SEBI did not penalise most finfluencers: CFA study
A CFA Institute survey reveals that SEBI has penalized less than 5% of financial influencers despite widespread concerns over undisclosed paid collaborations and conflicts of interest. The report highlights the difficulty for retail investors to distinguish between genuine advice and paid marketing.
Why it matters
It underscores the regulatory challenges in protecting retail investors from potentially biased financial advice on social media.
Market regulator Securities and Exchange Board of India (SEBI) did not penalise 95.8% of influencers even though many of their activities showed warning signs or raised concerns, according to CFA Institute’s survey.
In a survey of 48 influencers and their behaviours in 2025, released in 2026, the CFA found SEBI’s action or involvement was found only in 6.25% of the fininfluencers.
Identifying several key issues surrounding how finfluencers offer investment advice and disclose their collaborations; it said some finfluencers do not explicitly mention paid collaborations. It is difficult for viewers to find out whether content has been paid for and by whom.
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