Fall of Finfluencers in India
Who is Finfluencer
We all know about influencers. They are people with followers online They can persuade a lot of people. Similarly, the term 'Finfluencer' stands for all the financial influencers who make contents on finance related matter. The influence of the influencers is really great. This is the reason that big companies to even small sole-proprietors contact influencers to promote their product.
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The Situation
The term 'Finfluencer' has a great depth at this moment. During covid and post that time with digitization more and more people are coming online. More and more people are being introduced to different investment opportunities. The number of viewers for online finance content is increasing as everybody wants to make more money. And there are the finfluencers making content on finance. Almost anybody is becoming finfluencer to make money from this traffic as there is no entry barrier. They are making youtube videos and reels on their views on financial matter and investments. They are promoting whatever they get for money. The new increased viewers are getting exposure to them. The finfluencers are having high influence on these new people. This has resulted in a lot of people placing blind reliance on the advice and recommendations of finfluencers, who are neither licensed nor qualified enough to provide financial advice. This situation poses a great risk to the financial stability in the country and its people.
The News
A news a dropped recently. Securities and Exchange Board of India (SEBI) has joined hands with the Advertising Standards Council of India (ASCI) to cut the threat of these finfluencers. They aim to make only reliable and unbiased financial advice available to investors. The revised guidelines are as follows :
- The finfluencers are obligated to be registered with SEBI.
- They must possess the necessary qualification before offering investment related advice.
- They must transparently communicate their certified expert status or practitioner credentials.
- This obligation arises whenever they provide advice and/or promote and/or comment on the merits of or demerits of the products or services.
- Unregistered entities are not allowed to work with registered intermediaries or regulated entities to promote or advertise their services or products.
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The Effect
Some finfluencers were taking SEBI registration number on rent to comply with the guideline. To tackle these malpractices none of the unregistered entities are allowed now. Some finfluencers were earning from referral programs of using platform or services that they advertise by giving completely biased views. The finfluencers make everything look easy and set expectation of market returns unbelievable high. It is believed by experts that now the guidelines will encourage transparent practices in the financial markets.
Thought Bubble
The covid break is the period I learnt a lot of new things. I also discovered different financial investment opportunities due to this finfluencers. I learnt about investments, trading and got introduced to the crypto community. Yes, the finfluencers have great impact. Many finfluencers put content for educational purpose. They have helped a lot of people. But, on the way those who can't decide for themselves and blindly follow must have got hurt. There are instances of that. Now, when we value the freedom and believe in decentralization, does these guidelines violate the free right of us?
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