The tagline of a front-page advertisement in a business daily showing the face of a Finflunecer (financial influencer) reads “Only trust real professionals”, along with the logo The IT ministry next to the YouTube logo became big news and received great attention. criticism. Critics questioned whether the ad was intended to endorse the skills of influencers or a particular social media platform.
However, the ad is not directly related to financial influencers but in fact it includes an image of a famous financial influencer, Rachna Ranade, along with the IT Department logo, YouTube logo and tagline. However, at this point, SEBI is aiming to crack down on financial influencers.
On June 26, the Minister of Electronics and IT, Rajeev Chandrashekhar expressed that the advertisement is not intended to endorse a platform or an individual. The minister also said that since such campaign advertisements can often be misinterpreted, he advised caution to use the Government logo in such campaigns on private platforms.
Understand key influencers
Finfluencers are people who advise and share personal experiences on investing in stocks and managing money through public social media platforms. The content these influencers create talking about investing, budgeting, crypto advice, real estate buying tips, tracking financial trends, etc.
The reason behind the criticism of the ad
Finfluencers have drawn criticism from the investor community, as they offer unsolicited advice on financial matters on multiple social media platforms without registering as an investment advisor. . SEBI is documenting all of this and is working to create guidelines for such content creators in the financial sector. Not to be missed, Finance Minister Nirmala Sitharaman’s recent advice also warns and recommends the audience to exercise caution when following the advice of such content creators.
Furthermore, what is even more compelling is that one cannot say whether such influencers have the expertise or education to provide financial advice to the populace. In addition, it is not known whether they receive any monetary benefit from advertising such entities.
Some of these influencers have successfully gained thousands of followers. It’s clear that if they have such a huge following, millions of such followers may well be following their financial advice. What is worrying is that scammers are taking advantage of this method to manipulate stock prices.
Guidance from other organizations
The Advertising Standards Council of India (ASCI), has released a new set of guidelines for social media influencers regarding the publication of advertising around virtual digital assets, cryptocurrencies, and cryptocurrencies. Cryptocurrencies, non-fungible tokens, etc. These guidelines are in line with the government and RBI’s stance on cryptocurrencies. As a guideline, all advertisements for VDA exchanges, VDA products, or with VDA in any form must include a disclaimer that: Cryptocurrency and NFT products are unregulated and subject to can be high risk. There may be no legal recourse for any losses from such transactions.”
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Categories: Optical Illusion
Source: pagasa.edu.vn