SEBI finfluencer rules: what partners can and can't post

What the rules cover

In August 2024 SEBI restricted regulated entities and their agents from any association, paid or unpaid, with unregistered persons who:

• give advice or recommendations about securities, directly or indirectly; or
• make explicit or implicit claims of returns or performance.

"Association" is broad: money transfers, referral fees, client referrals, shared IT systems and similar arrangements can all count. The responsibility sits with the regulated entity, which is why brokers now check their partners' and creators' content closely.

The education exception

Creators who are only educating investors can still work with regulated entities, as long as they don't give advice or claim returns. SEBI's later clarification also says such education must not use market price data from the preceding three months, so that "education" doesn't become disguised stock tips.

What this means if you're a broker partner

• No tips or calls: don't post buy or sell calls, target prices or "today's trade" content unless you are a SEBI-registered investment adviser or research analyst.
• No return claims: no screenshots of profits, no "earn ₹X a month" lines and no win-rate claims.
• Education is fine: explaining what an option is, how margin works or how to read a contract note is generally education, provided it doesn't use recent market data to suggest trades.
• Use approved materials: many brokers give partners pre-approved creatives. Use them, and ask before you post anything new.
• Always add risk warnings: especially for derivatives, where SEBI's own studies show most individual traders lose money.

Safe content ideas for partners

1. How to open and verify a trading account, step by step.
2. What brokerage, STT, exchange charges and GST mean on a contract note.
3. How to set up two-factor login and avoid fake trading apps and phishing.
4. Glossaries: margin, lot size, expiry, settlement.
5. How to check a broker's SEBI registration yourself.

The same habits keep international introducing brokers out of trouble too; see forex IB marketing rules.

This guide is general information, not legal advice. SEBI circulars are updated from time to time; check the latest version on sebi.gov.in.

Examples: allowed vs risky posts

The line can be thin, so when in doubt, ask the broker's compliance team before posting.

A simple compliance routine

1. Keep a folder of approved creatives and disclaimers from your broker.
2. Write a standard risk line and add it to every post, video description and pinned comment.
3. Don't reuse old content that includes calls or performance claims; archive it.
4. Avoid live market commentary on stocks or contracts if you aren't registered to give research or advice.
5. Review your public content once a month, including old videos and community chats.

Frequently asked questions

Are finfluencers banned in India?

No. SEBI restricted regulated entities from associating with unregistered persons who give advice or claim returns. Creators who only educate, without recommendations or recent market data, can still work with them.

Can an authorised person post on Instagram or YouTube?

Yes, within the broker's rules and SEBI's restrictions: education and approved promotional material, no recommendations, no return claims, and clear risk warnings.

Who is responsible if a partner breaks the rules?

The regulated entity is responsible for its associations, so the broker can be held accountable and will usually end the partnership. The partner may also face action.