SEBI has issued a consultation paper proposing mandatory disclosure norms for all SEBI-regulated entities and their agents when publishing content on social media platforms. The initiative aims to curb rising securities market frauds perpetrated by unregistered persons through misleading or manipulative online content. To enhance transparency and protect investors, SEBI proposes that regulated entities—such as brokers, depository participants, investment advisers, research analysts, mutual funds, portfolio managers, and others—must prominently display their registered name and registration number on their social media homepages and alongside every uploaded post or video. The draft circular also sets strict prohibitions, barring false or misleading statements, exaggerated claims, promises of assured returns, exploitation of investor inexperience, unauthorized performance references, and any use of SEBI’s logo or association with unapproved advisory entities. Content that promotes services will be treated as advertisements and must follow relevant advertising codes. Public comments on the proposal may be submitted through SEBI’s online portal.
Securities and Exchange Board of India
CONSULTATION PAPER FOR PUBLIC COMMENTS
“Disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms”
SEBI- Nov 28, 2025 | Reports : Reports for Public Comments
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Background
1. There has been a proliferating increase in frauds related to securities market taking place on social media platforms (SMPs). It has been observed that fraudsters/unregistered persons have been perpetrating frauds in the securities market in various forms including by way of misleading/ manipulative social media content etc.
2. In order to carry out effective monitoring of such contents and in the interest of promoting transparency, a need is felt to distinguish social media contents uploaded by persons regulated by the Board (hereafter referred to as ‘regulated entities’) on SMPs from the contents uploaded by other unregistered persons.
3. Further, the respective regulations provide for code of conduct to be followed by SEBI registered intermediaries. In order to further strengthen the conduct of regulated entities, while uploading/publishing any video/ other content on their social media handles on Social Media Platforms and in the interest of protection of interest of investors, it is important that the content published by them do not contain anything which is prohibited under law or may harm investors’ interest.
4. It is also important that the public at large is able to identify whether the content uploaded on SMPs is uploaded by SEBI regulated entities and their agents. In view of the above discussions, it is proposed to specify provisions for disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms.
Public Comments:
Draft circular on “Disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms” is placed at Annexure A. The comments/ suggestions should be submitted latest by November XX, 2025, through the following link: https://www.sebi.gov.in/sebiweb/publiccommentv2/PublicCommentAction.do?doPublicCo mments=yes
In case of any technical issue in submitting your comment through web based public comments form, you may write to consultationMIRSD@sebi.gov.in with the subject: “Public comments on Draft Circular – Disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms”.
Annexure A
DRAFT CIRCULAR
SEBI/HO/MIRSD-POD-MMC/P/CIR/****/******* DD-MM-YYYY
All Stock Brokers (SBs)
All depository Participants (DPs)
All Registrar to an Issue and Share Transfer Agents (RTAs)
All Investment Advisers (IAs)
All Research Analysts (RAs)
All Infrastructure Investment Trusts (InvITs)
All Real Estate Investment Trusts (REITs)
All Small and Medium REITs (SMREITs)
All Alternative Investment Funds (AIFs)
All Portfolio Managers (PMs)
All Collective Investment Scheme (CIS)
All Mutual Funds (MFs)/Asset Management Companies (AMCs)/AMFI
All Portfolio Managers/ APMI
Madam/ Sir,
Sub: Disclosure of registered name and registration number by SEBI regulated entities and their agents on Social Media Platforms
1. All intermediaries registered under Regulation 12 of the Securities and Exchange Board of India Act, 1992 are required to abide by the code of conduct provided under respective regulations.
2. A need is felt to further strengthen the conduct of by persons regulated by the Board (hereafter referred to as ‘regulated entities’) and their agents, while uploading/publishing any video/ other content on their social media handles on various Social Media Platforms.
3. For the purpose of this circular, persons regulated by the Board’ shall have the same meaning as defined under Chapter IIIA- Explanation 1 of Regulation 16A, of SEBI (Intermediaries) Regulations, 2008.
4. In order to increase transparency in the securities market and to protect the interest of investors, it has been decided that the regulated entities and their agents shall ensure compliance with the following, with respect to uploading content on Social Media Platforms (SMPs).
4.1 Information/disclosures in the social media content:
i. All persons regulated by the Board and their agents (mutual fund distributors, distributors of portfolio management services etc) shall prominently disclose their registered name and registration number on the home page of their social media channels as well as alongside each of the videos/content uploaded by them so that the viewer/user is able to identify that the content uploaded on the SMP(s) is uploaded by a SEBI regulated entity or its agent.
4.2 Prohibitions in the social media content:
All regulated entities and their agents shall ensure that the social media content published by them do not contain:
i. Anything, which is prohibited for publication under the law.
ii. Statements which are false, misleading, biased or deceptive
iii. Statements which, directly or by implication or by omission, may mislead the investor
iv. Any statement designed to exploit the lack of experience or knowledge of the investors
v. Any statement that is exaggerated or is inconsistent with or unrelated to the nature and risk and return profile of the product being talked about/referred in the content
vi. Any promise or guarantee of assured or risk free return to the investors either in directly or in an implied manner.
vii. Reference to past performance of the entity unless permitted by SEBI to make such reference
viii. SEBI Logo/ reference to any SEBI office or officer
ix. References/ links (directly or indirectly) or any association (direct/indirect) with any other person who, directly or indirectly, provides advice or recommendation, in respect of or related to security (ies) or makes any implicit or explicit claim of return or performance, in respect of or related to security (ies) unless permitted by the Board to provide such advice/ recommendation/claim.
5. In this regard, it is clarified that if anything contained in the social media content is either expressly or in an implied manner, in the nature of promotion of the regulated entity or products or services offered by the regulated entity, such contents shall be considered as an advertisement and shall be required to be in compliance with the provisions of Advertisement Code, if any, applicable for such entity.
6. The provisions of this circular shall come into effect from immediate basis.
7. This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
8. This Circular is available at sebi.gov.in under the category “Legal >Circulars”
