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Securities and Exchange Board of India (SEBI) has announced a couple of measures to take disciplinary measures on investment advisors and analysts making misleading advertisements or claims in order to solicit investments. Sebi prohibited the use of terms like ‘Best’, ‘No. 1’, ‘Top’, ‘leading’, and ‘one of the best amongst market leaders’, among others in any form of advertisement. It has prescribed additional compliance requirements, including the need to retain the copy of advertisements for five years and refraining from reference of past performance. Investment advisors and research analysts have been asked to seek prior approval of the advertisement from a SEBI-recognised supervisory body before issuing it. The registered entities have also been directed not to engage in games, leagues, competitions or schemes which involve any kind of gift, medals or prize money. In view of investor protection, biased, deceptive claims, statements which may be based on assumptions and projections, and use of misleading testimonials have also been restricted. Statements which directly or indirectly discredit other advertisements or makes unfair comparisons or ascribes any qualitative advantage over other intermediaries directly or indirectly, have also been prohibited. SEBI has also directed the investment advisors and analysts to not extensively use technical terminology or complex language, indicating that this could exploit the lack of experience or knowledge of the investors.
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