of acting on dubious advice on social media, and has taken action against at least 29 unregistered entities for giving recommendations. — Reuters

India’s legion of financial influencers are once again under the spotlight as the country’s market regulator ramps up action against unregistered advisors dishing out investment tips on social media.

The Securities and Exchange Board of India last week barred Mohammad Nasiruddin Ansari and two other entities linked to him from the market and ordered them to refund 172 million rupees (US$2.1mil/RM10mil) taken from followers. Ansari’s YouTube channel has close to half-a-million subscribers. His web portal provided investment advice under the guise of offering educational training, Sebi said.